A prii 30, 1997 * T he P ortland O bserver
P age Ab
QU S
S tate
B onds
G old
Pays For
Housing
O reg on’s general o b lig a
tion v eteran s’ w elfare bonds,
$ 10 million series 76 B and $30
m illion series 76 C, are rated
‘AA/F-1 + ’ by Fitch Investors
Service.
A dditionally, the state s
$3.6 billion outstanding gen
eral obligations are affirm ed
> rtanì»
baeruer
Security added to Governor’s mansion
ing NECA and IBEW 48
According to Timothy Gauthier,
executive manager of the Oregon-
Columbia chapter of NACA, and
Gerald Bruce, business manager
of IBEW Local 48, the two organi
zations are proud to have the op
portunity to serve Oregon in this
The governor’s residence in Sa
lem, known as Mahonia Hill, has
an updated security system thanks
to the Oregon-Columbia Chapter
of the National Electrical Con
tractors Association and the Inter
national Brotherhood ot Electri
cal Workers, Local 48.
Working together, the two or
ganizations contracted NECA/
1BEW Local 48 electrical contrac
tor Adams Electric Co. to update
the high quality system.
In order to continue to ensure
the safety of Gov. John Kitzhaber
and his family, the contractor and
electricians aren’t talking about
the details of the system.
“ We can say that over 6,000 feet
of wire has been installed on the
project," said Adams Electric
project manager Bob Ray.
Adams Electric designed and
installed the security system after
conferring with the Oregon State
Police about specific requirements
way.
■
„ e
“ In the same way that we work
together to benefit our customers,
NECA and IBEW L ocal 48
partnered with each other to bring
our joint expertise to the state of
Oregon,” said Gauthier.
Bruce added, “ W e’re proud to
have been a part o f m aking
O regon's beautiful and historical
governor’s residence even better ”
Burglar Alarm Secures
Governor's House:
Electricians and
contractors from NECA-
member Adams
Electric Co. (from left)
Paul Schroder, Danilo
Brayton, Howard
v
Morris and Rob Ray,
recently designed and
installed a new
security system at the
Oregon Governor’s
residence in Salem.
for the system.
H ow ard M o rris, o w n er ot
Adams Electric, commented, “the
electricians we had on this job are
highly sk ille d and ex trem ely
knowledgeable.
They've been prepared for this
kind of exacting work through
their training at the Metro Electri
cal Training Center in northeast
Portland.
“W e’re very pleased to have
been able to provide our services
to the state o f Oregon,” Morris
said.
NECA and IBEW 48 have been
involved in upgrading the general
e le c tric a l sy stem s lo r the
governor’s residence as well.
Overall refurbishm ent o f the
residence is ongoing and is being
funded by a group of Oregon busi
nesses and organizations, includ
| at ‘A A ’.
The new bonds are entirely
for the v eteran s’ w elfare p ro
gram, which funds housing
m ortgage loans.
The program is self-su p
porting and current o p era
tions are positive, reversing
the trend o f some years ago
when future d efic its w ere
threatened.
Some vulnerability does
rem ain, due to interest rate
sensitivity.
The new bonds are subject
to m andatory tender, w ithout
any right to retain, on Feb. 1,
W
I ii 4 f not rem arketed, they will
be redeem ed at par.
Bond proceeds will be in
vested until the rem arketing
date in noncallable direct or
guaranteed obligations ot the
U S. governm ent or through
an investm ent agreem ent with
a provider having a rating
e q u iv a le n t to th a t o f the
bonds.
The investm ents are not
pledged to the bondholder.
The issue was sold on April
15 through negotiation with
Bear, Stearns & Co., Inc.
The state sold $40 m illion
long-term bonds for the p ro
gram earlier this m onth.
O regon’s rating is based
on its low level o f tax -su p
ported debt, am ounting to
$267 per capita and 1.2% o f
personal incom e, and on the
vibrant econom ic grow th o f
recent years, which has been
reflected in favorable fin an
cial operations.
Em ployment in O regon has
been growing at about the 4%
level since 1994 and is in
creasingly diversified.
Personal incom e in 1995
rose 7.8%, or 126% o f the U.S.
rate.
O n a p er c a p ita b a s is ,
growth was m uted by the ris
ing population, up about 10%
since 1990, or nearly double
the U.S. rate.
Still, the state has im
proved its relative position
and per capita incom e is now
equal to 93% o f the U.S. fig
ure.
Financial operations have
been favorable and general
fund balance is estim ated at
$536 m illion at June 30,1997,
well above the original b u d
get as rev en u es have e x
ceeded estim ates
Although the state has
accom m odated a m andated
shift o f school funding, fi-
n an ciai‘c hallenges do rem ain
as other ballot m easures have
m andated higher prison costs
and further lim its on local
taxation.
The state has agreed to
com pensate for the school
portion o f tax re lie f resulting
from the new limits.
""•r
.h;m
No Down Mortgage
Loans Introduced
This reserve can be used to pay
closing costs, and up to 6 percent
seller contributions are allowed for
nonrecurring closing costs.
This new 100 percent financing
program is an enhancement of the
company’s popular first- and sec
ond-mortgage piggyback loan offer,
which was introduced last year.
WMC Mortgage will be the new
name for Weyerhaeuser Mortgage
Co., which is in the final stage of
being sold to WMC Acquisition Co.,
a joint venture of Apollo Advisors
L.P. and Spring Mountain Escrow
Inc., California’s largest independent
escrow company.
Apollo Advisors com prises in
vestm ent partners who control a
15 years.
portfolio o f more than $5 billion
Borrowers can qualify with a debt
and ow n such co m p an ies as
ratio of up to 45 percent, and there is
Ralphs and D om inick’s super
no housing expense ratio.
m a rk e ts , S a m s o n ite C o rp .,
However, borrowers must have 5
Culligan Water Technologies and
percent of the sales price or appraised
Converse and Florsheim shoes. The
value, whichever is lesser, in cash
sale is expected to close on April 30.
reserves prior to closing.
Mortgage Friday announced the
introduction of a new 100 percent
fixed-rate financing program with no
down payment or mortgage insur
ance required on conforming and
jumbo loans of up to $333,000.
O nly p re v io u s hom eow ners
having a 12-month m ortgage-pay
ment history and an excellent
credit rating are eligible to par
ticipate in the 100 percent financ
ing program, which combines a 70
percent first mortgage with a 30
percent second m ortgage.
The first mortgage is fixed for 30
years; the second mortgage may be
fixed for either 10 or 15 years, or
amortized over 30 years/ payable in
SPA CE FOR LEASE
‘ Available June 1 *
2nd Floor Office Space (various sizes)
URGENT! Going Fast:
*Q small, 10’x l 4 ’ *
Big Studios, Bath St Kitchen
Retail Space • New Storefronts
Facing Wygant • Visible from MLK
(1) Dell Business Desired
720 sq.ft., at $425/mo
WEIMER’S
Final Closing Day Sale
50% off
All Merchandise
Month of May Only
CALL
All Sales Final
M thru F
8:30am to 5:00pm
3946 N E. M L K Jr. Blvd.
Phone 281-1217
B ill L eigh @
(503) 2 8 7 -2 6 3 4