Bethpage-Tribune_1974-10-10

              BETHPAGE BT R9
BtTHPAGE PUB LIB
47 POWCUL AV
BETHPACE NY I 1714
Befhpage Public Libitt'-y
Powell Ave.
Bsttyage, L L New York
OLD BETHPAGE
also serving I S L A N D T R E ES
PLAINVIEW PLAINEDGE SEAFORD
Thursday, October 10, 1974
The Campaign Trail
CAMPAIGN CHAT: Republican National Chairman Mary Louise
Smith, District Attorney William Cahri, left, and Assemblyman
Joseph M. Margiotta (R-Uniondale) chat during her visit to Nassau.
Wilson
The Nassau County Police
Conference, representing 1,300
Nassau County Police, and the
Long Island Railroad Police
Benevolent Association,
representing more than 300
L.I.R. police have announced
their support of Governor Wilson
for election to a full four year
term. The new endorsements
raise Governor Wilson's en­dorsement
strength among police
and firefighters to more than
60,000.
Governor Wilson also has
received strong support from
musicians, service employees,
utility workers, construction
workers, teamsters and many
others who form the nucleus of a
Wilson-Caso Labor Committee
that includes dozens of union
leaders representing more than a
half million workers.
Cotton
Dr. Donald E. Cotten,
Democratic Candidate for State
Senate, 5th Senatorial Disrict
announced the opening of two
campaign headquarters today.
The headquarters located at 67
South Broadway, Hicksville and
49 Ira Road, Syosset, L.I. N.Y.
will be open seven K^t and
nights a week from i.„w until
election night.
Cotten also announced that the
organizational structure of his
campaign had been finalized and
that further details would be
forthcoming.
Grumman Completes
Financing Arrangements
Yevoli
Democratic candidate Lewis J.
Yevoli's campaign for the 10th
A.D. State Assembly seat moved
into high gear this week, as he
continued to critize his op­ponent's
failure to fight for
measures that would provide
financial relief for beleaguered
homeowners and taxpayers.
In a statement issued from his
Plainview Headquarters, Yevoli
stressed the need for "immediate
and'' significant relief from
skyrocketing property taxes." He
suggested that one measure to
bring about such relief would be
to specifically mandate the
distribution of State Lottery
profits to local School Districts.
Yevoli commented on the
lackluster record of his opponent,
incumbent Assemblyman
Levirte, with regard to the tax
relief for homeowners. "Levine
could have taken the lead in
fighting for tax relief, but he
didn't," Yevoli noted. "I suppose
this kind of problem doesn't seem
important to Levine, since he's
not a homeowner himself."
Yevoli reaffirmed bis vow to
make, solution of the serious
financial problems faced by local
homeowners his one priority in
Albany.
; Johnson
In a prepared speech to be
delivered before an audience of
citizens for "Johnson for Senator
Committee" in Babylon.
Senator Owen H. Johnson
lashed out on the high cost of
groceries. He was particularly
concerned about some food
chains which raise the price on
goods for which they pay a lower
price, even while these goods are
on the shelf.
Senator Johnson states "Next
year I plan to introduce
legislation enforcing cost control
on. shelf inventory. It is my firm
belief that it is incumbent upon
the- truly reliable consumer
conscious supermarket executive
to immediately program a fixed
(Continued on Page 9)
Grumman Corporation Board
Chairman E.Clinton Towl today
announced that agreements have
been reached between the Cor­poration,
a group of U.S. banks
and Bank Melli Iran that will
provide Grumman with up to $200
million of financing over the next
four years.
The agreement with the United
States banks provides for a
revolving credit in the amount of
$125 million. These loans carry an
interest rate ^percent over the
prime rate in the first two years
and 3/4percent over the prime
rate thereafter until final
maturity on December 31, 1977.
First National City Bank will
serve as agent bank. The other
members, listed alphabetically
are: Bank of New York; Bankers
Trust Company; The Chase
Manhattan Bank, N.A.; Franklin.•
National Bank; Marine Midland
Bank; Mellon Bank, N.A.;
Morgan Guaranty Trust Com­pany
and Security National
Bank.
The agreement with Bank Melli
Iran grants Grumman a
subordinated term loan of $75
million. This loan carries an
interest rate 1 percent over the
prime rate but specifies that the
minimum rate shall be 11 per­cent.
