| Show tnrrrT yf"orrnr rrTy’y vry w yr m'f'ryr TT’TTT’r’vvrTr'T’r’yy-rTTy- " The Salt Lake Tribune Sunday l!Mj 21 December B3 Letters Will Tell Thrifts’ Depositors ‘Balance’ of Bailout Plan Dy Steven (Jberbeck Tribune Staff Writer deposits initially In addition Olympus State Bank has agreed to deposit an amount equal to percent of the customer's current deposit balance in an account dubbed a "Compound Accumulator Participation Senes" that w ill have a maturity of five years and pay a guaranteed 6 percent interest compounded annually Western Heritage depositors will fare almost as well being credited initially with 57 percent of their thrift account balance with an additional 5 percent of their current deposit balance placed in a CABS account earning the guaranteed 6 percent compounded interest Commerce Financial depositors stand to recover 51 percent of their deposits with an additional 6 percent of their deposit balance to go into a CABS account Charter Thrift and Loan customers however will receive 37 percent of their total account balance but the bank will place an additional 7 percent of their account balance in CABS certificates Depositors with funds in Copper State Thrift and Loan weakest of the five thrifts will receive only 27 percent of their current deposit balance But the new bank will place 9 percent of their current deposit balance into a CABS account 1 Te t““sand uf depoMtnrs with money in Utah's five troubled thrift and loans will begin Tuesday to find out the exient of the losses they likely will suffer under a rescue plan being pushed by Salt Lake City's Bennett Leasing (roup and the I tah Department of Financial Institutions Stale financial regulators met with representatives from a group of thrift depositors Saturday afternoon to discuss the details of letters it plans mailing out to thrift customers l'Dcrs will inform the depositors what percentage then accounts they stand to recover under the Bennett rescue package Officials cf Bennett Leasing have proposed consolidating the five thrift companies into a single state chartered but federally insured entitv to be known as Olympus Stale Bank Depositors with money in Interlakc Tin ill and Loan strongest of the five companies stand to make out best under the Bennett rescue package that will be submitted to the Federal Deposit Insurance (drp for approval as soon as possible Interlake depositors will recover 68 percent of their 11'’’ of five-yea- Today’s Weather Th Forecast for 7 Sun Dec p m EST FRONTS Showers Run Flurries Snow I CukJ-v-- I Ocr tinted ww Stationary1 Srvl(6 Nottono ww NQAA U S DD? of H2 22m Sail Silt I i k IVmn ItmiHltlu! 2 luke r ( Hi i rrmtl u t 'll M From l dependents was higher than he expected the governor would propose He harbored thoughts for total departure "I'm not so sure if you have a kid in public school that we shouldn't keep it at $750" Rep Karras said ji Mmil ::$ lllmiduig teiirge 2r:j Source utoh Ntatth Dot CO The Utah Education Association colls for region mostly fair skies with patchy vaNe v fog Var lable light winds with increasing clouds are expected by Monday Probability at measurable precipitation at Cedar City Is ?0 percent Highs will the low to mld-40- s with overnight lows in the upper teens and low 70s Southeast Utah and Utah's Dixie: The forecast for the area colls tor mostly fair skies with patchy valley fog Possible scattered roln ond snow showers o e expected Snow level near 6000 feet Highs wii be ft am the mld-40- s to the mid 50s with overnight lows ranging from the teens to the JOs Recreational Areas — lake Powell and Conyonlands: The forecast for the area colls for folr to poitly cloudy skies through Monday with light ond variable winds scattered showers with the snow level near 6000 feet Lake Powell highs will be near 50 with overnight lows near 30 Conyonlands highs will be In the 40s with overnight lows from the uppe 70s to the be In low 30s Northern Mountains The forecast for the region co's for fair to paitly cloudv skies with light northerly winds Increasing clouds some shower activity ore expected forte? In will be the mid to Monday Highs upper 30s with over night lows In the mid to upper teens Southern Mountains' The forecast for Utah's southern mountain regions calls for fair to partly cloudy skies with light northerly winds over the ridgetops Possible scattered snow showers are expected tonight and Mondav Highs will be In the upwith ovei night lows per JOs to mld-40- s ranging from five degrees to near 70 Extended Forecast for Utah Tuesday through Thursday Northern and Southern Utah — A weak upper h ough Is expected to move through the Inter mountain region Tuesday and A high pressure Wednesday ridge will dominate the weather agom on Thursday The extended forecast calls for widely scattered snow developing mainly In the on mountains and Tuesday lingering through Wednesday Becoming partly cloudy Thuisdav Highs will be from the s north and to the south complained of the cost and effort needed to protect them afler several acts of vandalism were committed against them The university attempted to have them removed from campus but the students went to court arguing that the shanties wore protected by their rights of (roe speech The judge agreed and the students have since worked out the agreement with the university Mr Barker said the students would continue to press the issue before the University of Blah