The Springdale news., 1918-08-23
DIR. B. F. McALISTER
 OSTEOPATH.
Phone: Office, 251; Residence l81J.
 FAYETTEVILLE, ARK.


 1 Bonds" In al amount not 10 exceed two per cent of the assessed valuation of all the property in the State. an< to place the proceeds in the Stat, Treasury in a fund to be known az tn, Arkansas Rural Credits Loan Fund
 Sec 3 Said bonds shall be issust in denominations of s25.oe. 31oo.ee $50o0o and q 100000. and shall be ts sued in series of $10.00000 or multi ples thereof. drawn to mature in no more than thirty-six years; nor shal said bonds be sold until application from bona hde purchasers of land az gregating $10.000.0 % have been nle& with and approved by the State Lane Board Said bonds shall bear interss at the rate Of four per cent per an num- and shall be exempt from tax ation by the State of Arkansas or an, Of its subdivisions.
 Sec I Said State Land Board is au thorized and directed to loan the mon eys in said Arkansas Rural Credit, Loan Fund to bona hde purchas sers o farm lands in Arkansas. upon notes SC cured by mortgages or deeds of trNS, constituting first liens on such farm lands in amounts which shall not OK. ceed seventy five per cent Of the ap praised value of such lands. The cred it of the State shall not be loaned tc any person to purchase more than s( acres of land, nor land valued at more
 
 of less than s20000 nor more than 9S. 100 % be made to any purchaser o, land
 Sec 5. Such loans shall not be mad. except to owners who Operate" ant occupy" lands mortgaged and shal be made for the following purposes fa) The payment for lands purchased fb) the purchase of live stock and oth equipment. and the making of i'm provements which in the Judgment O, aatd hoard will ha aA,,a tivity of such lands or add to ths1, value as a farm home In degree ts justify such expenditure; and (c) fe, the satisfaction of encumbrances upoz such lands. which. in the Judgment ol said board. were incurred or assumed by said applicant for the aforesaid purposes.
 Sec. C. Every applicant for . farm loan shall state clearly In his appltcs' tlon the purposes for which such ioaz Is desired, and upon its approval bJ the board this statement shall be deem ed part of the note or contract under which the loan Is granted. But n< failure to apply such funds to thu purposes stated in such application ol enumerated herein shall invaltdate loan when once made, nor shall any thing herein contained be deemed tt prevent any farm owner from selling or leasing lands subject to such in eumbranee; but if he shall violate hi! said contract by applying the monsyI borrowed to purposes other than those stated In his application or enumerated herein. or if he shall lease such landi or sell them 10 any person not fulnli' Ing the conditions and purposes pro vided for herein. said board Is author 1Zed and directed to require the repay ment of said loan upon six months no tice. and said note or contract shal contain clause providing therefor.
 Sec. I. Such loans shall be repafe Wlth Interest accruing in annual In stallm"nts on the amortization pla n such installments being fixed at suck sums as will cover the interest rate and will liquidate the debt in perfot to De agreed on between said board and the applicant. said period to b' not less than five nor more than thirty six years; but any debtor may liqui- date any part or all of his indebtedness III amounts of s50.00 or multiples there date
 See. 8. The rate of interest on loans shall be five per cent per annum; pro- slded, that no Farm Credit Bonds shal De sold for less than par and pro Nideo further that the board shall re- qulre each applicant to pay an tnitia ehdfee or l per cent of the loan grant ed' the minimum charge to be $10.0S to cover the cost of appraisal and ex animation of title
 Sec ?. All surplus funds accruini rom the operation of the system o1 rural credits herein provided for, aftel paying interest accruing on the afore sald bonds. and all operating and othel expenses arising from the administra non or said system of rural credits snail be placed In the State Treasury ana become part of fund to Dt known as the Arkansas Rural Credi Reserve Fund" Said Arkansas Rura credits Reserve Fund shall be loaned on farm lands fin the manner herein provided for the Arkansas Rura Cfedlt Loan Fund, and the interest ac' efulng from loans made from said Ar kansas Rural Credits Reserve Func snail De added to it and become a par or II. The said Arkansas Rural Credit. heserVe Fund shall be irreducible. ex cept that it may be drawn upon to re imoarse the State for loss incurred 1T the administration of said system o rural credits
 Sec 10. The Legislative Assembly snail provide in such detail as 1t shal deem advisable for the carrying ou ana administering of the provisions o lhls amendment. and shall provide ad equate safeguards against the use O. such loans as an aid to the purchas ing and holding of lands for the pur poses Of speculation. Such safeguard snail include clear definitions of thu terms operate" and occupy" uset herein In the absence of such 1egis iatlon, and subject to the same afte small proceed to administer said sys tenn of rural credits under rules an, fesuiations provided by itself. but sub 1ect to the provisions herein contained
 See II. The provisions of the Con stitution of Arkansas In conflict witl this amendment are hereby repealed, fl so so Tar only as they conflict herewith me provisions of this amendmen snail be self-executing. and shall talk erect and be in operation 60 days af ter their approval and adoption by tn people of Arkansas.
 Approved by the Governor, and file, m the office of the Secretary of State March IT. 1917.
 Each elector may vote for or agains the above amendment
 Witness my official signature this the 24th day of April 1913