The San Bernardino County Sun from San Bernardino, California • Page 23

11 etropolitan Newsmen Wrilc Editorial, II Sunday, October 18, 1970 Srrtinn Cost of Borrowing Assaults City Pockctbook 'Heir Financing Redevelopment Project Is construction and $60 million in private Total Cost of Will Be About the Project $100 Million funded interest at 7 per cent and reserve fund, $2.5 million; and bond issuance and "contingency" expenses, $23,000. Assuming that the bond issue is for $15 million, that the bonds mature in 25 years, and that they are held the full 25 years before redemption, the interest at 7 per cent would total $26.2.0,0110. Thus the city's approximately $10.5 million net share of the project would actually cost $41,250,000 over the 25-year period. However, if the project is successful, it would be reasonable to assume the construction. The city's share of the cost at this point is $12,326,636, partially offset by a federal credit of about $2 million toward the new City Hall and Cultural Center.

This leaves a net of approximately $10.5 million. The agency is about to convert the $10.5 million short term loan it made to meet these costs into long-term bonds. How much will it really cost before the bonds will be repaid? To receive a net of $10.5 million, the ticipated that the issue will be for $13.5 million to $14 million, and that the public bid will be for lesser amounts than indicated." In this case, other costs would be correspondingly lower. The maximum $3,385,500 in allowable costs would include a 5 per cent discount of a of 1 per cent financial consultant fee, two years pre- Reagan to Blame For Smog Unruh mi ---o ni.im ii mmm 5 if VvV bond issue will have to be several million dollars higher, reflecting additional costs. Peter W.

Quinn executive director of the agency, estimated the extra costs at a maximum of $3,385,500, assuming that the agency sells $15 million worth of bonds. Quinn said, however, that "it is an rally at Democratic Headquarters, 424 W. 7th Unruh lost little time capitalizing on Reagan's altercation at the University of California regents' meeting Friday. In that meeting. Reagan called either Norton Simon or Fred Dutton "a lying son of a bitch." Unruh said, "Yesterday we got the real clue why he (Reagan) won't debate Jess Unruh man to man.

I'm not much of a debater; I'm not much of a public speaker, but I know the issues. And Ronald Reagan, once he's not under the control of his managers, once he's not computerized, once he doesn't have his script, doesn't remember his lines. "His managers know that if he's not controlled, he's not capable of discussing the issues, and heaven knows what he'll say." Unruh, in a dark blue shirt, gray pants and coatless, signed autographs, shook hands, posed for pictures and plugged for local Democratic candidates. About half or more of the San Bernardino crowd consisted of young people. Standing in the bed of a pickup truck, Unruh said Reagan had handed the state (Continued on 5, Column 2) By JOE BAKER Sun-Ttlegram Butinesa Editor SAN BERNARDINO To borrow William Tecumseh Sherman's famous quote, "War is hell," financing a redevelopment project is hell on the pocketbook.

It not only takes a lot of money, but it costs a lot of money to borrow the money, to say nothing of the interest. A case in point is the downtown Central City project. The Redevelopment Agency has estimated the total cost of this project at $100 million, with million in public 1 raining Will you please investigate for me to see if there is a demand for motel or apartment management trained people. I am interested in taking a course, but it is very expensive for the one advertised on television. How may I get in touch with a reliable, but not too expensive school? J.M., San Bernardino Your letter introduces a subject HELP! has been researching for four other readers, some graduates of correspondence schools who have received a diploma and are awaiting placement.

Two of these persons have paid almost $500, and a couple has invested $800, plus. We discover, too late foi-these, that San Bernardino Valley College offers, for $3 registration fee, and college credit, a night school course in Apartment Ownership and Management taught by Norman Yates. This course is also offered at Riverside City College. Hundreds of persons have taken this six-week scries and found placement. If anyone is interested, call Mr.

Yates at TU 4-0618. Spooky Advice HELP! double dares readers to reply to the letter from Mrs. P. San Bernardino, requesting the eeriest, spookiest ghost story you know. She is going to be in charge of a party on Halloween night and is in need of finding a tale of horror.

In checking bookstores she finds the stories too long or too adult to record with sound effects. HELP! would like to hear from goblin fans but also thinks it would be fun to see if you can scare us with some wild tale. We will print the one that terrifies HELP! the most. Program Planner I. am In charge of finding assembly material for Fontana High School this year, and would appreciate learning what is available for student presentations.

