24 ^ THE HERALD. Fri„ Jan. 22, 1962 Federal restrictions seen David Rinas: Super Sunday Labor agency Gets diploma Is tomorrow closing office HARTFORD — Cornelius T. Duggan Jr. of 216 Class A machinist Hollister St., ... page 10 Manchester, has Tax-free bonds sure to change ... page 11 page 8 received the Chartered Life By Lisa Shepard INDUSTRIAL REVENUE BONDS are freely issued be in the president’s 1983 budget and tax package i^e n Underwriter early February. Talk has centered on forcing firms to diploma and Herald Washington Correspon dent by state and local governments (which bear no financial professional designa- responsibility), making them attractive as a develop­ choose between tax-exempt financing tion from the WASHINGTON — High interest rates hurt everybody, ment tool. What makes IDBs so attractive to business is provisions in the 1981 tax law for accelerated deprecia- American College. but no one knows that better than business. For that that they provide tax-free financing of development, Duggan is life sales reason alone, tax-exempt industrial revenue bonds are therefore lowering the cost of borrowing money Right now firms can use the tends and the faster tax training manager at extremely attractive to businesses of all sizes. In fact, anywhere from 4 to 7 percentage points. write-off to defray the cost of new business ventures. too attractive. The Hartford In­ “This is a pure interest-rate issue,” said a staff OBSERVERS FAMILIAR with the Manchester, Conn. surance Group. The bonds have been around since 1936, when Winter watch Mississippi issued one for a manufacturing plant. member on the Ways and Means subcommittee con­ said firms constructing buildings would be better o Located at Bryn using IDBS, and that those investing 'o.e<l“frnent would Sat., Jan. 23, 1982 Mawr, Penn., the Despite the loss of taxes paid on the interest of the sidering’changes in the IDB tax law. “A significant In effect number of firms use the tends solely because it lowers benefit by using accelerated depreciation. About 70 to W 25 Cents American College is bonds, the Treasury Department didn’t seem to mind percent of IDBs now issued are for structures and 10 to an accredited^ non­ until their growth went from $100 million in 1960 to $1.8 their costs. IDBs are loan money at a discount.” — See page 2 billion in 1968. ’They are expected to grow to $10 billion in 30 percent for equipment. Htvdih profit institution for 1982. Because local authorities will approve almost all Another idea being considered by the Treasury is to the advancement of tends, there are no statistics on how many companies have the local tending authority make some direct learning and The government clamped down on their use, but the would abandon building projects without the tax break. lull was only temporary. When the sale of the tends in­ direct contribution (such as a property tax break), ^ e professionalism in However, in two cities, Hamilton, Mont, and ’The Dalles, idea is to make it cost them something,” said a tax aide life insurance and Cornelius Duggan Jr. creased sixfold between 1975 and 1980, the ’Treasury Ore., the nation’s second largest retail company, K- Department began worrying again. But topping the con­ on Captiol Hill. “If they had some responsibility or related financial Mart, was denied tends following public referendums liability they might think twice before each issue. sciences. Duggan received his CLU designation at cern was increasing publicity that the tends were being and decided not to build stores in either community. used to build such non-industrial facilities as massage ’There are several pieces of legislation in Congress the college’s 54th national conferment exercises, In a September speech. President Reagan promised aimed at reducing the use of DDBs, the closest to fruition Parents parlors, country clubs and racketball courts. held in San Antonio. Texas. steps from the ’Treasury Department to curb the being a proposal by Sen. Howard Metzenbaum (D-Ohio), Blizzard After a series of hearings last April prompted by these Duggan joined The Hartford Life Insurance Co., a proliferation of IDBs. prohibiting the use of the tends for country cluhs, hot subsidiary of The Hartford, in 1976. He is responsi­ well-publicized ’’abuses” of the tends, it is almost cer­ But to date, ’Treasury has postponed making any tain that some federal action will be taken to restrict tubs, massage parlors, gold courses, suntan centers, ble for development of the company’s life sales racket sports, racetracks, ski resorts, and skating training programs. Also, he manages and conducts their use. The days of indiscriminate issuing of the recommendations. tends are over. • But that hasn’t prevented speculation on what might facilities. support all schools, training seminars and professional development conferences for the company’s field buries staff. school Osella promoted Midwest By Scot French HARTFORD — Ronald Osella of Manchester has Airplane and Nancy Thompson been promoted to window