The Nevada County picayune., 1918-06-13

he satisfaction of encumbrances upon such lands, which, in the Judgment ot said board, were incurred or assumed hy said applicant for the aforesaid purposes.
 ssc 6 Every applicant for a farm lgan shall state clearly in his applic1- .lon the purposes for which such loan
 desired. and upon it's approval by he board this statement shall be deem =l q part of the note Jr contract und TT 1hieh the loan is granted But fo afiure to apply sueh funds To the s#tfpo@es stated in such application or
 ImrIated herein shall inyaliiate .a=n when once made. nor sa2ll any hing herein cortainrd be deemed 70
 .rt any faHm n~.r." from seIItn F leasing lands subject ta +2eh in
 rar t.. fl.r Xt1tate his .u-.. ..rN ih. moneys sIt. ..,. .. r.rl -. otr than those ,.t.3 .3itlt- ..pl..s'...- -- -numerated aetetn. er il he shaf lr#-r such lands IT sell them To any person not fhIhH- f. I ard q .-ectel t3 require 'ae pay rent of said loan upon six 'no1's- no- 5Gr, and said note or contract shall santain clause providing therefor.
 Sec. '. Such loans shall be repaid with interest arcruing in annual in z,allments on the amortization plan, =3eh installwen:s beiog fixed al such tams will cover the interest rate N 70 be agreed on between said board 'ea the applicant said period to be s1t less than five nor more than thirty K years: but any debtor may liqui- tate any part or all of his indebtedness amounts of 5000 or multiples there upon any amortization payment tite
 See. & The rate of interest on loans Izall be five per cent per annum; pro e1 Il. that no Farm credit Bonds shall
 sold for less tt@n par. and pro- #i3.d further that the board shall re- -2tfe each applicant to pay an initial 4.sfgs of per cetas of the loan grant .a, the minimum charge to be Slo.N0 -p cover the cost of appraisal and ex- #tpattan of title.
 &es. All surplus funds aeeruin@ z51I tho "pei4tI#a af the zEstem. of 5f#F#f 1r'Ii'- Hai#=# .rHt tiltf for. 8ftrr +aeiHs interest aee#tir4 OR the efere- s5lf bonds. and all petating ana eth.r
 b=H#ee arising ttaW tNe admin tEa sa F of said system of rural credits. all he placed in Che State Treasury 5neHn as the "Arkansas Rural Credit EaserEe Fund Said Arkansas Rural 'sadits Reserve Fund shall be loaned IT farm lands in the manner herein DION Idrd for the Arkansas Rural dit Loan Fund, and the interest ac- -fatas from loans made from said Ar 's9nsa9 Rural Credits Res rye Fund shati be added to it and become part
  teserve Fund shall be irreducible. ex- fapt that il may be drawn upon to re- i9burs" the State for loss incurred in he administration of said system of rural credits
 Sec. 10. The Legislative Assembly shall provide in such detail as it shall deem advisable for the carrying oHt and administering Of the provisions of this amendment and shall provide ad- equate safeguards against the use of such loans as an aid to the purchas- ing and holding of lands for the pur- poses of speculation Such safeguards shall include clear definitions of the terms operate" and Occupy" used herein, In the absence of such legis- Iation and subject 10 the same after ftS enactment. the State Land Board shall proceed to admi mister said sys- regulations provided by itself but sub ieet To the provisions herein contained.
 Sec II. The provisions of the Con stftution of Arkansas in conflict with this amendment are hereby repealed. in sp far only as they conflict herewith. ''he provisions of this amendment *bltl be self-executing. and shall take effect and be in operation 50 days af- ter their approval and adoption by the people of Arkansas.
 Approved by the Governor and filed in the office of the Secretary of State March IT. 1917.
 Each elcctor may vote for or against the above amendment.
 Witness my official signature this the 24th day of April 1918.
 tSeall TOM ]. TERRA1.
 Secretary of State