The Home news., 1918-11-01

ions of the Constitution of Arkansas in conflict with this amendment aR@ repealed.
 FOR AMENDMENT NO. 1B.
 AGAINST AMENDMENT NO. 1S.
 Re Tt Resolved by the House of Rep Kesentatives 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 el6c- 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@itution of the State of Arkansas, to- wit:
 Section 1. Notwithstanding the linn itation contained in Section 1 of Arti- cIe 18 of the Constitution the credit of the State may be loaned and in- debtedness incurred to an amount not ed valuation of all the property in 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 Governors Secretary of State and State Land Commissioners 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 De Bonds" in 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 fin a fund to be known as the "Arkansas Rural Credits Loan Fund"
 Sec g. Said bonds shall be issued in denominations of $25.00, $100.00, s5oo,Oo and .$1,Goo.oO. and shall be is ples thereof, drawn to mature In not 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 nun 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 farm lands in Arkansas, upon notes se- cured by mortgages or deeds of trust constituting first liens on such farm l lands. in amounts which shall not ex- ceed seventy-f1ve per cent of the ap- praised value of such lands The cred
 
 any person to purchase more than 80 acres of land. nor land valued at more than $50.00 per acre. Nor shall loan of less than s200.00 nor more than s. 0n0 o0 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 node for the followinw purposes. (a) The payment for lands purcha sed (b) the purchase of live stock and oth- CT equipment, and the making of i'm rrovevnerts which, in the Judgment of said hoa"d will increase the produc- tivfty of such lands or add to th val"e a farm home in a degree to justify such expenditure; and Co for 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 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- i 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 pro- vided for herein. said board Is author ized and directed to require the repay neat af said1oaA pDen stx months no=