Show f 2 - The Herald Journal Logan Utah Wednesday March 4 1981 Senate reluctantly approves SB 1 34 By Bob have called it a blatant attempt by the banks to stifle competition for investment funds Representatives of banks and other related financial institutions such as savings and loans claim that the bill is necessary to prevent a ripoff of the public And they say if the investment brokers are going to act like a bank by issuing third-part- y checks they ought to be regulated like a bank Sen Charles “Chic” Bullen and Rich has tried to guide negotiations between the two opposing camps toward a compromise but neither has been willing to budge very far Bullen voted in favor of the bill Tuesday but he was one of the several senators taking the privilege of explaining his vote By passing this bill he Mid Utah is actually making a “national decision’’ and the proper place for that decision lies with Congress On the other hand he said the third-partcheck is a banking function and should be subject to banking regulations The national implications of the bill were on the minds of several senators Sen Fred W Finlinson Lake said that imposing on Utahns a regulation which does not exist in other states is “making our people second-clas- s citizens by denying them a Flndiay associate editor state senators voted to reluctantly Tuesday revamp the state's financial institutions laws They passed Senate Bill 134 on a 22-- 4 vote but several of those voting yes rose to exabout bill the reservations press One senator called his vote a “maybe" saying “I’m voting aye today but I may vote no tomorrow” The Tuesday vote was preliminary but final Senate passage of the bill today appeared virtually SALT LAKE CITY— Utah’s privilege which exists in other he assured SB 134 has sparked a bitter controversy between Utah's banking institutions and its investment houses The dispute centers around money market funds offered by the investment houses the funds pay interest of about 16 percent and some also carry the priviliege of writing checks against the D-S- alt R-Sa- lt y fund The funds would be subject to regulation by Utah's finance commissioner under SB 134 and the third-part- y checking privilege (ability to write a check to a third party) would be stripped away Investment brokers are resisting the bill many states” He voted against the bill (Investment brokers have testified in the Senate that the bill could drive a lot of investment funds out of state for the reasons cited by Finlinson) Another common concern was the “risk” of money market funds they are not insured or otherwise protected and the investor risks losing his investment if calamity strikes Sen Arthur L Kimball Lake said as he voted for the bill that none of his constituents who have talked to him knew that their money market funds were a risk situation Sen Richard J Carling Lake opposed the bill saying that the people don’t want it They want the opportunity to invest their funds in money market funds even at risk and they want the third-part- y checking privilege he said Carling offered an amendment to strip from the bill any regulation of money market funds but it was defeated Bullen told The Herald Journal that the bill only takes away the third-part- y check It does not limit the interest which can be earned from money market funds nor does it insure them against risk R-S- SB 134 does provide some consumer protection in money market funds by placing them under the regulation of the state finance commissioner who could for instance order an audit of a fund which appeared to be failing or suspend an investment broker’s operation Bullen explained check Bullen His concern about the third-part- y said stems partly from the possibility that investors might make a “run” on their accounts If this happened he said investors would still get their money but perhaps not as fast as they want it This is because much of the funds are used to buy federal treasury notes which cannot be redeemed until their maturity date The possibility exists Bullen said that the investment brokers may not be able to honor the checks being written on the money market funds until the treasury notes mature Bullen and others have asked US Sen Jake to look into the money market fund Garn dispute on a national level Garn who is a member of the Senate Banking Committee has promised that he will do so Meantime Utah's controversial solution to the dilemma will move on to the Utah House for its ah he said Legislature repeals Prevailing Wage Law - SALT LAKE CITY (UPI) The Utah Legislature’s Republican majority Monday narrowly overrode Democratic Gov Scott Matheson’s veto of a bill which repeals the Prevailing Wage Law mi public works projects After a delay to allow GOP leaders to whip Republican lawmakers into line the House voted 4 to reject the veto exactly the majority needed to override The Senate then completed the job by voting 22--7 to pass the bill over Matheson’s objection two votes more than labor-back- 50-2- two-thir- The governor vetoed an identical bill two years ago but the GOP lacked enough votes to override The old law requires the State Industrial Commission to set standard wage rates mi projects built with state or local government money Usually the rates set by the commission arethe same as union scale “The Republican Party received a lot of votes from working people in