The Nevada County picayune., 1918-07-11

he satisfaction of encumbrances upon -uch lands. which, in the judgment Of ,iji board, were incurred or assumed i said applicant for the aforesaid purposes.
 Snc t. Every applicant for farm .oln sIIi state clearly in his appltca- .iln the pli poses for which such loan .- deslrt !. and upon its approval by he board this statement shall be deem ! a pat Of the note or contract under which the loan k granted. But no
 lluse to apply such funds to the tsrp Dses stated in such application or
 mum 'rat#d herein shall tinVali3ate talu when once made, nor shait any hang herein contained bn deemed to
 stt any Arm ovrsr from selling .@ '"azinE iands subject |" such ,n- '..,#. .1f# .s. - violate his -1-,'-.rt ..,p.t the moneys
 .-z-' , I-.t4-,,y-- orsa. than those .'lf d iu hI< app a.ptio1 or enumerated tercin. or if he shall lease such lands 'r sell them to any person not fulfill n-e ftn e31.II ,pns and pIrppTr$ pro
 ed Tar h 're,'. ratl boar ft author | and d actad to redalr" fhe r"pay-e nnnt If saId lpan upon six nonfhs' no fice. and said note or contract shall eontain I clause providing therefor
 Sec. I. Such loans shall be repaid with interest accruing In annual tn- 7tallmentS on the amortization plan, >aeh instailmenta being fixed at such sums as will cover the interest rate md will iauidate the debt in period 10 be agreed on between said board 'ni the applicant said period to he not less than h"e nor more than thirty six years. but any debtor may liqui- date any part or all of his indebted dncss in amounts of 5000 or multipIes there If upon any amortization payment late,
 Sec. 8 The rate of interest on loans mail be five per ccnt per annum; pro a I'd. tHat no F1rr1 credit Bonds shall na sold for less than par; and pro ,.isd further fhal the board shall rs- tGirc each applicant to pay an initial -ltrEa of per eeui If the loan grant ed the minimum charge to be $lo=o0 'p cover tue cost of appraisal and e&- s'Tult5ou 0f a3tla
 s-s a All e=Ha'H= eHnd asarutRg fa5D .ha BpHFa Iz#f af thr system of ..#aa' #F.d #s Hsl=#a aa.Nfzlni for affar HIH3aE interest a= a11I on the afora-
 Ild bonds. and IfI operating and other .. 4.u#.-- =tri sfa,. sroaa the administer t.an af zHa4 zveHef1 of rural ==H11 #E -laI hn placed IA tGa State Treasury 1.st hee eJ8a pat of fund to ba &aown as the "Ark@asas Rural Credit Reserve Fund Sad Arkansas Rural 'Eedlts Reserve Fund shall be loaned pn farm l3nds in the manner herein rr1s jied for tHs Arkansas Rural edit Loan FGud. and the interest ae- '"Gins from loans made from said Ar. ,ensaS Rural Credits ReS.rVe Fund 'h all be added to t and become a part of it. The said Arttan8as Rural Cred t5 Reserve Fund shall be irreducible. ex- HNpt that if may he drawn upon to re- imburSe the State for loss incurred in he administration of said system of rural credits
 Sec. 10 The Legislative Assembly hall provide in such detail AS if shall deem advisable for the carrying out and administering of the provisions of this amendment, and shall provide ad- eqnate safeguards against the use Of 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 terms Operate" and occupy" used herein. In the absence of such legis- lation, and subject to the same after it's enactment. the State Land Board shall proceed to administer said sys tenn of rural credits under rules and regulations provided by itself. but sub ject to the provisions herein contained.
 Sec. Il. The provisions of the Con stitution of Arkansas in conflict with this amendment are hereby repealed. in so far only as they conflict herewith. -"he provisions Of this amendment shall be self-eKecuting. and shall take effect and be in operation 60 days af ter their approval and adoption by the people of Arkansas,
 Approved bN the Governor. and filed in the office Of the Secretary of State March IT i9ti.
 Each elector may vote for or against tho above amendment
 Witness my official signature this, the 2ith day of April. 1918
 fSeall TOM ]. TERRAL Secretary of State