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BUSINESS Burns, DOT Initiate Major Reorganization 20 ^ M ANCHKSTER HKKAl.I), Mondiiy, .)ul.\ 9. 1984 BUSINESS Vermont church tells ^ Prize Jeep attracted Shark hunters CHFA’s ‘calculated risk’ pays off In mortgages Its side of the story International attehtlonl get top prize page 9 ... page 11 page 15 By Mark A. Dupuis pects to close the bond sale and expired at the end of last year after the first in the country to take higher than for general loans. b ’Connor estimated 30 percent United Press International have the $200 million available for a two-year effort to repeal the law advantage of the extension when O'Connor said opposition to the of the loans made from the latest mortgages later this month. allowing the sale of mortgage Congress acted, and as it expected sale of mortgage revenue bonds $200 million in mortgages will go HARTFORD - A "calculated The money is expected to yield revenue bonds. was followed by others looking for came from lenders and others who for newly built homes, resulting in risk" by the Connecticut Housing about 3,200 mortgages, said Stuart Congress approved a four-year billions of dolars for mortgages, see housing finance authorities as 2,000 jobs in the homebuilding Finance Authority will pay off in Y. Jennings, deputy director of the extension of the legislation as part O'Connor said. a threat or a drain on federal industry, $900,000 in state sales mortgages this year for hundreds CHFA of a tax reform law a day after the Although there was a hiatus in its revenues. taxes and $1.44 million a year in of state residents. The loans will be in addition to CHFA entered the market for the authority to sell mortgage revenue He dismissed both complaints, local property taxes. The quasi-public authority took about I ,.500 the authority expects to $200 m illio n in funds fo r bonds, O'Connor said the authority saying housing finance authorities Clouds tonight; what some of its officials describe issue this year with funds it saved mortgages. maintained continued operation at times have helped keep lenders O’Connor said the CHFA would Manchester. Conn. as a calculated risk late last month from a bond issue last year. CHFA Executive Director Ro­ using the money it saved from 1983 in business since loans are issued continue to try to get its message humid Wednesday across to Congress, and sounded Tuesday, July 10, 1984 and entered the bond market for For a time, it looked as if the 1983 bert T. O'Connor says it may be an to carry it into the start of this through banks and other lenders. ■— See page 2 $200 million in bonds to provide bond sale might be the last for the overstatement to describe the year. He said any loss In revenue from optimistic that Congress would Single copy: 25<: mortgages. authority, which has more than $1 authority's move as a risk. CHFA mortgages are available the tax-exempt bonds sold by the extend the law allowing the sale of The risk was that Congress had billion in mortgages outstanding O'Connor said the authority to low-and middle-income borrow­ authorities also was made up revenue bonds when the current lEaurljratFr Mmlh not yet approved an extension of from its lending since it began moved before Congress took the ers who meet certain income limits through revenue generated by jobs four-year extension expires. legislation allowing the authority, operations in the early 1970s. final vote hoping to beat an and whose potential homes fall created in the housing industry, " I think that finally the message, and others like it around the The authority faced the prospect expected surge of bond market within an allowed purchase price. furnishings and other items bought the benefits that are produced by country, to sell the bonds. of going out of the - mortgage activity by 9; iSauthorities around Twenty percent of the loans are by borrowers for their new homes mortgage revenue bonds ... are Congress has since extended the business when the federal legisla­ the country. issued in “ targeted areas,” where and property taxes paid on the getting across to the politicians in legislation and the authority ex­ tion under which it operates The Conbecticut authority was the allowed purchase price is homes. Washington,” he said. Burns, DOT initiate Chase for technology TELEPHONE SALES Regulator can be financial doom Most buyers want the basics wants probe major reorganization of Seabrook By Mark A. Dupuis the agency in shape. The reorganization of the Bu­ Bv Steven W. Syre time was interested in spinning out United Press International 'There should be no weeping and reau of Highways included the United Press International technologies. Today it makes invest­ wailing that a serious shortcoming appointment of Donald G. Leavitt, has been pointed out. rather let us a 36-year veteran of the depart­ ments for profit alone. CONCORD, N.H. (UPI) - A