the 1980 election" said Utah AFL-CIPresident Ed Mayne “And the first thing the Republicans do is demonstrate that they don’t support the working people” introduced the bill Rep Mac Haddow designated HB 1 which repealed the wage Law It was the first piece of legislation filed for the 1981 session Haddow said the law inflates the cost of public works projects because it requires "artificially high” wages He said the cutting wages below union scale on public jobs will save the taxpayers money “The people who are really going to be hurt by this are the workers" said Mayne "The unions will still be able to negotiate decent wages n But the people will no longer have the 45-ye- ar ed ds non-uni- O necessary on non-unio- protection of the Prevailing Wage Law” Despite the Republican Party's overwhelming strength in the House — it holds 58 of 75 seats — the governor fell only one vote short of victory in the house and three votes short in the Senate Seven Republican representatives defected from their party and voted to sustain Matheson One Republican representative was absent during the balloting When the bill initially passed the House approved it on a 4 vote One Republican senator Bill Barton of West Valley City voted to sustain the governor 51-2- Cache County School district will save labor costs NORTH LOGAN — The Utah Legislature’s Tuesday override of a governor’s veto will save the Cache County School District money The override reinstated the legislature’s repeal of Utah’s prevailing wage law Superintendent C Bryce Draper said the repeal of the state Davis-Baco- n Act will lower Ihe labor costs in construction of a new high school in Hyrum It will allow the district to pay the going wage in Berntson rezone f on Logan agenda News of record COURT ACTIONS Logan 2nd Circuit Court hearing on a request to acres mi the northeast bench and consideration of a 938 million industrial revenue bond proposal are the major items on tury 21 building 95 West 1st Smith 9185000 for an office building for the US Forest Service at 950 South Main and 9235 million for a major hardware store supermarket and smaller stores adjaService cent to the Forest A public rezone 24 the agenda for Thursday’s meeting of the Logan Municipal Council The council meets at 5 pm at city offices 61 West 1st North for its session regular Clair Berntson Construction’s building First item of business on Thursday's agenda is a report from the Club DirecHomemaker Hill tor of Administration Larry Anhder will then report on a pro4-- request that 24 acres at 1200 East 14th North be rezoned from R--l (single-famil- y dwellings 8000 square foot minimum) to R-- 4 H dwellings) be considered again The proposal was considered at the council’s last session but was tabled amid protests from nearby residents Neighbors met last week in a Neighborhood Council session to further discuss the Berntson proposal The council will consider a pro- Alfred Gordon Erickson 62 160 North 2nd East Smithfield sentenced Tuesday to days in the Cache County jail on each count of distribution 30 of pornographic material and posses- sion of pornographic material with intent to each chargearErickson was Anderson is next scheduled followed by consideration of the Berntson rezone Three ordinance amendment proposals will be considered: public dance halls and cabarets purchasing and a proposal to establish a Logan Foundation to accept gifts trust funds and contributions on behalf of the city He ed concurrently was also fined 9500 on rested and charged with the misde- meanors Aug 14 1980 He was found guilty of the charges Feb 5 SENTENCED Bryan Delon (UPI) — Religious leaders and the American Civil Liberties Union today asked Gov Robert Orr to halt Monday's The llrrultl Journal wRNui Publisher Published every evening Monday thru Friday and Sunday morning by Pioneer Newspapers Inc 75 West 3rd North logon Utah (4331 PO Box 4(7 Telephone 753 3131 Second class postage paid at logon Utah USP5 34I-S3- MEMRER: Audit Bureau ct Circulations United Press International NEA News Service SUBSCRIPTION (ATM $450 One Month Carrier S5400 One Year Carrier $6600 One Yeas Mail Subscribers not receiving Journal Herald delivery of they please Phone 752 2128 before 7 pm week nights or 9 am Sundays OfFKi HOURS: 8 30 a m to S M pm weekdays ( 30 am to 13:30 pm jSr Ke'" ' cheduled execution of convicted murderer Steven Judy but they got a chilly response "The governor philosophically favors capital punishment as s deterrent to crime” press secretary Janet Powell said “He has repeatedly said that he would not grant a reprieve after all the legal means and hearings were through” Judy 24 of Indianapolis repeatedly has said he would rather die than spend capital filed a petition seeking to commute the death sentence to a maximum term of imprisonment with the governor the Parole Board — which acts as a clemency commission — and the attorney general and the governor’s legal counsel Indiana religious leaders signed the ACLU his life in prison The petition Court agreed he did not have to appeal his death sentence and with every sentient member of our society a deep revulsion at murderous acts such Indiana Supreme the US Supreme ruled against intervention by outsiders when a prisoner makes his Court in 1977 decision knowingly “Petitioners as foy-tim- POLICE BLOTTER Logan City Police THEFT -- The Utah State