Arizona Republic from Phoenix, Arizona • Page 4

UKtHUHLlC 18 The Arizona Republic EO rhocnix, Friday, Sept. 17, 1971 Bad collateral perils State funds Bedore enters school race Gerry L. Bedore, 39, a su opportunities for ourchildretf while working toward holding the line on expenditures ana tax rates." He has been a resident ol Arizona since 1948. A bank failure could have cost the state millions of dollars in deposits because they were secured by questionable collateral, State Treasurer Ernest Garfield said yesterday. He credited the State Finance Department with discovering the situation and the State Banking Department with helping his office correct it.

He explained the situation this way: For years, banks seeking state deposits have been required to give the state receipts pledging bank-owned securities as collateral equal to the deposits. Recently, the Finance Department discovered that the receipt from one bank showed a greater amount of securi ties than the amount actually available to the state. The State Treasury then retained an accountant to check additional receipts. Some of these pledged bank securities to the state in a way that left their ownership clouded, so the state might have had trouble recovering its funds in case of a bank failure. Garfield declined to indentify the banks involved.

He said he believes the defective receipts were the result of an error that had escaped notice in many audits over the years. The treasurer said his office is in the process of seeing that the banks have sufficient collateral pledged to qualify for their deposits. He said steps also are under way to clear up state title to the collateral. pervisor at Honeywell Information Systems, yesterday announced his candidacy for a seat on the Alhambra Elementary District school board. Bedore.

4608 W. Marlette, said he believed his business experience would be useful on the board and, if elected, would "actively support programs to improve educational DRAGGY SUIT DROPPED BRASILIA (AP)-Brazil's federal tax court dropped a case against a civil servant accuesd of misappropriating; iublic funds 78 years after was filed in 1893. It A I jj JS'S The sands of time invite you to come in and see the distinctive Hour Glass. A most unusual iime piece. Choke mi of Five Colors.

BROWSE THRU THE LARGEST SELECTION OF WESTCLOX AND SETH THOMAS School hoard candidate raps boycott at PUHS i A iT The boycott that kept stu- "I find it personally dis- Jenkins said any militancy dents away from Phoenix Un- tressing that these students "turns the brader conv ion High School last year was did not return to school" TherTare IrWoL who condemned yesterday by a Steve Jenkins told a group at think that his is th nnlv a The CLOCK SH0PPE Town Country Shopping CtnUr 20th St. I Ctmclbtcli Rawbuc Phot kr Nylt lt.th.rn Chamber of Commerce outstanding service awards were given to, from left, Philip von Ammon, James P. Simmons, Dennis Mitchem and Sam Mardian. candidate for the PUHS dis- the home of Nancy Bennett, they can be heard, but they Mon. thru Sat.

9 to Thurs. 'til 8:30 955-0880 trict school board. 6050 N. 22nd St. are wrong." iLAAAAAAAAAAAA iS.

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TILES! Beauty that won't break your budget! Cof fetes 3 firms, 4 individuals The Phoenix Chamber of Commerce looked backward and forward last night, bestowing awards for community service and hearing a challenge for the city's future. About 600 guests attended the annual recognition dinner at Mountain Shadows. Guest speaker was W. Marvin Hurley, executive vice president of the Houston Chamber of Commerce. Four Outstanding Service Awards were presented to individuals and three Community Service Awards to Phoenix business firms.

The awards were for volunteer civic contributions during fiscal 1971. Individual awards went to: Samuel Mardian. executive vice president of Mardian Construction for work with the JOBS 70 Program placing disadvantaged persons into jobs and job training. Dennis Mitchen, partner with Arthur Andersen and who served as task force chairman for the chamber's city budget review. James P.

Simmons, president of the United Bank and incoming chamber president, for his role in facilitating the move to Phoenix of the Greyhound Corp. Philip E. von Ammon. partner in the law firm of Fcnnemorc, Craig, von Ammon and Udall, for compilation and publication of the chamber's first policy manual. Tom Fannin, outgoing chamber president, also presented service awards to these firms: The law firm of Jennings, Strouss and Salmon for service as the chamber's legal counsel.

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"An urban area is built by the attitudes of people," he laid, emphasizing the need to 'envision the future rather than concentrating only on measures. The easiest part of urban development is the tabulation of problems and needs, he said. "Officials who just diagnose problems spend their proving the obvious." The difficult task, he said, is to establish valid goals and 'put chosen options to work: i deciding whether to build a park or a freeway, a sewage system or a hospital. There are many ways a 'city can die, he said: internal I -strife, indifference, the wan-I ing of energy, the incapacity. I to learn new ways, "The future is unknown," said, "but don't be intimi-I dated by it." WOT' 4 Cj SU PERM ARTS Thorns.