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Team dip
THE GRAND OLD SPORT OF TUBING becomes a team sport at Sun Valley, Idaho, where
teenagers find the combination of a few inner tubes and a quiet stream add up to a perfect
way to beat the summer heat wave.
Business mirror
Insurance assures survival
of municipal bond ratings
By JOHN CUNNIFF
NEW YORK (AP) - Though
municipal bonds in general still
carry some stigma because of
New York City’s attempt to re
nege on repayment terms,
many municipal entities still
can obtain a Triple-A rating al
most automatically.
San Diego County’s South Bay
Irrigation District won that
rating a couple of weeks ago for
$22.5 million of water revenue
bonds. A relatively low rate of
5.6778 per cent was obtained,
resulting in substantial savings.
The simple procedure in
volves the purchase of insur
ance that guarantees purcha-
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sers they will receive principal
and interest payments for the
life of the issue. More than $2
billion of such bonds have been
sold since 1974.
Almost all the insurance so
far has been issued by two or
ganizations, the Municipal Bond
Insurance Association, a con
sortium of four insurers, and
the smaller American Munici
pal Bond Assurance Corp.
Since the concept is now
deemed successful by John But
ler, president of the Municipal
Issuers Service Corp., which
represents the insurers, it is
possible more concerns might
enter the field, and even con
ceivable — though industry
sources don’t say so — that
corporate issues might be cov
ered.
The first such bonds insured
through Butler’s organization,
an issue of revenue bonds by the
Carbondale (Ill.) Water and
Sewer District, were brought
out in 1974, a high interest peri
od, at 8.655 per cent.
Said Butler: “Without the in
surance, they might have cost
the issuer % of 1 per cent more
in interest costs.” That is, they
probably would have carried a
Single-A or a 888 rating.
The San Diego irrigation dis
trict bonds represent the big
gest issue protected through the
service corporation, and per
haps also the biggest saving to
the issuer. Butler estimates the
district will save more than
$500,000.
While each issue is evaluated
separately by MISC, it claims
the savings to the issuers or un-
derwriters, whichever pays the
fee, amount to or %or a full
percentage point.
Cost of the insurance is about
Vz of 1 per cent on an annualized
basis, paid in full at the time the
insurance is purchased. It
results, says Butler, in savings
of $5 to $7 for every dollar put
up.
The benefits, he claims, are
spread all around.
The service corporation and
the insurers — The Aetna Casu
alty and Surety Co., St. Paul
Fire and Marine Insurance,
Aetna Insurance (sometimes
called “Little Aetna”), and U.S.
Fire Insurance — find the in
surance profitable.
The issuer, of course, obtains
the lower interest rate, which
might seem deceptively small
until it is multipled by the mil
lions of dollars and the 15-to 30-
year time period involved.
The investors benefit from the
security of knowing there never
can be a default, unless the big
insurers backing the issue
themselves fall upon bad times.
Butler claims also that the
return to investors is higher
than for some related in
vestments.
Relthford
assigned
to ship
Navy Seaman Recruit
Shedrick K. Relthford, son of
Mr. and Mrs. G.W. Relthford,
Sr. of 718 East Tinsley street,
Griffin, has reported for duty
aboard the guided missile
destroyer USS Preble,
homeported in Pearl Harbor,
Hawaii.
A 1976 graduate of Griffin
High school, he joined the Navy
in May, 1977.
History
repeats
itself
NEW YORK (AP) — Hun
dreds of centuries after primi
tive man wore tusks, antlers
and animal bones as status
symbols to prove what great
hunters they were, fashion has
come full circle, reports the
Jewelry Industry Council.
Bone jewelry is back — not,
of course, in its crude form as
discovered by archeologists in
drawings on rock walls in ex
cavations of the Paleolithic
Era.
Today, says the council, bone
jewelry worn by modern wom
en has been refined to bone
china. Handsome neckplates,
earrings, pendants and brace
lets are making fashion news.
The new jewelry, often hand
painted, has colorful butterfly,
leaf or fruit designs.
Men, who had not shown
much interest for the past sev
eral centuries in ornamental
jewelry, are now very jewelry
conscious, the organization
says. Men may not be wearing
bone china jewelry, but body
jewelry such as pendants,
bracelets and chains are now
popular.
Diamonds, too, are enjoying
a resurgence in popularity,
seen in handsome daytime
rings and on elegant dress
watches.
Diamonds, the council notes,
were around long before the
Cave Man, with every one now
in existence and still to be min
ed created when the earth be
gan to cool down from its mol
ten state.
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— Griffin Daily News Thursday, September 8,1977
Page 19
