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Great Northern Paper Company Records Manuscripts

1971

Great Northern Newsletter for Management Employees, 1971

Great Northern Paper Company

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This Newsletter is brought to you for free and open access by DigitalCommons@UMaine. It has been accepted for inclusion in Great Northern Paper Company Records by an authorized administrator of DigitalCommons@UMaine. For more information, please contact [email protected]. GREAT NORTHERN PAPER COMPANY NEWSLETTER

FOR MANAGEMENT EMPLOYEES

Vol. X No. 10 Stamford, Connecticut December 29, 1971

HAAK ELECTED VICE CHAIRMAN OF GNN: MAINE MUNICIPAL SECURITIES BOARD CASEY ASSUMES PRESIDENCY OF GNP APPROVES BOND ISSUE APPLICATION

On December 14, Peter S. Paine, The Environmental Improvement chairman of the board of Great North ­ Commission recently reported to the ern Nekoosa Corporation, announced the Maine Municipal Securities Approval election of Robert A. Haak as vice ­ Board that all licenses necessary for chairman. Previously president of the construction of a clarifier and re­ Great Northern Paper Company, Mr. Haak lated pollution abatement facilities at will devote his time principally to Millinocket have been granted. This marketing. He was elected president notice completed the second of three of GNP in 1966 after a lifetime career steps which must be taken before the in Great Northern’s sales department. Town of Millinocket can issue revenue Samuel A, Casey, chief executive bonds to finance the project estimated of Nekoosa Edwards Paper Company un­ to cost no more than $3,500,000. til its merger with Great Northern The initial step was taken on Novem­ Paper, will assume the presidency of ber 9, 1971 when, at a meeting of the Great Northern Paper in addition to Maine Municipal Securities Approval his present duties as president of Board, the Town of Millinocket present ­ the parent corporation. ed its application to issue the bonds. Mr. Paine, as chairman, will re On November 29, approval of the appli ­ main chief executive of Great North ­ cation was granted authorizing the Town ern Nekoosa, with Mr. Casey as chief to hold an election to determine whether operating officer. the voters of Millinocket would also agree to the bond issue. Frederic C. Morrison, Administrative Assistant and Manager of Townsite, ex­ plained that in accordance with the law, matters of this nature must be put to a referendum vote. Prior to the referen ­ dum, there must be a public hearing in order to provide the citizens with an op­ portunity to ask questions concerning the issue. Millinocket Town Manager A. Kermit (continued on next page) Production for the eleven months ended November 30 . ,

1971 1970 Tons Daily Avg. Tons Daily Avg. Production:

Cedar Springs 643,745 2,076 645,873 2,051 East Millinocket 339,645 1,036 354,352 1,079 Millinocket 279,108 847 297,198 905 1,262,498 3,959 1,297,423 4,035

Crandall noted the law specifies that Great Northern stands to save a con­ 20 percent of the number of people who siderable amount of if the bond cast ballots in the last gubernatorial issue is approved as the interest rate election must vote in the referendum. on regular corporate obligations is high­ A majority must favor the issuance of er than the interest rate on municipal the bonds in order for the municipality bonds. The difference results from the to act. fact that the lender does not have to "It is hard to say when the matter pay income tax on interest he receives will come to a municipal vote," Mr. Mor­ from municipal bonds; therefore he is rison remarked, "but I anticipate that the willing to lend this money at a lower issue will be discussed at an open public interest rate. meeting around the middle of January. The