Sharp County record., 1918-06-14

csc satisfaction Of encumbrances upo,
g1sf lands. which, In the judgment o.
-ts& board, were incurred or assumed
D, esla applicant for the aforesaid
cugpesas.
Sen q. Every applicant for a farm
oSM ghall state clearly In his applied"
tl9o ~. purposes for which such loan
Nssited, and upon It's approval by
ta,e scNtd this statement shall be deeu'-
e1 Part OF the note or contract under
wssch the loan 10 granted. But no
r9tsA,s to apply such funds 70 tht
cysBoses stated In such application OF
s@~s@erated herein shall involidate
,efA when once made, nor shan any
tbs@@ herein contained be deemed 70
~ Tossing lands subject to such N
cnsrsrance; but II he shall violate MS
ssi1 contract by applying the moneys
Dn'yew.d to purposes other than thoSe
statsS IN his application or enumerated
h.setA Or n he shall lease such LANDS
cs ssn them TO any person not fulnll-
'cy ms conditions and purposes pro-
'ssS ard directed to require the repay
mert cf said loan upon six months no,
tce ana said note or contract shall
contain a clause providing therefor,
Sec. T. Such loans shall be repaid
Win interest acoruing In annual IN
Stalimsnts on the amortization plan,
such installments being rxed at such
ana Will liQuldato the debt In o period
70 ts agreed on between said board
ins the applicant said period 10 be
NOT loss than Ave nor more than thirty
9is rsars; but any debtor may lIqul-
iate ary part or oil OF his Indebtedness
y amounts OF $4,000 or multiples there.
y urcn any amortization payment
Sec .. The rate OF interest on loans
shall be Ave per cent per annum; pro.
'l8eN Tint no Farm Credit Bonds shall
~ snld for lees than par and pro-
gidea further that the board shall re.
9rts each applicant TO pay an initial
~ the minimum charge TO be $1,000
" eeVsr the cost OF appraisal ana OK
sinlratien OF title,
Gee O. All surplus funds atetuIng
Er4M the operation OF the system 90
tural credits herein provided for, after
ncyins interest noorulng on the afore.
rsid bonds, and all operating and other
,ior ot said system OF rural credllF,
ehall he placed In the State Treasury
ana become part OF n fund u be
tnown as the "Arkansas Rural Ctee't
nesetye Fund" Said Arkansas fuip
Credits Reserve Fund shall be loaned
IN '1l0l l0n0A III INP manner n''Nll
provided for Inc Arkonsns p0,al
credit Loan Fund, and the interest nes
'ruinR from loans mnde from said ~
kareas Rural Credits Reserve fu"1
Vhnll be added 10 II and become n r"it
~ it The said Arkans0s Rural crea's
na1etye Fund shall be lrfedueihlc eN'
sspt that II may be drawn upon 'h.ras
inhuree tho Slnte for toss incurred y
Mo odmlnls,retIon OF soId systtm ei
tutnl credits,
eee, 10 Tho Legislative Assfuh'"
shall provide IN such detail e' Il fF'l
ieem advisable for the tArrrlnr "a
lnd administering ef the plovltlent ~
hNunte safeguards against me u'. ny
such loans o. nn aid 10 the pulronv
lng ana holding " lands for NE ou.'
noees or speculation. such sals9nNn1
shall include eleNr denn'tNns NJ we
terms operate and occupy nF'l
latlon and subject g the some ,h'tt
ita enactment the State Land taaid
shall proceed 10 administer sald eve.
tom OF rural credits under rules ma
icgulations provided by llaAlf but cub
inet 10 tho provlalouA herein een'hlrf1
See. H. Tho .provihlon' OF M en-.
stitution Of Alkanaes IN conflict Yl,l
this amendment arb hereby repealed n
% far only A. they conflict hefapitl
The provisions OF this .emendhtht
shall he selfaesoeutlnf, ana shall 'ppA
effect and be IN operation 60 d0Vt A.
Ter tholr approval ana adoption by tha
people OF Arkansah
Approved BY the Governor, ana nl7d
In the office or the Secretary OF state,
March IL 1917
zach eieetof may vote for or against
the above amendment a..
witness my official signature THIS
th6 9iih day OF April tai&.,
lpeaii T0M !, TERnAL,
Reefetafy of state,