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Hie Herald and Hie I-an tern

Wednesday, April 9,1980

Satnick's

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Fox Hits Hughes On Tax COURT HOUSE — Beech Fox, Republican candidate for the US House of Representatives, has taken sharp issue with Congressman Bill Hughes and his proposal to change the windfall oil profits tax bill "As unbelievable as it is." Mr Fox stated. "Bill Hughes wants to add a new tax burden of $137 billion to he put on the bacjts of the already struggKng and rapidly sinking/American taxpayer through his own windfall tax proposal." ACCORDING to the Republican challenger, the incumbent Democrat wants to remove the currently proposed 60 percent formula for tax reductions to the American consumer now being offered in the present windfall tax program, and put this money "back into the hands of the Washington politicians and bureaucrats • who got us into this mess in Ihc first place " Mr Fox continued in a news release "What is often times not put into perspective isthatthe$228 billion windfall tax over the next 10 years isn't coming from the oil companies. It's coming straight out of the pockets of all Americans who pay for oil or oil products. "As far as I'm concerned." he continued "It will do a lot more good being put back into those pockets, and thus into the free market, than it ever will by being funneled into that hotto.nless pit called the United States Treasury "Mr. Hughes in his ever constant and conscious effort to look like the champion f on all issues for all people has tripped himself up "He not only says he wants a program to increase taxes by billions of dollars, he even writes it in a letter to other Congressmen soliciting their support ' Hughes will not get this proposal by the Congress or the people, for simple reason that people quite desperately need and truly want less tax^s by the billions,, not more," Mr Fox concluded Poster Contest To Highlight Hospital Week COURT HOUSE Burdette Tomlin Memorial Hospital administrator William H Waldron HI has announced the fourth annual poster contest for National Hospital Week in May The contest is open to seventh and eighth graders and letters have gone tathe principals and art teachers of all public and parochial schools in the county The theme for National Hospital Week (May 11-17) is "We're America's Health Team " All the posters will be on display in the halls and lobbies at the hospital throughout Hospital Week They are to be submitted by May 9 and the judges will select their winners on May 12 The grand prize is a $50 savings bond, but all winners will receive a certificate, lunch at the hospital, and a tour of the facilities

HUNDREDS TURNED out recently for the antiques and crafts show sponsored by the Middle Township Band Boosters in the high school gyms. Cape May Court House.

Timing Is Money; Ask MUA SWA INTON - Prudent management and fortuitious timing will result in a $1.2 million savings iil interest expenses for the Cape May County Municipal Utilities Authority over the next 24 years. MUA controller Benton G. Weimer, explained to the authority recently that their borrowing and investments "were in the right place at the right time." He cited a March 14 Wall Street Journal adyertisement for bonds of the tfcean County Utilities 'Authority at interest rate of 9.5 percent. "We were able to borrow twice in the last three months at considerably less interest," he noted. "On December 1 the MUA issued grant anticipation notes of $14.3 million at 7.5 percent. Compared to the Ocean County rate the first year we will save $287,000 in interest expenses and over the two year term of the notes, the savings will be $574,000. '"nien on February 28 the MUA rolled over $14,675 million in project notes at 7.75 percent for an interest savings of $642,031.25 over the 24 year term of the notes," Mr. Weimer explained. MUA chairman John Vinci noted "When you can borrow at 7.75 percent and

invest short term at 18 percent, which is what $2.8 million of our funds are now earning, then we can

say odr financial advisors and the authority members made a good decision to act when they did.”

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