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
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