The Home news., 1918-10-11
FOR AMENDMENT NO. 1S. AGAINST AMENDMENT NO. 1s.

AGAINST AMENDMENT NO. 1s.
 Be 1t Resolved by the House of Rep resentatives and the Senate of the State of Arkansas, the Majority ox Both Houses Agreeing Theretos
 That the following is hereby pro- posed as an amendment to the Consti- tuition of the State of Arkansas. ana the same being submitted te the elec- tors of the State for approval or re- for Senators and Representatives. 1T majority of the electors voting at sucn election adopt such amendment. the same shall become part of the Con s4itution of the State of Arkansas. to- wit:
 Section i. Notwithstanding the lim- .tation contained in Section 1 of Arti- cle 16 of the Constitution, tho credit of the State may be loaned ana 1n- 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 g. The Governor. 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 pe
 
 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 Arkansas Rural Credits Loan Fund"
 Sec. g. Said bonds shall be issued in denominations of s2soo $1oo.oo, $500 oo and $1,ooooo. and shall be is- sued in series of $10,000.o0 or multi pies thereof. drawn to mature in not Sf~ said bonds be sold until applications from bona f1de purchasers of land ag- gresating $10.000.00 have been filed with and approved by the State Land at the rate of four per cent per am mum, and shall be exempt from tax ation by the State Of Arkansas. or any of its subdivisions.
 Sec. A. Said State Land Board is au- thorized and directed to loan the mon eys in said Arkansas Rural Credits Loan Fund 10 bona fde 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 seventy five per cent of the ap- praised value of such lands The cred 1t of the State shall not be loaned to any person to purchase more than 80 acres Of land nor land valued at more than $5000 per acre. Nor shall a loan Of less than s2O0.00 nor more than s. 900 co be made to any purchaser of land
 Sec B. Such loans shall not be made except to owners who Operate" and occupy" lands mortgaged and shall he mo- 6e for the following purposes: Gal The payment for lands purchased; (b> the purchase of live stock and oth- CT equipment. and the making of i'm Sr"vements which. in the Judgment of saiH board. will increase the produc- tivity Of such lands or add to thesr val''A as farm home in a degree to justify such expenditure: and Gel for tAs sAtisfact1en of sncumbl Ancss 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 applice- 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 invalidats a loan when once made. nor shall any thing herein contained be deemed to prevent any farm owner from selling or leasing lands subject te such in cumbrance: but if he shall violate his said contract by applying the moneys borrowed to purposes other than those stated in his application CT enumera ed herein, or if he shall lease such Ia ands or sell them to any person not fulfill ing tho conditions and purposes pro- vided for herein, said board is author ised and directed to require the repay