This loan matures on
September 30, 1978. Because of
Grumman's position as a key
defense contractor, this
agreement with Bank Melli Iran
contains the provision that under
no circumstances shall the bank
exercise any control over the
affairs of the Corporation.
v-rShilv TOM<:AT A!r toVBtatoy Ftehter »• a twin engine,
variable sweep-wing airplane designed and built by Grumman
Aerospace Corporation. "
The key to the F-14's remarkable performance lies in its
ZZSSSESP* Matures. Principal among these is the automatically
controlled variable sweep wing which enables the pilot to squeeze
ri"^ m , i m P«**«mance. advantage* that simply aren't
available in Uxed-wing aircraft. Anotlu«Ktoature of the F-14 te V*
proven Phoenix, MHmUe t&jmmm. wMer l a n m«Jt ». I* the
postulated threat into the 1980's and wmenHKlTweT?
strated in numerous simulated combat and missile firing tests.
The first two F-14 operational squadrons are now at sea in the
western Pacific aboard the nuclear aircraft carrier, USS Enterprise.
The balance of the adavances
outstanding under the Advance
Payment Agreement with
the U.S. Navy will be repaid and
cancelled. A similar agreement
designed to finance Grumman's
production of planes for Iran will
also be cancelled.
Towl's statement also con­firmed
that the Corporation's
third quarter dividend-twice
deferred pending completion of
"the negotiations- would be
reconsidered.l'We had hoped for
an earlier conclusion to the credit
arrangements,'""he said"at which
point we would have called a
special meeting of the Board to
take up the matter of the
dividend. We are close enough
now to our next regular Direc­tors'
meeting, scheduled for
October 17, to reconsider the
dividend payment at that time.''
Today's announcement
represents the culmination of
Grumman's two and a half year
effort to re-establish its com­mercial
credit line. The suc­cessful
conclusion of this effort'
reflects both Grummari's
recovery to profitability and high
esteem in which its products are
held throughout the world.
Inflation Causes Town Tax Increase
The Town Board today
(Tuesday, October 8, 1974) voted
to hold a day and evening hearing
on October 22, 1974 at Town Hall
on the 1975 Preliminary Budget
which proposes the first increase
in the General Town Tax Rate
since 1971. The hearing will be on
10 AM and 9PM.
The increase, while less than 16
cents per $100 assessed valuation,
will be the first since the 61.6 cent
tax rate was set in 1971. If the
preliminary budget is adopted,
the 1975 General Town Tax Rate
would be set at 77.5 cents per $100
assessed valuation. To the owner
of the average home with an
assessed valuation' of $7,500 it
would mean an additional $11.93
per year or just under $1 per
month.
While the budget reflects our
intent to keep government
spending as low as possible, the
general economic situation has
made it impossible for us to
continue holding the tax line,'
Supervisor John W. Burke an­nounced.
'In preparing this
budget 1 was fully aware of the
strains the economy has placed
on households throughout our
Town and, for the most part, the
increase is due to those very
same pressures.!
Anticipated wage increases
and a heavier debt service are
most responsible for the increase
which raised the General Fund
budget from $14,750,133 this year
to $15,761,823 for 1975; but the
inflated costs of supplies and fuel
also contribute to the burden.
'With the exception of grocery
bills, the Town has had to face the
same cost increases with which
families throughout the Town have
been struggling," Burke said*. 'While we
too, have been attempting to
stretch the dollar, there have been
increases in areas where it is
impossible to cut back.'
Burke noted that the basic
price for gasoline to run Town
trucks has increased ap­proximately
118 percent since
January. 'When you multiply that
increase by the 750,000 gallons of
fuel used annually by the Town,
you begin to see to what degree
the total budget has been affected
by increases which are beyond
our control,' Burke noted.
The cost of fuel oil is up 75
percent since January and, even
with Town programs reducing
the amount of heating oil used,
this increase in cost could not be
overcome. 'As most
hownowners have probably
recognized, even small budget
items have become areas of
concern,** according to Burke.
One example was the cost of
paper products which, in some
instances, increased 100 percent
since January.
"While our General Fund
operating budget has been forced
up, the increases do not
represent) an expansion of
programs nor an increase in the
total number of employees,'
Burke said. 'Since current Town
services are basically those
needed by our residents, it was
impossible to make up for cost
increases by reducing services.
However, in many instances,
improvemnts in management
and administration
programs have resulted in
savings, but those savings
could not equal cost increases.'
(Continued on P*iyt> 41