Institutional Council which has so far resisted pressure to divest of the less than $1 million in stocks the school owns in companies involved in South Africa He told reporters Saturday that the group has several options "The shanties are just one of a number of tactics we can use Talking to the Institutional Council is another tactic Ultimately we believe in the end it will take get" ting the support of the students SAA has planned a university conference in February to discuss the issue of apartheid lie said mid-30- s mid-50- tion treasuries Like others Ms Condie said the association sees a modification on de- pendent exemption as applying a modest “user-fee- " concept to education funding Most conservative Utah legislators usually favor "user fees" to supplement financing of other governmental operations Brivately one Bangerter administration executive recently brainstormed a "graduated-scale- ' ap- proach - setting a maximum exemption for a first child and then reducing the value of exemptions for subsequent offspring Gov Bangerter meanwhile continues to distance himself from either a direct or “backdoor" head tax He has maintained that an outright tax likely violates enrollment-quot- a the Utah Constitution presumably under its "free education declaration that designates no specific obligator He has said his administration will never initiate any change to accommodate a direct head tax As for a “backdoor” assessment through tampering with exemptions Gov Bangerter remains wary Sen Barton said he spoke to the governor about his bill and "he said he wasn't sure he'd be comfortable supporting it" The exemption limit is considered "in lieu of a direct head tax that's probably unconstitutional But my aim with SB48 is ii that direction and to do it constitutional y” he said "I think it's an old Utah ' idea that we carry our own load The senator freely admits he sees his proposal as potential "disincen Lows will be mostly In the teens anrj 70s Extended Forecast for Idaho Tuesday through Thursday Northern ond Southern Idaho — The extended forecast for northern and southern Idaho calls for o slight c lear Iny on T uesdav Chance of rain or snow In the volleys and snow In the mountains is expected on Wednesday Thursday will have mostly dry conditions Norther n highs will be from to the mid-30the mid-?0- s with lows from zero through the teens Souther n highs will be In the 30s with overnight lows In the teens to the mid-?0- s f tive to having larger families" confronting head on "the actual cost ol living and problems we (ace w ith out children "I think this would deal with reality more" he said "I still think society benefits from supporting education and getting our kids educated We re not putting the whole loud on them heads of huge families just a bigger " part of it INiolo Giplion ('orrirted Utah State F’rison s minimum security inmates will move to a security facility in July not to the old medium security as indicated by a photo caption in Saturday's Tribune While the accompanying news story correctly indicated that minimum security inmates would move lo the new medium security facility maxi muni security would be transferred to a new maximum security facility and some medium security inmates would go to the new maximum security inmates the photo outline was erroneous ""rtrt s- vr ya V -t' ‘ 3l'1i 11 Sy-- it- - r ' Global Temps Weather Summary Intermountiiin T -t- public teachers’ organization -has recommended paring the exemption even further to $500 a dependent according to president Betty Condie Advocating no limit on the number UEA officials estimate a $500 exemption would add $67 million to educa- rea Forecast Sundoy and Monday Sail Lake City Ogden and Provo — A weoH high pressure ridge wMl develop over the northern portion of the stue This wMi allow the associated temperature Inversions to Dcslst along the Wasatch front through the wtfenj The foiecost tails for areas s of dense fog continuing In the lower otherwise variable clouds through Mondav Highs win be In the JOs In the lower vo'ievs tjncj in the m!d JOs elsewhere Lows win be in the teens and ?0s Northern Ufah Forecast — Cache Valiev: The reyon can expect areas of dense volley fog otherwise mostly fair ond harv Variable light winds with increasing clouds Ond some showers ae f peftfd bv Mon day H ghs wlH be In the upper ?0s with lows in the upper teens Wasatch f rant and Western Deserts: The forecast tor the area coils for cr eas o dense volley fog otherwise harv and to'r Vor abie light winds w'th increasing clouds ore expected bv Monday Highs will be In the low 30s with lows in tte low to mid-70Undo Basin T he forecast for the a ea cu'K for mostly foil sh les with patchy vaUt'v fug Vor table light winds with Increasing clouds ore expected bv Mondav Highs wUl be to the mld-30with over horn the mid-?0night lows in the mid and upper teens Southern Utah forecast — Southwest Valievs ond Sevier vo'iev The f o ecost far the B-- he TP Tolol Porfttu'onH Carbon Mononde The students and administration have agreed that the shanties can stay on campus but the students must apply each quarter for a new permit Saturday was the final day of the fall quarter Continued 27 IT I'diir 21 Nelson Mandela Hall came down Saturday The shanty built as a symbol of student disgust with apartheid was dismantled by the students to comply with an agreement worked out between them and the Bmvcrsi-tof