University Traffic Office reported that Tuesday sometime Monday night 50-2- Davis-Baco- US is considering more Salvador aid - (UPI) The administration is considering an increase to more than 9100 million in economic aid to El Salvador in an effort to speed reforms and attract political support for the embattled junta US officials said WASHINGTON today The administration authorized a military aid package for El Salvador this week that included 20 more advisers and 925 million in equipment but President Reagan and his advisers moved to silence talk of another Vietnam Officials said today a request by El Salvador junta President Jose Napoleon Duarte for an estimated 9200 million in emergency economic aid was out of the question But one official said there were recommendations to increase the current level of economic aid —963 million— to more than 9100 million “El Salvador needs economic assistance and there are proposals under review to increase the level of aid” said an official who declined to be identified About Cache 7 : 30 The Providence animal control officer is holding a male black lab and a female black terrier They must be claimed by March 9 Call St John’s Episcopal Church Logan will someone 335 of the at The Clarkstra Planning and Zoning Com- mittee tonight will meet at 7 in the town hall begin its Lenten The NlMey Town Council will hold a evening with the Holy Eucharist and the Imposition of Ashes The service will be at 7:30 pm and will continue a tradition that started in the 7th regular meeting 7:30 in celebrations this "There are just recommendations at this stage There have been no decisions” The United States also would seek help from international financial institutions such as the World Bank for a loan and assistance program to help the struggling El Salvadoran economy in Room Student Center Utah State Justin Andersen Thursday at the town hall The meeting is open to the public Logan lioness Chib will hold their regular dinner meeting Thursday at 6:30 pm in the Loft House The pro-gra- head of Cache County’s Republican Party will speak to the Young Republicans at a meeting tonight at will be presented by Betty Daines "Book Review on the life of Norman Rockwell” removed seven letters from the lettering on the Edith Bowen school on the USU campus The letters were valued at 9700 March 2 1981 to March 6 1981 punishment project Ten County jail and fined 9300 for issuing bad checks class A misdemeanor The sentence was delayed and he has been placed on probation Archibald will also be required e to maintain employment and pay restitution of 9723 He was arrested Dec 15 1980 knd charged with issuing bad checks 3rd degree felony The charge was reduced to a misdemeanor Feb 10 at which time Archibald pleaded Following Gov Scott Matheson's veto of HB-- 1 mi Monday the Republican majority in the legislature managed an override vote on Tuesday The House of Representatives voted 4 to override the veto and the Senate voted 22-- 7 to complete the action Organized labor groups had opposed repeal of the n state Act contending the action would lower wages for all construction workers SALE Henry Schwarss-chil- d director of the ACLU’s — Ar- chibald 21 506 West 2nd South Logan was sentenced Tuesday to 60 days in the Cache Orr asked to halt execution INDIANAPOLIS was mie submitted by Alco Manufacturing — will then be discussed A proposed ordinance amend- The 938 million JRB proposal submitted by Leishman Willie and submitted by Bruce Lelshman Paul Willie and Justin Anderson for a letter of inducement for 938 million in industrial revenue brads The money would be used for three projects: 9650000 to construct an addition to the Cen -- district Another request for a letter of inducement for IRBs — this ment dealing with wastewater pretreatment will be considered posal SENTENCED distribute class A misdemeanors The jail terms will be serv- posed mosquito abatement will (multiple-famil- y 750000 savings to the district said the superintendent The prevailing wage act had required that prevailing wage rates set by the State Industrial Commission be paid to employees on all public works projects But the legislature drafted and passed House Bill 1 to repeal the prevailing wage measure Cache County instead of being forced to pay the higher wages which prevail in Salt Lake County he explained Draper said nearly half the cost of the 911 million school will come from labor With the repeal of the prevailing wage act labor costs for the school will be reduced and could result in an estimated 9500- - Judy's” share the petition said “We urge a commutation to a maximum term of imprisonment" Stores - Receiving Warehouse 1 295 East 7th North Riding Lawn Mower Cabinets Stove Dishwasher Washers Typewriters A B Dick Copier Glass Blower Lathe Televisions Burroughs Posting Machine Bids must be submitted by 3:00 pm Friday March 6 1981 Items may be inspected between 8:00 am and 4:00 pm set 0 Save 411 on rtf 1599 twin set size Teamplay: Shirt and matching shell in vivid prints make smooth partners for summer pants Lustrous polyester machine washes dries without a wrinkle Save 411 on tLIO reg 1699 twin set sizes 6 Hmt tni colon rfwwi my ml bo MWh to awry Mod CO Mato 30-4- LwJIEiujl MMW HeSS sale-pric- 34-4- mooeabav MooT-Th- 47 North Main Logan Utah r 9:30-4:0- 0 Frl City Center Periling i:3SI:NSO Bocic OiSMiOo" Deer intrance |