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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 6, 1963)
g g WEDNESDAY, FEBRUARY 6, 1963 MEDFORD MAIL TRIBUNE, MEDFCRD. OREGON . Legislative Study of Veterans' Loan Program in Oregon mmw j- y. aiH Editot'i notat A new look i the general fund. is being asked for $5.8 million nium. laid, rehabilitation and prop- ment on what should be done I "Ifs up to the people and it, njd'an at somt ol Oregon's moii it- The biggest is the veter- to repay bonds for the pro- Others supported by thr erty tax exemptions. with the profit the veterans' the legislature to decide l am om y ..j U.. Kr,,, b,,,. Th funrf oram in Iho IQ3.K hion. lavnavin inrliirin erliiratinnal SaalleM rlerlinps to com- loan DroZram is makins. What theV Want to 00 Willi tor, ne Said. enacted money programs has been proposed in a report is sued by the legislature's own iiical officer. This is the last of three articles on the ubject. Bv ANN H. PEARSON Salem -WPH- From a modest start in 1945, Oregon s veter ans' loan program has grown Into a money-maker that is turning a handsome profit each year. Legislative Fiscal Officer Kenneth Bragg says the legis lature now may want to take another look at the program this time with an eye to si phoning some of the profit back into the state's general fund Voters passed a constitu tional amendment authoriz ing tax money to start the urogram in 1840 The legislature appropriate ed $8,017,905 in general fund revenues from 1945 to 1950 to get it going. With the initial appropria tion as a floor, the veterans agency started selling Donas to get the money to lend to veterans for nomes ana farms. Since then, the agency has loaned $335 million to 41, 1538 veterans, The agency pays just over 3 per cent interest on the bonds it sells, it gets DacK ai least 4 per cent on loans to veterans. $10 Million Reserve The difference has enabled the agency to build up a re serve of about $10 million. The profit in fiscal 1961-62 was $1.3 million. "The legislature might wish to consider a constitutional amendment which would per mit the orderly transfer of surplus funds from the war vererans' bond sinking fund to the general fund," Bragg says. At present the revenues are just piling up in the loan fund. Bragg said sufficient re serves should be left in the fund to insure the continuing financial integrity of the agency's bonds. Bragg's proposal would, in effect, put the state into the money - lending business on a profit making basis. It could provide a biennial source of revenue. His suggestion is in addi tion to a separate proposal for the general fund to re capture the remaining $5.5 million of the money it gave the agency to get started in the first place. That is a one- shot proposal. Its legality is being studied, Both Bragg and Veterans' Affairs Director H. C. Saal feld note the veterans' loan program Is a booming busi ness. Money Loaned Fast "When the program start ed," says Saalfeld, "it took a year to loan $1 million. Mow we do it in less than two weeks." The profit now amounts to between $2 and $3 million per biennium, Bragg says, "and will probably increase substantially in the years ahead." The agency last month told $25 million in bonds to give it money to lend this year. So far, only slightly more than 20 per cent of the eligible World War II and Ko rean War veterans in Oregon have borrowed from the fund, leaving more man 154,000 eligible. In support of his sugges tion, Bragg notes that many other veterans programs now are being supported out ol Seniors May Enroll Early for College EllHene - The i-hmirrllnr' office of the Oregon stal system of higher cducatin: has announced that for til second year Oregon nig School soninru whnso i'1-nrln average C pins or belter will oe granted admission to 5 tern Institutions without wa ing for final grades and gra uatlnn. According to Dr. Francis chancellor, early admission forms have been mailed all high school principals i the state. Qualified studen should aDDlv for nnrlv mlmi sioti through their principal or guidance counselors. The earlv admissions nin was first used in 19(i2 with notable success. Many stu dents were able lo begin ad mission procedures curly the year, thus eslablishil their admission anri norm tilltt more orderly rtlunnmo and processing on the camp uses. AWARDS FOR LUCY Hollywood-HTIi-Actrcoa Lu cille ball has received awards from the Hollywood Advertising Club and thi Lo.s Angeles Advertising Women Inc. Miss Ball, president of Desllu Productions, was pre sented the "Red Carpel Award" and the title "First Lady of Comedy." gram in the lJ.UJ4JllJl'Al.UiJJ.,IJJJIl.H'll ANOTHER GREAT PAY LESS mi mmmmm mv m .mm. mm m rw m m M m -m. mmmmwmmmmmrm mm mm .aw mmmr m.w mmw "bbbk. 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Jiffee 2 paks 1.00 WE RESERVE THE RIGHT TO LIMIT QUANTITIES 9 - 10 INCL TOOTH PASTE a COLGATE COLGATE FLUORIDE STRIPE IPANA R9- 9e MVsr 1100 bb i a I ja.- is uen. I? Is f OLu,nM I YOUR CHOICE L box nn liiol BATH TOWELS f evenflo S JTToo II f'"k4.11" jgL i I PURSERS ) on.. 100H o Z-hVfy(Mm "nm- ( CAPSULES '-uu 1 00 abiorBENT mm 1.00 u i 25c y f0R i UToo INSULATED Erj"Ad . nil ,T.rtK, DEODORANT U oAKUtrN L -------th o f; ci o for ci . 50; iiiiti jjl II T4 2.25 Value I - - K GARMENT ' A H1 MODESS BAG r , ' 3 21.00 ll FEMININE W HEAVY ; f Si C"A" 1 NAPKINS f (i Q ;F TERRY CLOTH 1 Ii 1 . I ' 1 ir B iviikkv I E H 1 fCI I Reg 4 i O-l REGULAR 40 I I) 01 1 39c 4 01 Xi 145 i the legislature to decide what they want to do with BRACHS D HEART SHAPE BOX If A I FIITIMC VMLcmmt CHOCOLATES DELICIOUS LIGHT OR npi runrniATFS ':'?V GIVE YOUR VALENTINE ASSORTED CENTERS. THESE KITCHEN FRESH GOODIES - POUND BOX 59 Reg. 1.85 .LG. CONVERSATION HEARTS 29c j D SM. CONVERSATION HEARTS 29' VALENTINE MELLOCREMES 29( CSCREIVIE & JELLY RED & WHITE JELLY BEANS 29ft s V ULTRA cREG"C$1 I ' SHEER ''" ' hi oo 7 1 V I'Wp-"" -IIU -Ci: V tJ pE L 1WJU Too TUMBLERS V1 ,,U II VLt JOHNSON'S 7m reg 59. SELF-SHINING 7 11 W. aZioo shoe polish J 1,0011 - W ' if REG. SSc f nslll ; II II 3 "'I00 ,,wwll HAND F?WER 1 Loon "r.r. or, ,no hose &0E3 -11 Dl ,111CT I.UU 1 .95 Valua GUARANTEE . Suggested I of our program and glad t aHministra- have the legislature look a -n. auu 6 "IK H I have the legislature look at 3 HEARTS 1 1 -I! i Ui Ii mom. jmr n. nnini iiv
