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Journal Opinion
Bradford , Vermont
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July 7, 1982     Journal Opinion
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July 7, 1982
 

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Page 10-The Journal Opinion-July 7, 1982 purchase by Chittenden would s h a r e. "B r a d f o r d allow BNB to operate-with stockholders would not be little more independence than subject to federal and state that of a branch office for the income tax on their ex- gant banking firm. change ' of stock, said In a letter to BNB Gallerani. shareholders, Gallerani said The First National Bank of the BNB-First National af- Vermont's stock has a book filiation would receive three ' value of $26 per share which, l oj pb * Bradford bank reiects second bid Eclipse-July 6, 1982 Shadow met Earth covers {continuedfrompage,,l) and one-half shares of First in theory, would net BNB the bank'smanagement. National Bank of Vermont shareholders stock worth the Gallerani has said that stock for every one BNB equivalent of about$91 inFirst SALE L25% oR MOR00 Savings in all depts. 00,Most Summer lile00handi00 Jl WOODSV1LLE- ST. JOHNSBURY IIIII II I I ! i ill i National stock for each BNB share in the transaction. An official prospectus outlining the terms of the BNB-First National affiliation is expected to release to BNB's 250 shareholders sometime in August. The prospectus will also provide updated figures on both banks' assets. Gallerani and First National Bank of Vermont President Howard MacDonald both say their two banks have worked together "comfortably" during the past six years on a series of joint operations or loans. Both expect to strengthen their bank's assets and services as a result of the deal. Bradford National Bank recorded assets of $30 million in December of 1981; The First National Bank of Ver- mont recorded assets of $67 million in December. Brad- ford National Bank has branch offices in Newbury, Fairlee, and E. Thetford, in addition to its main office in Bradford Village. The First National Bank has branch offices in Fair Haven, Nor- thfield, Windsor, and St. Johnsbury, with its main offices in Springfield. . Newbury voters win lower taxes at meeting was previously thought, year for the voters to allocate hastily scribbled out on the District superintendent crowd At the urging of Bailey, where they desired. Both back of his town report, at one John Fontana started off board for $27,000 raised by the town last towns chose to apply the point called for the town to defending the figures in the school reports year in confusion over a bond money toward taxes, raise as little as $10,000 in- report but quickly settled before the for repairs to the roof at Andso, voters at last week's stead of $92,000. The voters down to a quick mathematical Meeting. She Oxbow High School was also Newbury meeting took their being hesitant, Bailey review of the situation, requires the put toward the amount to be newly found revenue and changed his figure to $25,000 busying himself at his available to the raised in taxes, changed the school's "to play it safe." Board calculator. The new figures less than 15 dayS Voters in Newbury and recommended budget figures member Russell Carson were worked out by Fontana meeting. D Bradford (for $32,000) had accordingly -- though some arguing on the side of the rechecking Bailey's rough pologized on approved the roof bond last complained of the hasty school board's deficit projections, board for the late year, which because of pen- manner in which the projections, talked Bailey into Fontana admitted his Other ding litigation in Oxbow's rearranged budgetwasfinally a compromise motion of surprise at the discrepancy In other $575,000 successful suit workedout. $32,000 -- which the vote, s between the school board's passed a against roof manufacturer Newbury resident Steve passed, figures and the treasurer's require the GAF Corporation -- Oxbow Holt, before being elected to School board officials were report. Many in the crowd keep an and district officials had never replace Gerry Brooks on the not immediately pleased with were surprised when Fontana expenses. actually planned to raise the town district school board, the result. "We're making too said that he was able to review believes the bond unless they lost. This was cautioned the voters, "We many assumptions here... I the