member of HARTFORD - The state De­ effectively learn from our mis­ ment, as deputy tommissloner in BOSTON — If a young company is Some other corporate venture capi­ the state Public Utilities Commission said partment of Transportation has takes and do it better.” the charge of the bureau. looking for money to help survive the tal units still look for technology — a she will ask other state regulators today to implemented a "major reorgani­ commissioner said. Bums also established two se­ early growth stages, it's probably strategy Golden thinks is fine as long as challenge the financially troubled Public zation” of the bureau responsible The Courant reported June 28 parate offices of assistant chief talking to a venture capitalist or a it doesn't blind a company to financial Service Co. of New Hampshire on its for Connecticut’s controversial that some bridge inspectors took engineer, named five department banker interested in some kind of risk. financial and management plans for bridge inspection program. longer than allowed breaks or employees to direct operating involvement. Some make investments in return for construction of the Seabrook nuclear plant. Transportation (ilommissioner J. But some more established compan­ a specific piece of technology being William Bums appointed a veteran spent little time on some bridges divisions and appointed an execu­ ies. with a wide variety of motives, are developed by the smaller company. Commissioner Lea Aeschliman said the DOT employee to fill a vacant and two inspectors allegedly were tive assistant for Leavitt. looking to put some money on their own Others take a chunk of equity with PUC must request a more complete picture deputy commissioner’s post and paid extra for underwater inspec­ The bureau previously had been into developing businesses. thoughts of completely buying out the of the structure of New Hampshire Yankee, appointed other career workers to tion work they didn’t perform. headed by Robert Gubala, the Corporate venture capital wasn’t start-uj) at some point. Some just want a new management entity formed by the 16 six other management posts. A DOT fact-finding panel was department’s chief engineer, who unusual in the 1970s. but the number of to know about things being developed owners, before it approves a $425 million UPI photo Bums and Gov. William A. expected to conclude hearings will now report to Leavitt. Burns players started to dwindle toward the by small companies with a future. loan requested by PSNH. O’Neill, who was informed of the Monday night that could lead to described the overall changes as a end of the decade — many dropped out Analog Devices Inc., an electronics The PUC also needs a better analysis of The OPEC oil ministers opened their petroleum of the Islamic Republic of impending changes last week, said disciplinary action against the "m ajor reorganization" of the after, bad experiences. Now the group company in Norwood, became con­ rate increases that could be caused by the annual conference in Vienna, Austria in Iran, Mohammad Gharazi, (secondfrom the reorganization was designed to workers cited in the Courant’s bureau. appears to be growing again. cerned in the late 1970s that it couldn't Seabrook plant, and should hire an an attempt to deal with the problem of left), and the oil minister of Iraq, Qassim improve management in the Bu­ copyright reports. Bums said the changes will Basic One-piece Cordless Functional Decorator O’Neill, asked about the reor­ allow Gubala to devote his time Some venture capitalists, people dabble in as many emerging technolo­ independent financial consultant to do it, the organization's excess production of reau of Highways. whose organizations do nothing but gies as it should. 'That concern was the (memory-dial) said Ms. Aeschliman, who scheduled a PUC Ahmed Taki Al-Oraibi, right. The bureau is responsible for the ganization, said the changes in the more to the technical and engi­ make such investments, don’t think basis for Analog Devices Enterprises, meeting today to voice her concerns. crude oil. Shown here are the minister of state’s bridge inspection program, Bureau of Highways had been neering aspects of a 10-year, $5.5 their corporate counterparts are in a a venture capital subsidiary formed in Ms. Aeschliman often votes alone on the which is being examined by the contemplated for some time and billion program the DOT is em ­ position to succeed. Above all. they say 1980. - three-person commission and agreed other department after published re­ were designed to tighten overall barking on to rebuild and maintain DOT operations. the profit consideration often gets lost ADE had technology foremost on its (Source; AT&T Consumer Products) NEA graphic/ Cecil commissioners may not accept her ports that it was marred by lax and the state’s transportation network.
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