The Nevada County picayune., 1918-08-08

he satisfaction Of encunbrauess upon .s,@h lands which, in the Judgment ot | board. were incurred or assumed
 said applicant for the aforesaid exposes.
 ,4et. 6 Every applicant for a farm 3au shall state clearly in hts appllca- 5pn the purposes for which such ioah desired. and upon it's approval by ae boand thi3 statement shall be deem C a part of the note or contract under which the loan is granted. But no allure to apply such funds to the purposes stated in such application or nuuarated herein shall tnvaltdate joan when once made. nor shall any eing herein contained be deemed to 'fevent any farm owner from selling lrneinE ln 'r1S ~."i inrf 'O such ln- a'"pra 1"e. oG | he 'h violate his ai1 70 tn...t h at#otTier the moneys COTTON. tJ pt.spa,es other than those =alEi iH hi" application or enumerated herein, or if he shall lease such lands '" 23'i t'.H"1 - m r@Tss'n not tllilIl- n' tha coufttfpna afd HaF 9"ss9 pro- .t !td fnt. sareia. tatd bo rd = aHthor- End aa1 directed to require fna pay neHt of said loan upon six months no- ice, and said note or contract shall 'ontain clause providing therefor.
 Sec. '. Such loans shall be repaid with interest accrunE in annual in- staliments on the amortization plan. 'uch installments beirS fixed at such sums as will cover the interest rate
 
 10 be agreed on between said board nd the applicant, said period to be 'ot less than fi"e nor more than thirty six years; but any debtor may ltqul- late any part or all of his indebtedness m amounts of $50.00 or multiples there If upon any amortization payment la te
 Sec. 8. The rate of interest on loans shali be five per cent per annum; pro sided. that no Farm Credit Bonds shall g0Ii tidcd fu~+Ncr thai fIc board shall re- fuire each applicant to pay an initial charge of 1 per cen. of the loan grant s,i. the minimum charge to be 5000 H3 cover the e9#t af appraisal and eX- animation of title.
 See. 9 All surplus ,ands aecrutng fr4m the operatioH 1f the sEstem of firaI cr.1ifs harazH provided for. after alsing interest .4iHg on the afere- .a5i bonds. and all operating and other 2. p"nses arising from The administra- tan 9f said et't of TuFoi eT"iltss h4it be pjae Ii in h. State Treasury fzaown as the @Ark'nsas Rural Credit Reserve Fund" Satd Arkansas Rural credits Reserve Fund shall be loaned oa farm lands in the manner herein a "NyJdcd for the Arkansas Rural ,redit Eaan Fund and the interest ac- aruing from loans ntade from said AF- rHsaS Rural Credits Res rye Fund zh5il he added 70 T and become Daft 9i IT. The SalG ArR1 Ai43 itQfat 6ftullS Reserve Fund shAl nc trreduGble, e&- ='Bt that it may Ht dr5Va upon ta Ee- s"lbuG-e the Sfate fot loss incurred in ne administration of said system of HIfal credits.
 Sec. To TLs Legislative Assembly, shall provide ia such detaii as it shat deem advisable for tae carrying 0Ht nd administering of tA" provisions cf sAis amendment. and SHaiI proyi3e d5- euuats safeguards against the use nf such loans as an aid to the purchas- Ing and holding of lands for the pur- poses of speculation Such safeguards shall include clear definitions of the l. -Has "operate' and occupy" used herein. In the absence of such legis- tatfon. and subject to the same after its enactment the State Land Boasd shall proceed to administer said sys- tem of rural credits under rules and resolutions provided by itself, but sub iets to the provisions herain contained
 Sec. Il. The provisions Of the Con stttution of Arkansas in conflict with this amendment are hereby repealed, in so far 6nly as they conflict herewith. 's. a provisions of this amendment e5all be self-cxecutug, and shall take effect and be in operation 60 days af- ter their approval and adoption by the people of ArNau.aS.
 Approved hN th" Governor and filed n the office Of the Secretary Of State uaroh T. t2l1
 Each e'eeto~ auaH vote for or against he above amendment
 Witness my official Si"nat&re this. ta 24th day of April IqfS.
 LSeaQ TOM l. TERRAI4
 Secretary oI St4ta