figures in theschool report already keeps should either pass a fairly don't think we should blindly for the first time on the day of HERE IIlll '$ tO.rid with a choice of big savings for the whole family. Get" $2, $5 or $10 refund by, mail. [#ILL00 I am enclosing proof(s) of purchase from the following Wrangler clothes along with sales receipt (with circled Wrangler price)from each item. Please send my $2, $5 or $10 Main Street refund to: Name __ Address .............. Gty. State Zip Check One: D S2 Refund 1 pair of cords. ___ Phone No,, $5 Refund 1 pair of cords and 1 Wrangler shirt. $10 Refund 1 pair of cords, 1 shirt and 1 pair of denim jeans. This certifiote nst accompany olt refunO rests, No OJp|i4tio or reproduction v,,lll  red. Offer void where ixohJblted, taxed or restrieteO by law. kirmt one refund oer certifiC. Limit $'20 re/und pet household aOclress./*Jtow b weeks [or rece=pt of re/und Offer explret Septmbe )0, iglBL On purchases made within the U.$.  tgwttong$ qtalllfy. Bradford, Vermont 802-222.4657 LJ Proof of purchase on waistband. /', /  [ Proof(s) of purchase of denim jeans i [ [ .] | and cords is waistband size tag. Proof baseline amount or... table rush into this," said board the item until the school of- member Drugach before the ficials can come back here final vote on the budget issue. with some accurate figures we can understand." Bailey's original figures, 196'2, u 811, I. the meeting. Voters at Late Reports passed One elderly woman in the calling for School Newbu00 backs newcomers in elections NEWBURY-- Two recent and discipline matters. She arrivals to the Town of won her position by a vote Newbury, neither having of 72 to 39. lived in the town for more Holt said he presently than three years, were handles a budget equal to overwhelming elected to the size of the Newbury school board positions at school budget in his job as last week's Newbury director of the North AnnualSchoolMeeting. Country Institute, an In the race for agency which disperses Newbury's position.on the Catholic funds to corn- Oxbow School Board, munity groups throughout Joanna Arps, a resident of Vermont and New Ham- W. Newbury for two years, pshire. He emphasized the defeated Newbury native importance of com- Susan Spooner, who had munication in his remarks been appointed by the to the voters at the school board earlier this winter to replace the late Rev. Robert Johnston. Three-year Newbury resident Steve Holt defeated Suki Woodard, a W. Newbury native, for the town school director position held by Gerry Brooks. Brooks announced his decision not to seek re- election to the position at Monday's meeting. Both Arps and Holt cited their backing of a zero- based budget system and an interest in "quality education" as reasons for seeking their school board positions. Arps told the voters she would seek the establish- ment of "long-term goals" on the Oxbow board and said she was equally concerned with curriculum meeting. Holt won his school director position by a vote of 72 to38. "I'm going to insist that we come into this meeting with information in a very clear and easy to un- derstand way," said Holt. A former teacher, he said he understands the "im- portance of curriculum policy and the Newbury design." Holt added that, "I intend to take my position on the orange East District Board very seriously" in addition to his elected role as a town school director. Gerry Brooks was elected to serve as auditor for the school district. Barbara Kiel will serve as treasurer. at no less than I See the page one for from the meeting. In addition obtain a lien o with taxes. The would be to delinquent tax their debts. 405 HOTEL C01LmTTmS ONLY  s,., I andO..TEDHOTELa  s-'m-7; I MU.SnC* omsIGSONNJ.SlZlSS 11l'Tb tT rk  _:._..,TUI[N . smss II ..I/JLIIII00 euxm, lga " l lilt I b, OFF 1.91, HADFO/ID,  --hi 1'eL 222-BTS8 -Master Chae ECLIPSE GRANGE AWARDS THETFORD-- The Eclipse estimated in the town report Grange will be holding its -- of which $12,000 has already Grange Citizenship Award been received and another Night on July 13 at the Grange $20,000 can be expected. Hall at 7:30 p.m. Thefford's This gave the school budget Town Clerk will be honored at about $53,000 in delinquent tax the event, revenue instead of $22,000 as (continued from page 1 ) this year to cover a budget that has increased by over $4O,OOO. Budget Mix-up Here is what created the budget mix-up and such drastic reductions to the tax