Sharp County record., 1918-08-16

- ASisfaction OF enc dmbrances upoI
,usA lands, which, In she judgment o
~ board. were incurred or assumed
~ said applicant for the aforesaid
purposes.
~. 6. Every applicant for a farm
oao ehall state clearly In his applica-
saeA tie purposes for which such loan
s eesired, and upon Its approval by
tAe board this statement shall be deem
% Part Of the note or contract under
.AteA the loan 10 granted, But no
.allers to apply such funds 70 tnt
purposes stated In such application OF
snuaerated herein shall invalidate u
'oea when once made. nor shall any
thinS herein contained be deemed to
prevent any farm owner from selling
" leasing lands subject to such IN
'umbrance: but II he shall violate ms
Aid contract by applying the moneys
borrowed to purposes other than those
tated In his application or enumerated
asrstn. Or n he shall lease such lands
" sell thom TO any person not fulhl,'
|idsd for herein, said board Is author
sed and directed TO require the repay
nent OF said loan upon six months no,
leo, and said note or contract SHAH
3ontain q clause providing therefor. -.
Bee. Z. Such loans shall be repaid
With Interest accruing In annual In
tallments on the amortization plan,
uch installments being hxed at such
'ums as will cover the interest rate
md will liauidate the debt In n period
% be agreed on between said board
md the applicant, said period TO be
iot less than Ave nor more than thirty.
" years; but any debtor may lidui.
late any part or all Of his indebtedness
n amounts Of 5000 or multiplcs there.
Y upon any amortization payment
Sec. g. The rate Of interest on loans
hail DO nvo per cent per annum; pro.
ridcd, that no Farm Credit Bonds shall
70 sold for less than par; and pro.
vided further that the board shall re.
Iuiro each applicant TO pay an initial
ihsrge OF 1 per cent Of the loan grant
ID. the minimum charge TO be $1,000
10 cover the cost OF appraisal and eXs
animation OF title,
Bee. :, All surplus funds aeeruing
from the operation OF the system Of
rural credits herein provided for, after
paying Interest accruing on the aforc.
said bonds and all operating and other
Expenses arising from the admInistrN.
shsii bc placed in the state Treasury
ana become q part OF n fund TO he
known as the "Arkansas Rural Credit
Reserve Fund" Said Arkansas Rural
credits Reserve Fund shall be loaned
On farm lands In the manner herein
provided for the Arkansas Rural
Credit Loan Fund, and the interest nc.
Sruing from loans made from said Ar
KANSAS Rural Credits Reserve Fund
5hell be added TO Il and become n part
u H. The said Arkansas Rural credits
Reserve Fund shall be lrfoduehle, OK.
iept that n may he drawn upon to re-
lmbursc the state for loaa incurred w
he admlnlstrntlon OF said System Of
rural credits,
Gee, 10, The Legislative Asscmbl,
,hnll provide IN eueh detail as II shall
teem advisable for tho carrying ou'
nd administering OF the provisions o'
hls amendment, and shall provide al
duntc safeguards against the use ~
ueh lonna ne mn aid 10 the purchNo.
M and holding of lands for the pui
Joaea OF speculation Such safeguard
hall include clear definitions of tn,
erms Operate" and "eeeupy" used
,efein, In the absence Of such iegs
lntlon, and subject TO the same nftei
Its enactment, tho State Land board
ihal proceed to administer said sys.
iem OF rural credits under rules and
regulations provided by Itself but sub.
Ieot 10 the provisions herein contained
Sec, H. The provisions OF the Cop.
atitutlon OF Arkansas In conflict with
this amendment arc hereby repealed, In
40 far only as they conflict herewith
The provisions of this amendment
hail be self.eseeU,ins, ana shall take
.npct and he In operation 90 DAYS NJ.
ier their approval and adoption by the
people Of Arkansas,
Approved by the Governor and Aiet
y the office of the Secretary Of state
tafeh ~ 1911
i1aeh eleotof may vete for OF asains,
the above amendment
witness my official algnature this
the aiih day of April, 1914,
tHeail TOM \, TmRRAL.
nseretAfy OF state