;
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:
F

- borrower in the

Finance .

The Municipal
Authority of B.C. has achie-:
- ved substantial savings by
blending domestic. and for-
eign bond issues rather than

restricting itself .to the
Canadian market, according:
to MFA Chairman, Mayor
Ron Andrews .of North
Vancouver District. Boe

-In its most. recent issue,
$52.5 million marketed in the ©

-U.S. less than. two months
_ago, it obtained more favor-

able terms than any Cana-
dian,.municipal or provincial
long-term
U.S. -capital market in the

‘fast two years. 7

The MFA borrows capital

“funds on behalf of .B.C.’s

regional districts. and muni-
cipalities..

Mayor. Andrews made his
remarks in a speech to” the
North. Central: B.C. Muni-:

Creek last week. He said the’
MFA has. been: subjected to.
undeserved criticsim. recent-

‘ly for decisions to borrow ‘in:

foreign markets and it was

, time the -record was set.

straight.

He said the. authority’ s
board of trustees called for

_Yfeports from its Canadian
and U.S. underwriting man- -

“agers, asking them to review

_ the MFA’s performance and

_ Carry out a.comparison with
other Canadian governmen-

| tal borrowers. _

. . Since established i in 1970, .
' the MFA has marketed | 18°:

separate issues in. ‘Canada,

: the U.S. and Europe; raising

a ‘total. of. $257. 8 million.

The report” ‘from |

Ames and Nesbitt Thomson,
stated « that
overall savings of annual

‘to date of over $3.S-million is

the .
Canadian managers, in with -
Wood Gundy is the lead °
‘manager along with A.E.

“substantial,

debt service charges have

been realized by blending.

domestic and foreign issues
at times when the respective
interest rates were attractive

By going into the different
markets, rather than res-

_tricting all. financing to the

Canadian market ‘‘a saving

evident. Starting from. an
unknown position. in 1970,
this is a remarkable ach-
ievement by the MFA, *” the
report states. ye

' The report from the U.S.

managers, in which Kidder, ©
_ Peabody Inc. is ‘the lead
. manager, states: ~

“Since the inception of the

; authority and its first issue in
the U.S. market in Septem-

‘ber 1971, the authority has —
continually “improved = in
-terms “of cost of. money

- cipal Association at Dawson. 7 relative to other comparable

Canadian credits. On April .
_22,: 1976,-; .the - authority

. obtained - $52, 500,000 ‘on.
- more favourable terms than

any Canadian municipal or
‘provincial borrower in the
-long-term U.S. capital mar-

“ket has obtained in approx:
, imately two years.

= **The record speaks for
‘itself and substantiates that
‘the . authority has been

successful in building inves-

tor ‘support. and achieving
. aggresive pricing in the U.S.
“market. Securities ‘dealers
. have. constantly requested
' additional allotments and

cate.:.. We know of no
‘instances . where . any. .dealer.
chas declined. ‘to join a.
- syndicate in the. U.S:'In fact,
‘we cannot accommodate the.

.at the levels-of participation
they. request.

“The authority, was crea-
_ ted in order to gain access to

Place set for hearing

- The publi¢ hearing on ‘the :

future of Hidden Valley, set |

for June 23, will..be held ‘in -
- Eastview School, 18th: Street

-and Mountain ‘Highway,
‘North Vancouver, starting. at
7:30 P-m.

The hearing | follows the _

recent submission to North
Vancouver district council of

a petition by-local residents.

Oppose. a. proposed develop- |
ment of the 14-acre tract at: .
East 20th arid. Arborlynn to:
accommodate - 18 - single-
‘family dwellings. -

,

They claim soil erosion
problems make the land
‘suitable only for park dev-
elopment. °

4

-3-year-old _
cheats re eath

“Three-year old 2 Jeftcey

" ‘Mitchell: of 3465: Mathers
Avenue, W.V., is in satisfac-
tory condition in Lions Gate said.