figures recommended by the Newbury Town District School Board -- Gerry Brooks, Deloris Drugach, and Russell Carson. Newbury tax collector Kathleen Knight told voters and school officials at the meeting that the town could expect about $32,000 more in delinquent taxes than was never adequately com- municated to officials at the town level, who went ahead, raising the money as required under the voter-approved bond. As a result, each town had the money available this Page 10-The Journal Opinion-July 7, 1982 purchase by Chittenden would s h a r e. "B r a d f o r d allow BNB to operate-with stockholders would not be little more independence than subject to federal and state that of a branch office for the income tax on their ex- gant banking firm. change ' of stock, said In a letter to BNB Gallerani. shareholders, Gallerani said The First National Bank of the BNB-First National af- Vermont's stock has a book filiation would receive three ' value of $26 per share which, l oj pb * Bradford bank reiects second bid Eclipse-July 6, 1982 Shadow met Earth covers {continuedfrompage,,l) and one-half shares of First in theory, would net BNB the bank'smanagement. National Bank of Vermont shareholders stock worth the Gallerani has said that stock for every one BNB equivalent of about$91 inFirst SALE L25% oR MOR00 Savings in all depts. 00,Most Summer lile00handi00 Jl WOODSV1LLE- ST. JOHNSBURY IIIII II I I ! i ill i National stock for each BNB share in the transaction. An official prospectus outlining the terms of the BNB-First National affiliation is expected to release to BNB's 250 shareholders sometime in August. The prospectus will also provide updated figures on both banks' assets. Gallerani and First National Bank of Vermont President Howard MacDonald both say their two banks have worked together "comfortably" during the past six years on a series of joint operations or loans. Both expect to strengthen their bank's assets and services as a result of the deal. Bradford National Bank recorded assets of $30 million in December of 1981; The First National Bank of Ver- mont recorded assets of $67 million in December. Brad- ford National Bank has branch offices in Newbury, Fairlee, and E. Thetford, in addition to its main office in Bradford Village. The First National Bank has branch offices in Fair Haven, Nor- thfield, Windsor, and St. Johnsbury, with its main offices in Springfield. . Newbury voters win lower taxes at meeting was previously thought, year for the voters to allocate hastily scribbled out on the District superintendent crowd At the urging of Bailey, where they desired. Both back of his town report, at one John Fontana started off board for $27,000 raised by the town last towns chose to apply the point called for the town to defending the figures in the school reports year in confusion over a bond money toward taxes, raise as little as $10,000 in- report but quickly settled before the for repairs to the roof at Andso, voters at last week's stead of $92,000. The voters down to a quick mathematical Meeting. She Oxbow High School was also Newbury meeting took their being hesitant, Bailey review of the situation, requires the put toward the amount to be newly found revenue and changed his figure to $25,000 busying himself at his available to the raised in taxes, changed the school's "to play it safe." Board calculator. The new figures less than 15 dayS Voters in Newbury and recommended budget figures member Russell Carson were worked out by Fontana meeting. D Bradford (for $32,000) had accordingly -- though some arguing on the side of the rechecking Bailey's rough pologized on approved the roof bond last complained of the hasty school board's deficit projections, board for the late year, which because of pen- manner in which the projections, talked Bailey into Fontana admitted his Other ding litigation in Oxbow's rearranged budgetwasfinally a compromise motion of surprise at the discrepancy In other $575,000 successful suit workedout. $32,000 -- which the vote, s between the school board's passed a against roof manufacturer Newbury resident Steve passed, figures and the treasurer's require the GAF Corporation -- Oxbow Holt, before being elected to School board officials were report. Many in the crowd keep an and district officials had never replace Gerry Brooks on the not immediately pleased with were surprised when Fontana expenses. actually planned to raise the town district school