'i L.N., Fontana ANSWER. HELP! contacted Goodyear and- learned they have lots of interesting movies in their film library in Akron but these must be for non-paid assemblies. You may send to the address we," enclose for a catalogue. Also, the Standard Oil Co. may be able to provide you with some ecology material on its new anti-pollution product.

Later we may know about an NFL movie, but that wouldn't please the girls, would Scnd Where? HELP! Jess Unruh Civvs 'Thumbs Up' During Tulh gubernatorial candidate lamented smog situation A1P Candidate: Cut agency will begin repaying the bonds before the end of the 25 year period, said Quinn. Repayment could begin within five years from additional taxes generated in the redevelopment area. I'ndiT the most optimistic early repayment schedule that the agency has considered in presenting its financing program to the Department of Housing and Urban Development, said Quinn, the interest could be as low as $14 million. This would reduce the total bill, prin- Continued on 5, Column 4) Sun-Telegram pholo by Kon Wotly Spending stale? AIP chairman and candidate for lieutenant governor, and Mrs. Marylou Cushman, running for the State Board of Equalization.

Shearer, 39, a weekly newspaper publisher from San Diego County, did (Continued on 5, Column 1) Ktiwanda farmyard June 7. Itingstad said the tests showed that none of the men had any knowledge of the murder, although Cay had apparently driven the car in which Williams' body was found on June fi. Cay and the other two men, liichard Keith I'helan, 20, also of Los Angeles, and William Harold (ioorgo, 21, of Grenada, were arrested 4 by Clark County Sheriff's deputies In south Las Vegas. I'helan is wanted in Los Angeles for armed robbery, Itingstad said. At the time of their arrest, they were driving a car registered to Williams, and Cay was carrying a .38 caliber (Continued on 5, Column 4) Chartered 1R90 () Minimum Balance $1000 Minimum Term 1 Year 750 Minimum Balance $100,000 Minimum Term 1 Year RE-ROOF NOW ROOF REPAIR LICENSED FULLY INSURED "RINC, BULL rOR BETTER ROOF" BELL ROOF CO.

TU 5-6863 to break up the cycle which sees generation after general ion on welfare. Shearer and other top All' candidates were in San Bernardino for a dinner and to talk with voters. The group included Charles ('. liiplcy, U.S. Senate nominee; Thomas M.

Goodloc, running for secretary of state; Merwyn II. Hemp, Charge of Murder Dropped In Slaying of Black Aelivisl SAN BERNARDINO Democrat Jess Unruh yesterday blamed Ronald Reagan's administration for Southern California's smog problem and said the governor refuses to meet him in debate because his managers fear he'll "blow his cool." "Southern California is still the smog capital of the world because the Reagan administration permits polluters to promise instead of deliver solutions," Unruh said during campaign stops in San Bernardino and Riverside. Unruh said autos put out more oxides of nitrogen today than ever before while "stationary source polluters like Standard Oil Co. and Kaiser Fontana are allowed to take their sweet time unfouling the air we breathe." Unruh said his administration, free of the influence of Detroit and other monied interests, would "say to Detroit that you build us a car by 1975 that is not going to pollute the air or we'll get someone who can. "We'd say to Standard Oil, stop polluting the air.

you're going to jail like a common criminal." Speaking to about 200 campaign workers and well-wishers at a curbside A Thought for Today Life with all Us sorrows, cares, perplexities and heartbreaks is more interesting than if nothing, good or bad, ever happened. William Lyon Phelps First Federal Savings Loan Association of San Bernardino 555 St. TU 9-0881 Also In Barstow and Loma Linda SMALL APPLIANCES AND GIFT WARE SOFFA HARDWARE MON. A FRI. NITKS 'til 9 OPEN SUN A Gtwn Stamp Bnkmerlrrd and Maslrr Charge 425 W.

Highland Ave. TU 3-6614 POODLE GPvOOMINC BROOKS PETLAND Flowerland Plaza 1377 K. HIGHLAND AVE. TU 3-0341 William AIP SAN BKRNAKDINO Murder charges have been dropped by authorities here against a man being held in a Las Vegas, jail accused of the slaying of a black activist here last June. Del.

Sgt. Duey Itingstad of Sheriff Frank Bland's homicide detail said charges against Marion Alexander (lay, 21, of Los Angeles, had been dropped after the young man submitted to a jKilygraph (detector) test Friday. Sgt. Charles Reck, the department's polygraph examiner, and Del. dene Rogers went to Las Vegas Friday and administered the tests to Cay, and two other men, in an attempt to find out if they had any knowledge of the slaying of Melvin Bishop Williams, 22, in an 1 5 Sun-Telegram pholo by Ron Takacj K.