Herald Reporters . By Tim Coder supervisor, fossil United Press International and hydroelectric A meeting today between toe Board of iicensing, at Heat-resistant garb Education Planning Committee and A blizzard that could be the wildest of the knockout protects Glenn Northeast Utilities. representatives of five schools under winter roared out of the Rockies hit the already snow­ Osella is based at the K ennedy as he consideration for closing this year .will bound Midwest broadside Friday, dumping heavy snow company’s Berlin removes a glass com­ be “a good barometer as to how many that closed hundreds of schools and ground traffic to a general offices. ponent for an aircraft people care,” one parent, said. halt from South Dakota to Minnesota. Osella is responsi­ windshield from a m i Melody ’ITeadwell, president of the Conceding defeat to the furious storm, the Transpor­ ble for supervising molten-salt strengthing Highland Park School Parent-Teacher tation Department in southern Minnesota — already the licensing ac­ bath at PPG Industries’ % Association, said parents have been reeling from record I'/z foot snows — pulled snow plows tivities associated plant in Huntsville, Ala. asked to attend toe meeting to show sup­ off highways. with the regulatory After the salt Is washed port for the school, which the ad­ Nearly 200 Minnesota schools were closed and Twin and environmental off, de-icing com­ ministration recommended be closed by Cities employers sent their workers packing for home. 1984. The storm “has been a mad house, absoiutely crazy," compliance of NU’s ponents are attached to fossil and hydroelec- X The administration has also said Minnesota State Patrol Maj. A1 Goliassaid. “This is tric generating the strengthened glass recommended that Bentley School be a situation where if problems do occur we will not get to facilities in Connec­ a n d it is joined to closed in June. them (people).” ticut and plastic or glass plies to The meeting is scheduled for 10 a.m. at Freak thunderstorms from the same storm spewed form an a i/craft freezing rain and snow from Nebraska and Iowa to In­ Massachusetts Bowers School, 141 Princeton St. UPI photo during the design, windshield. Mrs. ’Treadwell said the PTA has made diana that turned roads into icy swaths that were costly Ronald Osella construction and UPl photo telephone calls and sent notices to catalysts to uncountable traffic accidents. operation of these parents, advising them, “If you care, Off for the weekend Norfolk, Neb., was hit with 8 inches of snow “this facilities. please come” to toe meeting. morning during a thunderstorm," said a forecaster in He joined ’The Hartford Electric Light Co., now The small number of parents from neighboring Iowa. an NU subsidiary, in 1965 as an engineering . Hi^iland Parii School at previous plan- President Reagan holds up a rough draft of his In Maryland. The president will deliver the speech The storm, which bombarded the Utah mountains technicican B in the mechanicai engineering iiliv tetomittee meetings “has given toe State of the Union address as he leaves the White Tuesday. with 4 feet of snow in 24 hours and buried northern department at Wethersfield. A year later, he iminesMon that we aren’t Interested^’- House Friday to spend th^.weekend at GampOavid Arizona under more than 2 feet Thursday, paused brief­ transferred to the production department of she said. ly to muster forces in the Rockies before barreling into Northeast Utilities Service Co. in Hartford. Over "Just because we haven’t done much the Midwest. the years, he has held positions of increasing ’ im to nibw doesn’t mean we don’t care,” In the Wasatch mountains east of Salt Lake City, 10 responsibility in the nuclear and environmental she said. "But that might make us an avalanches crashed down the slopes of Little Cot­ engineering division. easy target and we want to reverse tonwood Canyon Friday, blocking a highway, burying a Osella is an alumnus of Manchester High School that.” Tax repeal bill vetoed dormitory and stranding about 3,000 people at two major and was graduated cum laude from Wentworth Although today’s meeting is open to resorts. No one was injured. Institute of Technology, Boston, Massachusetts, toe public, only representatives of toe Forecasters said the latest blast could dump up to a with an associate of science degree in mechanical school’s PTAs will be allowed to speak. By Jacqueline Huard to save $19 million. O’Neill said the most programs and services which are essen­ foot of snow as far east as Michigan, and coupled with engineering. In addition, he holds a bachelor of Specialty airline is selling time The five schools under consideration are United Press International that could be saved would be $6 million tial to the people of our state and to powerful winds, could plunge the chill factor to 80-blow science degree in the same discipline from the Bentley, Bowers, Highland Park, Martin “and the likelihood is that it would be make sure that adequate revenues are zero.