date, Page Al2— ‘Terrace Standard, Wednesday, Detober, a1, 1990 new deal struck , TERRACE — Kitlmat-Stikine regional district directors have _approved,.a new debt deal with the Shames Mountain Ski Cor- . poration that results.in the former taking a near $100,000 ° loss and which extends = payments into the next century, .. The corporation owes the «! district nearly - $320,000 from the “1986 purchase of ski lift © equipment and close to. $100,000 in interest it hasn’t paid on that debt. Payments. schedules have ; already been set‘.back several . times. The one new arose when a plan to convert the debt into shares in the ski corporation — ~ “that we were forced into our it would have made the regional district. the second largest shareholder — was turned down by the provincial government, Shames Mountain Ski Cor- poration is developing a ski operation on Shames Moun- tain, located off of Hwyl6 — ‘ealling the note had been * discussed several times by the ‘regional district but directors ‘realized they would get little in about 32km from Terrace, and it is due to open in December, The new deal extends payments to the year 2005. in a complicated arrangement of when principal and interest che- ques are:to arrive and cancels accumulated interest unpaid to Thornhill director Les Wat- mough called the. cancelling of the nearly $100,000 in interest a ‘business loss.”’ “You could use the. ward forgiven, It's lost to the regional district. It’s not forgiven. It’s gone, it’s lost. It’s not relevant anymore,” he said. Waimough said he wasn’t happy with the new arrange- ment and had also opposed the plan to .convert the debt into shares, but said it was the best the regional district could do to avoid a financial collapse of the ski corporation if the district had called in its loan. ‘What good would that do? It wouldn't do any good,” said Watmough in adding the new andiits. taxpayers now i debt means the regional - - ' oe The Video have an opportunity to recover the debt and interest.” The vote to approve the new _ deal took place: Saturday and wasn't unanimous, said Wal- mough, | “There were some hands that didn’ t go-up (but) there were no ‘no’ vates that were recorded,” “he said. Watmough added he was unhappy the regional district ‘also had to surrender first place "in the line of: ‘secured. creditors to the provincial government in return for the latter approving a “$502,000 low-interest tourism development loan. ‘The sad fact more or Jess is present position that they (the province) has first call on any assets,” said Watmough. “The way they put it to us is ° that you call your note or accept - second position,’’ he continued. Watmough said the option of return. and would only endanger Lazelle. 635-97 14). i regrets any misunderstanding Station break, RE: TERRACE | YOUTH SOCCER TEAM PHOTOS: | TYSA tumed over the entire responsibility for the 1990 4 -team photos to Dan on the strength of his presentation and promises at a Board meeting last February. The Board ff caused players and parents, and will be reconsidering team a photo arrangements for the next season. leg cae best we could dol in deal) of that, to protect the creditors (of the ski corporation),”’ he said. The new deal calls for interest calculations to “begin. again again Jan.. 1,. -1991; No money will be required, however, . and the $31,365 amount willbeadd- & ed to the outstanding principal. Shames is scheduled to begin first payments Jan, 1, 1993 for interest . owed from the preceding 12. months. Similar payments would come Jan. 1 of 1994 and 1995. Principal payments begin in 1996 with. the formula calling for Shames to pay off one-tenth of the principal and outstanding interest on Jan. 1 of each year until the 2005. The 1986 purchase from the regional district was for ski lift equipment it had bought for its now-closed Kitsumkalum ski hill. There’s still a debt outstan- ding on that :and taxpayers won’t pay that off until the year 2000. Terrace Youth Soccer Association wishes to advise all soc- & - cer players and their parents that team photos are to be pick- & § ad up directly from Dan at Sure Exposure photo studio (4617 or inconvenience this has Liz Ball. Chakperson. 635-6121 Open From 10:00-9: TT Thursday 10:00-MIGMIQHE.......sccccessersenrsesteneeeen FAY & Saturday Video Station - ‘No. 140 - 4741 Lakelse Ave Terrace, 8.C. nee All Used Cars & Trucks — On The Lot 1987 Dodge im Dakota P.U. 5 spd., 4 cyl, am/fm : cass., Intermittent wipers f MAKE US B | AN OFFER i el PU. ae 1986 Pontiac Sunburst Ide, auto, 4cyl, low mileage, extra claan & MAKE US AN OFFER 1988 Nissan Micra | 3 dr, auto, 4 cyl, ; ne ‘spt, iad ve aindow ratio MAKE US & OFFER -& 1986 Hyundai Steller ..§ mi: § spaf., sunroof, 4 dr. sedah, a6 4 awner, 23,000 km, * p.w., p.doorocks, am/in cass jai "very clean : MAKE US. & AN OFFER 1988 Ford Ranger = supercab, 5 spd., tilt, og Guise, air cond., very cleankey MAKE US | AN OFFER THORNHILL MOTORS LTD. 3040 Hwy. 16 East, Terrace, B.C. - 4 dr,, auto, roof rack, am/m cass. : MAKE US | 1980 Ford Fairmont 2 de, coups, auto .5, p.b., amdim cass. 635-7286) fcss7200 Dealer No. 7044 635-4841 632-4825 624-2221 _ No. 2 -2823'Clark St., Thomhill, B.C. 529 Mountain View Sq., Kitimat, B.C. 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