Shearer gubernatorial candidate By HARVEY I EIT Sun-Telegram Political Editor SAN BERNAKDINO How do you cut the ever increasing costs of education and welfare, the two programs which make up the bulk of the state budgei? "In education," says William K. Shearer, the American Independent party nominee for governor, "you could save tons of money by limiting it to academic endeavors and cutting out the peripheral welfare activities." Shearer, a big, somewhat fierce looking man with a bushy mustache, says schools could save money by not making them "entertainment centers. We don't need those expensive auditoriums so all the culture bugs can be entertained at public expense." Compensatory education programs that provide extra funds for children "who have never seen a banana or an airplane" also could lie cut, Shearer said in an interview yesterday. As for welfare, Shearer said, "There's no excuse for the fraud and subsidy of the kind of illegitimacy and indolence you find in the welfare field." His answer to the welfare problem is to take 1he children out of welfare homes and put them in foster homes RUMMAGE SALE MONDAY. OCT.

19th 8:30 A.M. TO 3:00 P.M. 741 STREET Klizaboth Walter Circle Calvary Haptjxt. Churrh RASTANCI IURY WATER CO. Pura Spring Water Super Plutllled Water Cal.

plim tn peliveied Home Bumnesa Industry TU 2-3159 INTEREST PAID clay in to day null Interest now compounded DAILY! Santa Fc Federal Savings INLAND MONTESSORI SCHOOL A now privatrly ownnd school of ferine a complete educational rnvironmr'nl for children 2V2 12 yrs. Each child progresses at his own speed. AMI trained and accredited teachers Country Home-like setting-- Just. 5 min. north of San Bernardino Hospitality Hour, this Sunday P.M.

6452 Palm San Bernardino Tel. 887-1 fi04 (San Rdno Barstow Freeway, Palm-Kendall exit, left on Palm) ASSOCIATION MONTKSSORI 1NTKI! NATION Al.K and Imn Association Minimum Ralance 550') Minimum Term 90 Days 6 Minimum Balance $5000 Minimum Term 2 Years HELP! I sent off for a Dodger souvenir package about two months ago. It included a yearbook, 12 national league pennants, a score book and baseball game. Could you HELP! me get my money back? D.C, San Bernardino ANSWER. That's just how your letter read, so HELP! wrote you WHERE? did you send.

When you answered, we sent a letter, and the return reply was "we are attaching a copy of the letter we believe D.C. sent you. You will see thpre was no return address or an indication on the letter, or envelope where the package was to be sent. Now that HELPi's letter arrives, we may forward the package to him at once," signed Danny Goodman. Sorry the season is over son, and better luck to the Dodgers next year.

From Cold lo Hot A group of renters in our apartment house want to know if there" is an agency that Is Interested in the private citizen. The apartments in which we live have been without hot water since last week, lit addition to five children, there Is ah invalid tenant. The landlord has not paid the gas bill. Four cold-water tenants, Highland ANSWER. HELP! learned you all were the victims of a closing escrow.

(Continued on 5, Column 5) NORTH WOODS ESTATE OPEN 10 TO 5 P.M. SIERP.A WAY AT 46th STREET DELUXK ADULT CONDOMINIUM IJVINO 533,050 TO $35,950 85 SOLD OUT HURRY! AUSTIN, SMITH, GORMAN, REALTORS TU 6-4801 5 Compounded Daily on Refpilar Passbook Savings Accounts VKTOTtVtU.K: Seventh PAI.M SPPINfiS: Palm C'anvnn X'T-1V1 SAN nKPNAItniNO: 1M B. Iltchlund Ave 479 St. 7H St. imain nffirei imfi Sierra Way, FREE Accounts Insured to $20,000.00 ROZEMA FARM STORE 27960 East 3rd Highland FARM FRESH PEE WEE EGGS 10c a 30c a flat 30 8 A to P.M.

Daily lfd Sunday LIZ SAYS: OPEN SUNDAY JANE COLBY: MIX MATCH GLAD RAGS BY LIZ Del Roiia Highland Ave. and SAGE'S REDLANDS For a woic, youthful filmriurf rmn-plerion. Try hrfoif you buy. Fashion Tun Twenty, Intrrimlimwl broiler in, Comnflirn. by Apii'iinliuPiit San Rclno.

Redlanda Xi1.