Newspapers / The Kings Mountain Herald … / Aug. 24, 1989, edition 1 / Page 1
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LA — VOL. 101 NO. 34 K S E00] AANOVHR “0 ck-Off '89 = [nside > yday's ~ Jerald LNOWAHT 17 TVIUYOWHN “AAV 25¢ INGS MOUNTAIN, NC 28086 EE PE Sy $6.9 Million In Bonds Are Sold Kings Mountain will earn substantial savings-up to $89, 507.21 for the first year-on interest payments over the 22-year life of the $6.9 million bonds the city sold Tuesday for improvements to the utility systems. City Manager George Wood and Mayor Kyle Smith went to Raleigh for the bid openings. "We are elated," said Wood, who said that the bonds sold at a lower rate than expected. The average municipal bond sold was 7.09% but Kings Mountain's rate was just over 6.7%, beating the bond index for the day by 37 1/2 basis point, explained Wood and meaning significant interest savings and a big bargain for the city. “We hit the bond market at a good time when it was experiencing a two year low. When the first of five bids was read I was thinking that our rate would be about 7 1/2% based on the recent "A" rating given the city by the New York-based Moody Investment Services which rates the fiscal health of municipalities nationwide," he said. The net interest cost the city will pay is 6.749% and the low bidder was First Wachovia. The city will pay 6.7% on the bonds through the year 2007 and in 2008 and subsequent years in the 22 -year life of the bonds at 6.75%. : Other bidders were: First Union National Bank and Harris Trust, net in- terest cost 6.7596 %. First Charlotte, net interest cost 6.7657%. North Carolina National Bank, net interest cost, 6.8213%. Prudential Bache, net interest cost 6.8642%. After the second year of interest costs, Wood said the city will start paying the principal and the savings will be "a bit reduced." However, because of the low interest rate the savings will be substantial, Once the N.C, State Treasurer's Office begins noti- fying the bidders the city will get bond documents and legal papers in order and close on the sale on Sept. 19. On Sept. 19 the bond monies will be deposited in the City of Kings Mountain accounts and utility bonds i be turned over to First Wachovia, said Wood. Wood said the first payment from the sale of bonds will be $500,000 to Gastonia, Kings Mountain's part in the Crowders Creek Wastetreatment project. Kings Mountain voters on Feb. 7 approved the sale of up to $9.32 million in bonds for sewer water sys- tem and electric system improvements. Chamber Looking For Exec. Director Kings Mountain Chamber of Commerce is inviting applications for the position of Executive Director. President Bobby Maner, in the August newsletter to members, said the Chamber has begun serious consid- erations of hiring an executive officer." Maner said that all applications should be turned in to the Chamber office and members of the board will start re- viewing the applications soon with an eye toward in- terviewing applicants for the job. Kings Mountain has not had a full-time paid execu- tive officer in many years. Mrs. Lucille Williams serves as secretary of the combined Chamber-Merchants Association. Maner is president of the Chamber board of directors. At the recent meeting, Chamber directors approved request from Kings Mountain's championship baseball team to solicit Chamber members for contributions to- ward the purchase of championship rings for the play- ers. : FIRST DAY OF SCHOOL-Brad Goforth, son of John and Paula Goforth of Kings Mountain, says goodbye to Kindergarten teacher assistant Martha Bell, above, at the close of school Monday at North School. More than 3700 students and school employees went back to school for the fall term at the city's eight schools. More school pictures are on Page 1-B. PHOTO BY JEFF GRIGG ) Candidates Forum Is Planned . Candidate forums on two dates-Sept. 25 and Oct. 30-will be sponsored by Kings Mountain Chamber of Commerce at B, N. Bames Auditorium at 7:30 p.m. The Sept. 25 forum will feature the 10 candidaies for three City Council seats in the October election. The Oct. 30 forum will feature the six candidates who seek two outside-city seats and one inside-city seat up for grabs in the Kings Mountain District School Board election in November. The format will involve submitted questions to the candidates on a wide range of issues. President Bobby Maner said that full details will be announced prior to the fornms and the public is invit- ed. Three candidates are running for the District 2 seat open on the Council, including incumbent Humes Houston, Elvin Greene and Gilbert Hamrick. In District 5 Commissioner Fred Finger is challenged by Marshall Camp. District 6 Commissioner Harold Phillips is chal- lenged by Will Sanders, Jerry White, Willard Boyles and Scott Neisler. Kings Mountain District School voters can vote for three in the school race. Running for an inside city seat are incumbent Priscilla Mauney and Tom Bennett. Running for two seats open from the outside-city dis- trict: are incumbent Paul Hord, Larry McDaniel, Rev.Billy Houze, Rev. Calvin Miller, Ronnie Hawkins and Wanza Davis. Development Named Brandonwood son-in-law, Larry and Cindi Wood. of their