December 7, 1974
Bond Sale
* Saves N.CL
'= Taxpayers *
? Moneys =
A small news item about the
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dowed by talk of the state of
the nation's economy. But,
that sale produced substantial
savings for the taxpayers of
North Carolina, just as many
previous sales had doner
The $76 million offering, for
public school facilities, clean
water and a zoological part,
iifoc cr\l/l a ?.?.? *?
jwiu iu a uu|j ui oanxs
and "other investors.
North Carolina's bonds
have the highest possible
.j rating -- AAA -- by Moody's
^ . and * Standard and Poor's
* because of the excellent
reputation the state has in the
national markets. Only 14
other states have an. AAA
rating.
"Even among those states
which have the AAA rating,
North Carolina usually has one
of the best records of selling
the bonds at a comparatively
low rate of interest," said R.
Gerald Coghill. "The Wall
Street Journal once auoted a
bond dealer as saying North
Carolina's bonds are analogous
to 'the very rarest of
vintage wines."
At almost the same time
North Carolina was selling its
bonds last-week, the State of
California, which also has air
AAA rating, had a $100
million offering. The North
Carolina bonds sold at an
average interest cost of 5.43
* percent while the California
bonds went for 5.51 percent.
"That may not sound like
. much difference, but when
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dollars it is substantial,"
Coghill said. The State of
North Carolina bonds were
offered 20 basis points lower
in yield than the California
bonds. Converted into dollars,
this results in a savings to the
North Carolina taxpayers^
well over a million dollars.
Coghill said that much of
the credit for this goes to
Edwin M. Gill, North
ai
Carolina s state treasurer tor
more than 20 years. Through
Gill's efforts the rating was
raised from AA to AAA in
1960. Since that time, Coghill
said, many millions of dollars
have been saved because the
state has been able to sell its
bonds at lower interest rates.
On the most recent sale,
bids for the bonds made by the
three syndicates ranged from
5.43 to 5.53 percent. A
* co-manager of the winning
syndicate, then reoffered the
bonds to members of the
syndicate at various rates and
. maturity . dates. Only SI.3
million remained unsold, after
the two-hour reoffer oeriod.
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Bob was riding his bike without
a chain guard.
Suddenly his foot caught
between the pedal and the
chain and he fell, fracturing
his skull.
As Jimmy "was riding his
bike downhill, the bike's front
wheel suddenly became loose
and twisted. He lost control
and crashed to the ground,
fracturing his knee.
Accident stories like these
cited by the Consumer .
Product Safety Commission
are sobering, especially if
_Wjngton-Saleni Chronicle
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ral Has Determined
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you're buying a bike for your
child this holiday season. The
Better Business Bureau says
that accidents such as the
above can be prevented by
buying a safe bike and making
sure it stays in a safe
condition.
When you buy children's
clothes, perhaps you buy them
a little large so your children
can grow into them. There's
nothing wrong with that. But a
bicycle is different; it should
fit the size your child is today.
If it's too big, your child won't
be able to handle it safely. To
see if. a bike is not too large,
have your child sit on the seat;
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Buying A !
he should be able to touch the ground
with his foot.
Don't buy a bike with
slippery plastic pedals. Much
safer are rubber-treaded
pedals or metal pedals with
serrated edges.
Don't buy. a bike-that has
sharp points and edges, such
as along fenders, or* with
protruding bolts that could
scrape or tear clothing. And
be sure the bike has a chain
guard.
A headlight and rear
reflector are musts if your
child will be riding at night.
Other precautions for night
time riding are reflective tape
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?,ay. p?r aprons, FTC Itaport MAR. 74..
**
Safe Bike
on fenders, handlebars, chairn
guards and wheel sidewalls.
Many bikes are equipped with
reflectors on the pedals.
%
The sting ray bikes that are
so popular -- with banana
seats, small wheels and high
handlebars - aren't as safe as
conventional bikes. Thev are
more likely to tip over because
of the shortervyvheel base and
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me nign nandlebars. The
banana seats invite riding
double or doing "wheefies"
(Tipping back on the rear
wheel), both dangerous practices.
So keep this in mind if
your child asks for this type of.
bike.
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