The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

McClory Report by Congressman Robert McClory "ABSmnPlu" Many, if not most, thrift organisations have ex­ perienced substantial losses in deposits in recent months occasioned by high inflation and the transfer of savings to money market funds and government securities, particularly Treasury certificates which pay high interest rates. In an effort to revive in­ terest in more traditional practices of thrift, savings and loan institutions, commercial banks and credit unions are supporting a so-called "All Savers Plan". This program, as authorized in the current tax bill or in the proposed All Savers Tax act (H.R. 3456 and S. 1279), would permit the issuance of one year tax exempt savings certificates at attractive interest rates. Such tax exempt savings certificates would be authorized beginning Oct. J, 1981 and continue through Sept. 90, 1962, with interest payments at about 70 per­ cent of the interest rate paid by the federal government on Treasury bills. In other words, such All Savers Tax certificates would produce a tax free return to individuals at about 10 percent on the basis of current interest rates. It is represented, primarily by savings and loan officials,-that the tax exempt feature of such savings certificates would ,attract Americans back to llilf MSQllMC the professional do-it-yourself carpet cleaning system first Hour of Rentol $1.00 per hour ... for •very hour thereafter. (Example 2 hours . . . tqtal charge $1 plus tax.) NO MINIMUM Special Rental Rate Good Monday thru Thursday RlNSEHVAC cl e a n s t h e w a y professionals do at a trachon 01 the cost pin MOU6 NO MINIMUM OVERNIGHT IMCIAII 8:00f.M. 9:00 A.M. $10.00 4400 W. RTE. 120. the traditional savings deposit thrift institutions. The concept is supported not only by savings and loan associations and banks but has substantial support among realtors and home builders who view funds invested in All Savers cer­ tificates as a potential source of money for making home mortgages. This, in turn, could serve as a spark to the construction of new homes and would cause the housing industry to become far more active. Estimated losses of revalues by the Treasury department are in the area of $400 million for next year and over $3.1 billion over the next three years. However, proponents of the measure, borrowing an argument from the Reagan ad­ ministration, contend that the improvements in the housing market and other aspects of the economy would result in increased net federal revenues. According to the All Savers plan only individuals - not businesses - would be eligible to purchase such Treasury certificates in denominations of $1,000 and the tax exemption would be limited to $1,000 per in­ dividual or $2,000 on a joint' tax return. W h i l e a l t e r n a t i v e proposals are being con­ sidered, including revision of the Individual Retirement Accounts (IRA's) to permit exemption from taxes of funds deposited in such retirement programs, the big push is now centered on the All Savers Tax cer­ tificates. According to Vice- President Rick Hohlt of the United States League of Savings Associations, "No one has come up with a better idea." Grant To Lake 4-Her PAGE 17 • PLAINDEALER - FRIDAY. JULY 31,1981 A grant to cover expenses for training as a bicycle Safety instructor was given to 4-H member, Todd Bor- chardt, Wonder Lake, by the McHenry County 4-H Youth foundation. Todd brought his proposal to the board at the regular July meeting in Woodstock, to utilize his training ex­ perience in training others in bicycle safety. He is organizing a county bicycle clinic for Aug. 12. The board commended Borchardt, member of the Greenwood Gremlins 4-H club, for his efforts and asked him to keep the board informed of his project's results and needs. The organization is happy to hear proposals of this sort from any youth or youth oriented organization, according to President Larry West. In other business, Gini McConnell reported on the 800 letters written and mailed to membership prospects ss the final thrust in the 1961 drive. Mailed on June 25, initial results look promising, according to the report from Jane Dahm, treasurer. A concerted effort is being made to include solicitation for all of the year's financial needs in one membership effort, begun this year in March with an initial membership mailing. Still to be contacted are 4-H dubs, leaders and supporters. The board agreed that they wish to publicize their purpose as well as seek funds from these groups already associated with 4-H. When donations are made to the McHenry County 4-H Foundation the state of Illinois provides matching money. This extra money helps to extend the programs provided for McHenry county 4-H and youth, enabling the donation to stretch farther. 1 ' A man without mirth is like a wagon without springs; in which one is caused disagreeably to jolt by every pebble over which it runs. --Henry Ward Beecher The Veterans Ad­ ministration offers many aids and services for blind veterans. Among them are many low vision aids, guide dogs, talking books and special adjustment training. Any VA office or medical center can provide details about eligibility and programs for the Mind. Many programs for Vietnam Era veterans are administered by the Veterans Administration. Among them are the GI Bill, special life insursnce programs, readjustment counseling, drug dependence treatment, and a wide variety of medical services. Details are available at all V A r e g i o n a l o f f i c e s a n d medical centers. Dill They were making pickles as early as the 17th Century. SDUCMjJONAtfi | College Honors Jeffrey Aim Earns Degree Jeffrey Scott Aim, son of Mr. and Mrs. Stanley Aim of 4204 W. Ponca, McHenry, received his Bachelor of Business degree from Western Illinois university, Macomb, recently. There were more than 1,000 un­ dergraduates and 150 graduate students taking part in the ceremonies on Hansen field. University Presigftftt*^ Leslie F. Malpass addressed the graduates at the com­ mencement. Jeffrey is al977 graduate of Marian high school. ON PRESIDENT'S UST Laura J. Nasebandt, daughter of Mr. and Mrs. Raymond Nasebandt of 10220 Thayer road, Wonder Lake, is among the 123 students named to the President's list at North Central college for the spring term. To be eligible for the President's list, a student must attain a grade point ayerggp of 37 fj.t), equals A^Tor the term, or maintain a cumulative grade point average of 3.5 for all college work. ' EARNS CHANCELLOR AWARD Robert A. Seaton, son of Mr. and Mrs. Donald E. Seaton, 3804 W. Grove avenue, McHenry, has been named to receive the Chancellor's award for academic excellence during the second semester at University of Wisconsin- Stout. The award is presented to students who have a semester grade point average of 3.5 or above. ON DEAN'S UST Ruth Marshall, daughter of Mr. and Mrs. Donald Gierloff, 3617 W. Maple avenue, McHenry, has been named to the Dean's list for the second semester at the University of Wisconsin- Platteville. To be named to the dean's list a student must attain a grade point average of 3.25 or better, based on a 4.0 system. PLUS VARI-RATE C. D CURRENT RATE a r m\£\rrf ANNUAL YIELD -a rm -s rw l/elUlV/0 8/1/81 thru 8/3/81 * LIMITED OFFER Now you can have money-market performance and FD1C insured deposi t safety a t the same t ime. We wil l pay you the s ix-month Treasury Bil l ra te . . .PLUS, one per cent ( 1%) and compound your interest dai ly . Your rate wil l vary weekly to equal the average U.S. Treasury rate on six month T-Bil ls plus 1%. A minimum deposi t of $5,000 for four years is required, however , you may borrow up to 100% of your deposi t a t any t ime. We also offer many other a t t ract ive plans with shorter matur i t ies . Contact any New Account Representat ive for fur ther information. Penalty For Early Withdrawal . Deposits Insured to $100,000.00 hl)!C The Professional Bank r First National Bank of Woodstock 225 W. Jackson I 2100 N. Seminary Woodstock, Illinois 60098 (815) 338-6200 Member F D I C X