The Home news., 1918-07-19

 in conflict with this amendment are repealed.
 FOR AMENDMENT NO. 15.
 AGAINST AMENDMENT NO. IS. resentatfves 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 Constf- tuition of the State of Arkansas, and inc same being submitted to the elec- tors of the State for approval or re- lection at the next general electlon for Senators and Representatives, IT majority of the electors voting at sucn election adopt such amendment, the same shall become a part of the Con- ~-itution of the State of Arkansas, to- wit:
 Section l. Notwithstanding the lim- ltation contained in Section 1 of Artt- cle 16 of the Constitution, the credit of the State may be loaned and ln- debtednoss incurred to an amount not exceeding two per cent Of the assess ed valuation of all the property Tn the State for the purpose of providing funds to be loaned upon the security of farm lands within the State subject to the limitations herein contained. .
 Sec. 2. The Governor, Secretary or 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 pc 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, ard to place the proceeds in the State Treasury in fund to be known as the "Arkaneas Rural Credits Loan Fund"
 Sec g. Said bonds shall be issued in denominations of s25.0o, s100.o0. s5OOOO and $1.0o0.00, and shall be is- sued in series of s10,000.0O or multi more than thirty-six years; nor shall said bonds be sold until applications from bona fide purchasers of land ag- gregating $10,000.00 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- num- and shall be exempt from tax ation by the State of Arkansas, or any of it's subdivisions.
 Sec f. 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 farm lands in Arkansas upon notes se- cured by mortgages or deeds of trust constituting first liens on such farm lands in amounts which shall not ex- ceed seventv-five per cent of the ap praised value of such lands. The cred 1t of the State shall not he loaned to
 
 acres of land. nor land valued at more than $50 co per acre. Nor shall a loan of less than s200.00 nor more than s. onA % be made to any purchaser of land
 Sec. 5. Such loans shall not be made except to owners who operate" and "occupy" lands mortgaeed. and shall be sde for the following purposes: (a) The payment for lands purchased: (b) the purchase of live stock and oth- CT eouipne ent. and the making of inn Arovements which. in the judgment of said board. will increase the produc- tivity of such lands or add to tn etr val'.n as farm horne in a degree to the satisfaction of encumbl Ances upon such lands. which. in the Judgment of said board. were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. 6. Every applicant for farm loan shall state clearly in his applica- tion the purposes for which such loan IS desired and upon It's approval by the board this statement shall be deem ed 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 hi said contract by applying the money' 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 pro vided for herein, said board is author ized and directed to require the repay Inent If said1oan uDen six months nc