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per cent, per annum upon the unpaid balance of such note to be 

 deducted from the amount paid and the remainder to be credited 

 upon the principal of the loan. 



(d) Loans from said fund, shall be made only for the following 

 purposes: 



First: To assist the borrower to pay for a home. 



Second: To pay off an existing mortgage upon the home. 



Third: To make permanent improvement upon the home farm; 

 Provided, that if such investments as hereinbefore provided are not 

 reasonably available, then such funds may be invested in other 

 securities authorized by the constitution. 



SEC. 2. For the purpose of supplying additional funds for the 

 loans herein authorized to be made, the Commissioners of the 

 Land Office are hereby authorized to sell, for not less than par 

 and accrued interest, all or any portion of the notes and security 

 therefor taken for the sale price, or unpaid portion thereof, of any 

 of the land above referred to; such sale to be absolute and without 

 recourse. 



The said Commissioners are further authorized to issue and sell, 

 at not less than par value, bonds drawing not to exceed 5 per cent 

 per annum interest, payable semi-annually, and to pledge for the 

 payment of the principal and interest on same the notes and security 

 therefor, taken for the sale price, or unpaid portion thereof, of any 

 of the lands above referred to; provided, the amount of the bonds so 

 issued, sold, and outstanding shall not at any time exceed 75 per cent 

 of the face value of the unpaid portion of the principal of such 

 notes. 



The said Commissioners are further authorized to issue and sell, 

 at not less than par value, bonds drawing not to exceed 5 per cent 

 per annum interest, payable semi-annually, and to pledge for the 

 payment of same, principal and interest, all notes and mortgages 

 taken for loans from said funds; provided, that the amount of the 

 bonds so issued, sold, and outstanding, shall not at any time exceed 

 90 per cent of the face value of the unpaid portion of the principal 

 of such notes. 



SEC. 3. The bonds herein authorized to be issued, shall be 

 designated as "Oklahoma Home Ownership Bonds," shall be in 

 denominations of Twenty-five ($25.00) Dollars, One Hundred 

 ($100.00) Dollars, Five Hundred ($500.00) Dollars, and One Thousand 

 ($1,000.00) Dollars, and shall not be subject to ad valorem tax, 