Utah Bill Calls for ‘Backdoor Head Tax’ :i: Crrru liner ( Shanties Go Down IV2i Prim l U "We see this discussion of free speech on the campus as positive step” Students Against Apartheid spokesman Miles Barker said Saturday The change has come about “ through the spirit of compromise he said but there can the university that be no compromise on our demand divest” itself of stock in companies doing business in South Africa The shanties have been the source of controversy since they were erected Feb 24 Bolice Chief Wayne Shepherd 22:t:$ W Quarter Ends a I ogiin ( Igilt-- Commrt e Air I'ollution Index two-third- Ulah Forecast 21 Another Pacific trough will Brush In southern I tali Vi eak high pressure is expected to persist across the north The I'orceust calls for areas of dense valley fog otherwise partly cloudy shies through Monday Ilighs will he in the upper 20s and low '(Is with overnight lows in the teens and low 20s Waini r She said if the necessary approvals are granted amount of each depositor account will be deterrnineu Dec 31 and the losses incurred will be identified in tirm for depositors to include on their 1988 tax returns s She cautioned however that unless at least in deposi are of bank at the proposed placed deposits Flame Weis commissioner of the I tah Department of accounts with at least a maturity Olympus Financial Institutions said she asked representatives doors from depositors of Industrial Loan Guaranty Corp thrifts Stale Bank will never be able to open its to to meet with her Saturday afternoon go over the letters Brincipals behind the new bank plan to poll depositors The ILGC was the private insurance fund that insured the by mail to ascertain whether enough depositors are willcertificates of deposits tn the thrift companies ing to commit their funds m deposit she said "1 wanted to make sure that ihe letters we will Bennett Leasing had initially proposed issuing stock in out would not be confusing and thought it best if I the nt-- bank to increase the amount of return to deposiran them by some of the depositors" she said tors But in her letters Mrs Weis said Bennett had acceptBennett Leasing emerged as the front runner to aid the ed her of giving thrift depositors only federally Ctah Department of Financial Institutions in is efforts to insuredsuggestionaccounts instead of part deposits and part deposit rescue thrift depositor accounts after Williamsburg Savslock ings Bank withdrew its rescue proposal on Dee 9 "Issuing securities involves problems and risk and deof Depositors of ILGC Carol Thompson lay in obtaining approval and I feel that the depositors Thrifts said the Bennett package appears to be far supehave already endured a long enough period of confusion rior to the one offered by Williamsburg “That in and of and uncertainty" she said itself willmake the additional wait that the depositors will She said the principals of Bennett Leasing hope to have face worth it a little more" she said their application for the formation of the new bank on a Mrs Weis in the letters said she has asked the Federal plane bound for San Francisco and the regional office of the FDIC Monday morning "That is if they can get out of to Insurance of OlymCorp expedite Deposit processing " Bank's State under application pus emergency provisions here with all this fog The Utah Department uf Financial Institutions began of federal law "We expect the board of directors of the FDIC in Washington D C to act on the application on or to take over the five thrift companies after it declared the ILGC insolvent on July 31 before Jan 9 1987 " In addition all of the CABS accounts will be credited with a pro rated share of 10 percent of the bank s pre-taprofits each year from 1988 through 1990 according to the letters Interest and principal on the CABS accounts will be paid in full on maturity Yesterday $ Conditions Montano Uioh B'O'ding B'Q om 'tK vu (yuan lVh oy B’ C CV"e MEMOREX HB f IIUKVf 00 MINUTE TAPES Hr BIO SAVINGS WITH 4 PACK ant ih Lugo" SPECIAL Vub Vrrir Cydr Or--- MEMOREX QUALITY AT BUY-I- T it Hjnh Hele i rir Pi Pi it f' I"' l)til If WO'MJulp fr w Sat L oh e r Snowh'r Soop'sh r vx r'y St UMt v 0 Tooeif V - titi Jo-- e 'hT Nt'vOdO f t BUY IT RETAIL: 899 TAKE ADVANTAGE OF $200 REBATE OFFER GREAT STOCKING STUFFER 599 Price Less Refund 200 Net price after refund QQ Uiv v S - e Moho h ij This Infot motion Is received duiiv from the National Weather Service aT the Salt Lake Internationa! Airport Precipitation leadings and temperchit es are those recorded at the air port Yesterday's Weather Data Precipitation — Precipitation In December — Accumulative deficiency — Precipitation since Oct l 1986 Accumulative det'cencv 54 at 7 ion N P Utah high — GT at Utah low Punduiph SL C high -L C low Nor mul h'yh to Nor mu low to wCCOd high tuf 9f-) J low- tyr T Suit' smJiJ L DON’T PAY WHOLESALE’S LOW LOW PRICE Dalti Note- y II Su'iw T odd Utah a i( uittjt e r o cm a tta o1 u eas ( u” r pr( a 0‘-- ‘ hus date this dJC tins (hjtr this tJui‘ cuuits r ijrifTtilr naj o tgi- vV"Hitiv s C' Of f il fl A ur (ltv 'dm f)U( r t pit tfd --- t e‘ Mh'v j ui tia tjr" (jd I ou r(jh Tfi "qr fijni-rr-- S' A fit' HOURS: OPEN TODAY AND EVERY WEEKDAY AND SATURDAY From 8 AM to 10 PM CLOSED SUNDAYS k NEW LOCATION: THE NEW IS LOCATED ONE BLOCK WEST OF JUST OFF THE 90TH SOUTH FREEWAY FXIT ADDRESS: 8780 SOUTH SANDY PARKWAY (450 WEST) IN SANDY UTAH PHONE: 561-036- 6 t |
