A8 - The Terrace Standarcl, Wednesday, November 10, 1 New bonds could lower multiplex tax THE COST of borrowing the money (o build a multiplex, if approved by area voters Nov. 20, could be reduced by using a new type of bond, says its backer. Instead of borrowing all of the money from large fi- nancial institutions, local residents would be asked to buy communily bonds, says Jim Craven of the Municipal Finance Authority (MFA); which finances larger-scale Sewer, water, recreation and other projects of local gov- ¢mments in B.C. me ; They are RRSP-eligible and-would pay more than a GIC or other type of secured investment at.a bank or other institution, but less than what those institutions would charge, he said. oe Cost savings would then be the difference between what the community bond would pay and what insitu- tions would charge, Craven added. As an example, Craven said the MFA would likely pay 6 per cont at current rates to borrow the $7.5 million for the multiplex. - But if all the money was raised by selling community bonds at 4 per cent, the 2 per cent savings works out ta $150,000 a year. “Over the projected 20 year borrowing, that would be $3 million,” said Craven. “fm sure if you saw that type of money lying on the road, you'd stap to pick it up.” | Legislation is already in place to set up community bonds and the tiny fishing village of Sointula on an is- land off the coast is the first to take advantage. There, residents bought $500,000 worth of community bonds for a sewer project, said Craven. - In terms of a recreation complex, Craven said local investments would build pride in the project. “The pride would come through ownership of the faci- lities,” he said. Security for the bands would come from the MFA which enjoys the highest credit rating ranking available in North America. “Thirteen other communities in B.C. from the Koate- nays to the Lower Mainland to Vancouver Island are also looking at community bonds,” said Craven. Typically, a bond drive would require a local body or group to promate their purchase. Craven said that role could be filled by a credit union which would earn an administrative fee. “And this type of bond would fit the philosophy of a credit union,” he said, Craven swectened the community bond idea by say- ing he has persuaded Forest Renewal B.C. to invest $10 million with the MFA. “They’ve agreed to match by an equal amount, the amount of money raised by the purchase of community bonds,” he said. “But this is on a first come, first served basis,” Cra- ven added. The MFA executive director explained the bond idea to the Thorohill and Terrace multiplex information ses- sions last week. He also talked ‘to the Terrace and Dis- trict Chamber of Commercé'diid to Terrace city council. Highway accident kills Kitwanga man A KITWANGA min is dead and two other people are in hospital with non-life threatening injuries after a single vehicle rollover on Hwy16 East Oct. 31. Terrace RCMP and emergency response vehicles were called to the accident at St. Croix Creek, between Terrace and Cedarvale around 11:20 p.m. The vehicle was heading east, when the driver of the vehicle fost control and rolled into a ditch. Lloyd Cannon Milton, 61, was killed in the accident. The two other people were treated at Mills Memorial Hospital. RCMP are investigating the accident, CRIAVAE: 1141! 635-TIPS STOPPERS Shoulder room. Leg room. Head room. Now we even give you more room in your monthly budget. 999 INVEST IN THE FUTURE YOUR COMMUNITY MULTIPLEX “Multiple facilities under one roof ‘A healthier community ‘Increased drop-in activities -More sports/aclivities for lens and youth ‘Increased community revenue IMPALA 2000 LEASE OPTIONS Monthhy las & pa ymient Down payment Total Oye on Seyritng* $13" $3,800 $5.070 $377 $1,900 $3,048 8485 $0 $996 Total due on Signing payment plus tares. oT and PST Lease payments based on 6 mouth term Security deposit required for dow payment, SAcutity deposit, Ut Montes icense, insurance, battery levy environmental tevy. regislratiun ond adminnstiation fees extra aie s -Fanad? -new type of facilities website: wwew.osg.ne\ multiplex e-mail: lerracep&r@kermode.net November 20.................Vole yes hk. Regional District of Las Kitimat-Stikina DO YOU HAVE SLOT MACHINE OR OTHER CASINO WINNINGS TAKEN BY THE I.R.S IF SO READ ON Have you been a big winner at Reno, Las Vegas or anather gambling resort in the States since 1996? (fF so then you know that the |.R.S. will automatically take 30% of your winnings from sfot, keno, or other types of bettings. It is possible however to get some if not all of thés tax money back that they took from you, It requires expertise and time both of which Numbers Are US Bookkeeping can provide. We have the abili- ties @ take you through the hoops with the |.R.S. and get your money back. For more information please give us a call at 638-1]35, At BC Hydro we have a tearm of biologists dedicated to protect- TOE ¢ a! ing the environment. They even aa put on dry suits and swim down river with the fish to understand - how darn operations affect habitat needs and fish stacks. It's just one of the extraordinary ways we support the environment. 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