The Home news., 1918-10-25

 repealed.
 FOR AMENDMENT NO. 15.
 AGAINST AMENDMENT NO. 15.
 Re It Resolved by the House of Rep resentatives and the Senate of the State of Arkansas, the Majority of Both Houses Agreeing TheretO'
 That the following is hereby pro- posed as an amendment to the COnsti- tuition of the State of Arkansas and the same being submitted to the elec- tors of the State for approval or re- lection at the next general election for Senators and Representatives, if majority of the electors voting at such election adopt such amendment, the same shall become part of the Con- S%ituton of the State of Arkansas, to- wit:
 Section l. Notwithstanding the lim- ,itation contained in Section 1 of Arti- c1e 16 of the Constitution. the credit of the State may be loaned and in- debtedness incurred to an amount not exceeding two per cent of the assess ed valuation of all the property in the State for the purpose of providing funds to be loaned upon the security oft farm lands within the State subject to the limitations herein contained.
 Sec. 2. The Governor, Secretary of State and State Land Commissioner shall constitute the State Land Board. which board Is hereby authorized and directed to issue and sell or pledge bonds in the name of the State, to pe known as Arkansas Farm Credit Bonds" in an amount not to exceed two per cent of the assessed valuation of all the property in the State, and Treasury in fund to be known as the Arkansas Rural Credits Loan Fund"
 Sec. 3. Said bonds shall be issued In denominations of $25.00, $100.0o. cL1 l> sued in series of $1o ooooo or multi ples thereof drawn to mature in not more than thirty-si years; nor shall said bonds be sold until applications gregating s10.00O.o0 have been filed with and approved by the State Land Board. Said bonds shall bear interest at the rate of four per cent per an mum, and shall be exempt from tax ation by the State of Arkansas, or any of it's subdivisions.
 Sec. 4 Said State Land Board is au- thorized and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund to bona fide purchasers of cured by mortgages or deeds of trust constituting first liens on such farm lands In amounts which shall not ex- ceed seventy five per cent of the ap- praised value of such lands. The cred It of the State shall not be loaned to any person to purchase more than 80 acres of land. nor land valued at more than $5000 per acre. Nor shall a loan of less than $200,00 nor more than s. Nooo.0o be made to any purchaser of land
 Sec. 5. Such loans shall not be made except to owners who Operate" and occupy" lands mortgaged, and shall be made for the following purposes: Ca The payment for lands purchased: (b) the purchase of live stock and oth er equipment. and the making of i'm ,rnvements which. in the Judgment of said board. will increase the produc tivtty of such lands or add to their Val''e as a farm home in a degree to Justify such expenditure; and (c) for eAs satisfaction of encumbfances upon such lands. which, in the judgment of said board. were incurred or assumed oy said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for a farm loan shall state clearly in his applica- ton the purposes for which such loan IS desired, and upon its approval by fhe board this statement shall be deem a a part of the note or contract under which the loan is granted But no failure to apply such funds to the purposes stated in such application or enumerated herein shall invalidate a loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject to such in- cumbrance; but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application or enumerated herein, or if he shall lease such lands or sell them to any person not fulfill Ing the conditions and purposes pre- vided for herein. said board is author szed and directed to require the repay mept n1 said loan unen six months nos