first child. Alexander Realty. New KM Development Has First Homeowner Brandonwood, a new S1-acre Sub-division on Reliance Road, is be- ing developed by Charles and Ruby Alexander and their daughter and The first home in the new development is now under construction an is owned by Mr. and Mrs. Ronnie Humphries. They expect to be in their new brick home in November so they can get settled in before the arrival One of the selling points of the property for Humphries was its close location to the U. S. 74 By-Pass since he commutes to work in Charlotte. Mrs. Humphries is employed by Kings Mountain Hospital. Mrs. Alexander said the restricted sub-division will include under- ground utilities and paved streets and is expected to attract persons who want to live in the Kings Mountain area and work in the Shelby, Gastonia and Charlotte areas. The homes will be constructed by Alexander Inc., general contractor and will be offered for sale by The first phase of the new construction will be building of 31 homes which will range in price from $70,000 to $90,000. Two residences are Local S & L's Are On Strong Footi: By JIM HEFFNER President Bush recently signed Shinn To Speak Monday "An Evening With George Shinn", a benefit Monday night for the KM District Schools Educational Foundation, is a sell-out and promises to be one of the most prominent events of 3 T— the year in Kings Mountain. Shinn, owner of The Charlotte Hornets, will ad- dress a 7:30 p.m. banquet crowd of 285 people at Kings Mountain Senior High Cafeteria following a reception in his honor at 6 p.m. at Kings Mountain Country Club where 128 people have paid $50-a- piece for tickets to honor him and to attend both SHINN events which will raise more than $8,000. The Foundation is a non-profit organization which _seeks to provide opportunities for teachers and stu- dents which go beyond the scope of the regular school program. Initial offerings of the Foundation will in- clude student scholarships and grants to teachers for special projects. The Foundation, which had been a goal of the school system for several years, became a reality in 1988 thanks to a gift from the family of the late Carl F. Mauney. The Foundation is governed by an 11-member Board of Directors of which Dean Westmoreland is President. Westmoreland said the next project of the Foundation will be to offer grants to teachers to fund creative activities in their classes. Proposals will be presented to the Foundation, which will in tum, fund those which are deemed re promising. Westmoreland said gifts jo the Foundation arg in vested, and allocations ‘will Ne made oniy fiom ik terest accrued on these invesiments. Shinn, a successful Charlotte businessman, rece, his formal education at a small business school i home state. of North Carolina and later was he with five honorary doctorate degrees. Youngest ever to win the national Horatio Alger Awa Shinn owns Rutledge College, a chain of pror schools and other corporations in such diverse ¢ automobile dealerships, real estate, printing ari: lishing. One of McGraw-Hill's top authors, written four books on leadership developmen: manship and motivation including "The An Dream Still Works." See Shinn, Page 9A KM Businesses Plan To Sponsor Bloodmobil Radio Station WKMT and Kings Mountain tries are sponsoring a visit of the Red t Bloodmobile Thursday, Aug. 31, at First B&) Church. Donors will be processed from 1 until 6 p.m. Goal of the collection is 130 pints of blood. WEKMT Commercial Manager Katie Jones s: "upcoming Labor Day holidays will see a trem: increase in the amount of blood and blood pr and all Kings Mountain area citizens are urged the gift of life at the bloodmobile." Jones broadcasting live from the blood give-in. Ms. Jones urged all industry in the area to « donors. "We can only meet this goal if everyc into law a bill that provides almost 170 billion dollars to be used to prop up failing Savings and Loan Associations throughout the coun- try. Most of those institutions are located in the Southwest—specifi- cally Texas. Hundreds of S&L's, in that part of the country are living on the ragged edge of bankruptcy. Officers are being replace, in droves, by brief-case carrying Federal "experts" in an effort to salvage the sagging industry. What happened? Were all those financial facilities ruined by dis- GARY WH Kings Mountain, ¢ that's entirely true. AT NEW DEVELOPMENT-Mr. and Mrs. Ronnie Humphries look over their house plans with contractor Ruby M. Alexander, right, The Humphries are building the first new home in the new Sl-acre Brandonwood residential development on Reliance Road. presently under construction. Mrs. Alexander said that bids on the road work will be taken in about 10 days. \ The Alexanders are also beginning construction on Phase 4 in Gold Run Sub-Division where 37 more homes are to be built. "There's a lot m that," said Whitake { there were a few crc See Whitaker, honest management? Gary Whitaker, President and Managing Officer. of First Federal Savings and Loan Association of
The Kings Mountain Herald (Kings Mountain, N.C.)
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Aug. 24, 1989, edition 1
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