:Hospital with possible facial
and head injuries,

Hospital after he fell out of.

his father’s cay Saturday and
narrowly milgeed being run

o over. an

,

‘

Another. driver, .
_, Raybould of 3260 Mathers
‘Avenue who was. behind
Mitchell's car told police that

: C.of wa '
tightened —

_ government’s special joint,

“policy .i in Ottawa.

_. independent.
- with a niece,: nephew, uncle, E
rand-. :

; cation.

positions. within the syndi- .

- number of dealérs wishing to -
participate as underwriters

. immigrants - allowed. each

'. year. It also recomimends. “

“Supporters of the petition .

a, and was taken to Lions. Gate

police |

John |

the world’s major internat-
ional financial. markets on
terms and conditions ‘com-
parable to the Canadian ~
provincial .and municipal
borrowers with the highest
credit standing. This was to
be achieved without the
province having to guarantee
the obligations of the author-
ity.

North Vancouver Chamber
of Commerce has ‘called for
additional curbs on immi-
gration in recommendations
forwarded to the federal

committee on immigration

In its report to parliament
the: committee . proposes a
minimum of 100,000. inde-
pendent immigrants - each
year, with no limit on the
number of. sponsored i immi-.
grants. It. also ‘suggests that
‘immigrants

_aunt, “ grandson’ OF. .
daughter. living in ‘Canada
should be given five. or 10
‘points. towards | their appl

While generally endorsing
the committee’s report, the
‘Chamber of Commerce’ says.
there should be no minimum
number of ‘immigrants; in-
‘stead, Parliament should: set
a specific target each year. ©

. The Chamber wants spon-

sored
included” ‘in the total of: ail

that relatives qualifying

points should be aeeheed to

_immigrants. . ‘to’ ‘be |

BICY CLE RODEO ENTRANTS [above] in annual event sponsored by ‘West Vancouver police

Saturday for North Shore youngsters at Park Royal. Below: Don Bell, 12, of North Vancouver
successfully negotiates one of the obstacle courses: designed to teach young riders safe
handling: of their bikes (Noel Wright photo}..

- immediate’ families—son or.”

daughter, brother or. sister,
‘Parents, or. grandparents, 2

crushed
elevator —

“Arthur Bernier; 6, “of
suite
Ave., .W.Y.,. was’ certified °
dead at Lions Gate. Hospital -
after ‘he was_pinned..in:the *,
elevator shaft of. a ‘West’
Vancouver apartment ‘com-._
plex where he lived.

- Police’ said” “the incident .
occurred at about 4:15 p.m.
Monday when’ Bernier was.
apparently trying to clean the
basement shaft of the eleva-
tor. or retrieve | something
from it. It is believed that the |

- balance weights: were .unex-
ectedly triggered . striking

ernier who was the mainte- |
mance man at-the apartment.

ny

by

105-1750. Esquimalt . ;

eet ctentdeh Labeda tate tell tet ate

Cee ‘mattress and foundation units: “S7 ge
ne . 54” mattress and foundation units 98%

Guoon size and King size ‘units all sale priced.
ee from Sealy, Restonic,, and | Grange. 7

Now is the time to buy and save on.
a ‘sofa ped for your Quest room.
Meny styles and: colours to choose’ ~
from, some with matching chairs.
Famous name brands — Sealy, .
Tynan, Acme and Restonlc.

All sale priced. from. -

The incident occurred at.
23rd Street and Marine Drive.

‘ when ‘the child opened the
rear door of ‘the station
wage on which was westbound

arine Drive, and driven
y his father Barry Mitchell,
.V.. police > said.

Jeffrey smashed his head
‘ and face against the roadway

‘ ¥

’ when the child fell he had —
‘to swerve up 23rd Street to

avoid hitting the c child.

Jeffre was placed in the
intensiv .
‘been transferred ‘to the
children's ward according o
hospital reports late Tues-

day. |

care’ unit, but has |

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