The Nevada County picayune., 1918-06-27

ihe satisfaction of encumbrances upon such lands which, in the judgment ot 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 appllca- ton the purposes for which such loan desired, and upon it's approval ny the boar this statement shall be deen- 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 tnvaitdate fnan when once made, nor shall any thtng herein contained be deemed 10 Hf#eyent any farm owner from selling P leasing lands subject to such in- .a- 7rh h.'.'- JN. # z. rHle Nioihte ms tl .,o ..s-.-.t i., n s.,' qt the moneys yH.9este.' 70 D.. P.es oth.t than those 'rt'i n hi ".,Pi ''hft7@ n' enumerated arrcln or if he shah lease such lands ar sell th"n to any person not f4lhli- I'd =.s =.ei r#l aa ra thor aFI | .ct,i tp rnq. ire 'ae pay nhns es sail lam tror sJX WUut'1T no- flee and said note or contract shall =,ntain T clause providing therefor.
 See. '. Such loans shall be repaid "ith interest a"cruinG in annual in- =tallmcnts on the auortization plan. 5r..h iustallfuante being fixed at such
 
 md will iquidaie the debt in period to he agreed on between said board nd the applicant. slfa period to he IHt less than ire nor more than thirty years but any debtor may llqui- 5tta auF part pr all oi his indebtedness n amounts 4f S50.0e or maltipies there # upon any amortization payment 33fe.
 Sec. 8 The rate of interest on loans =tal be five per cent per anuum; pro
 tsA fh4t nn Farm Credit Bonds shall sold for Iess thau par; and pro- e4t-l further fE#' inc board shall re- 4alsa earh applicant to pay an in1t1ai .a. rzr of prf etns of the loan grant d the minimum charge to be 5000 - cover the cost Of appraisal and eN- ew nation of tltla
 Sa.- Ali -err'us funds accrutng From the operation of the system of =.ls' credits heEaia provided for, after #a1tns interest areaHieg on the afore-
 Il baaIz. and all operating and other s&peus"s arising from the administra- HJn of said systcm of rural credits @haH be placed in the state Treasury eat become part of fund to b. lEa1Wn as the Arkansas Rural Credit Reserve Fund Said Arkansas Rural =sed,ts Reserve Fund shall be loaned n farm lands in the manner herein 1-,Xided for the Arkansas Rural cdit Loan Fund and the interest ac- ring from loans made from said Ar 5a asas Rural Credits Res rye Fund nall Do added to it and become a part ar it. The said Nrkanaas Rural Credits 'sesarve= Fund shall b. irredueible. eX- sapt that It may he drawn upon to re mhursr= the State for loss incurred in he administration of said system of rGral credits.
 Sec 10 The Legislative Assembly shall provide in such detail it shall lnpm advisable for the carrying out and administering of the provisions of his amendment. and shall provide ad- eluate safeguards against the use of such loans an aid to the purchas- ing and holding of lands for the pur- poses of speculation Such safeguards shall include clear definitions of the herein. In the absence of such legis- lation. and subject to the same after it's enactment. the State Land Board shall proceed to administer said sys- tenn of rural credits under rules and regulations provided by itself. but sub ieet to the provisions herein contained
 See. II. The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed. in 30 far only as they conflict herewith 'rhe provisions of this amendment tNall be self-executing, and shall take feet 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 T.. 1917.
 Each elector may vote for or against the above amendment.
 Witness my official signature this the 9th day of April. 1918,
 [Seall TOM I TERRAI..
 Secretary of State