board, the result. "We're making too said that he was able to review believes the bond unless they lost. This was cautioned the voters, "We many assumptions here... I the figures in theschool report already keeps should either pass a fairly don't think we should blindly for the first time on the day of HERE IIlll '$ tO.rid with a choice of big savings for the whole family. Get" $2, $5 or $10 refund by, mail. [#ILL00 I am enclosing proof(s) of purchase from the following Wrangler clothes along with sales receipt (with circled Wrangler price)from each item. Please send my $2, $5 or $10 Main Street refund to: Name __ Address .............. Gty. State Zip Check One: D S2 Refund 1 pair of cords. ___ Phone No,, $5 Refund 1 pair of cords and 1 Wrangler shirt. $10 Refund 1 pair of cords, 1 shirt and 1 pair of denim jeans. This certifiote nst accompany olt refunO rests, No OJp|i4tio or reproduction v,,lll  red. Offer void where ixohJblted, taxed or restrieteO by law. kirmt one refund oer certifiC. Limit $'20 re/und pet household aOclress./*Jtow b weeks [or rece=pt of re/und Offer explret Septmbe )0, iglBL On purchases made within the U.$.  tgwttong$ qtalllfy. Bradford, Vermont 802-222.4657 LJ Proof of purchase on waistband. /', /  [ Proof(s) of purchase of denim jeans i [ [ .] | and cords is waistband size tag. Proof baseline amount or... table rush into this," said board the item until the school of- member Drugach before the ficials can come back here final vote on the budget issue. with some accurate figures we can understand." Bailey's original figures, 196'2, u 811, I. the meeting. Voters at Late Reports passed One elderly woman in the calling for School Newbu00 backs newcomers in elections NEWBURY-- Two recent and discipline matters. She arrivals to the Town of won her position by a vote Newbury, neither having of 72 to 39. lived in the town for more Holt said he presently than three years, were handles a budget equal to overwhelming elected to the size of the Newbury school board positions at school budget in his job as last week's Newbury director of the North AnnualSchoolMeeting. Country Institute, an In the race for agency which disperses Newbury's position.on the Catholic funds to corn- Oxbow School Board, munity groups throughout Joanna Arps, a resident of Vermont and New Ham- W. Newbury for two years, pshire. He emphasized the defeated Newbury native importance of com- Susan Spooner, who had munication in his remarks been appointed by the to the voters at the school board earlier this winter to replace the late Rev. Robert Johnston. Three-year Newbury resident Steve Holt defeated Suki Woodard, a W. Newbury native, for the town school director position held by Gerry Brooks. Brooks announced his decision not to seek re- election to the position at Monday's meeting. Both Arps and Holt cited their backing of a zero- based budget system and an interest in "quality education" as reasons for seeking their school board positions. Arps told the voters she would seek the establish- ment of "long-term goals" on the Oxbow board and said she was equally concerned with curriculum meeting. Holt won his school director position by a vote of 72 to38. "I'm going to insist that we come into this meeting with information in a very clear and easy to un- derstand way," said Holt. A former teacher, he said he understands the "im- portance of curriculum policy and the Newbury design." Holt added that, "I intend to take my position on the orange East District Board very seriously" in addition to his elected role as a town school director. Gerry Brooks was elected to serve as auditor for the school district. Barbara Kiel will serve as treasurer. at no less than I See the page one for from the meeting. In addition obtain a lien o with taxes. The would be to delinquent tax their debts. 405 HOTEL C01LmTTmS ONLY  s,., I andO..TEDHOTELa  s-'m-7; I MU.SnC* omsIGSONNJ.SlZlSS 11l'Tb tT rk  _:._..,TUI[N . smss II ..I/JLIIII00 euxm, lga " l lilt I b, OFF 1.91, HADFO/ID,  --hi 1'eL 222-BTS8 -Master Chae ECLIPSE GRANGE AWARDS THETFORD-- The Eclipse estimated in the town report Grange will be holding its -- of which $12,000 has already Grange Citizenship Award been received and another Night on July 13 at the Grange $20,000 can be expected. Hall at 7:30 p.m. Thefford's This gave the school budget Town Clerk will be honored at about $53,000 in delinquent tax the event, revenue instead of $22,000 as (continued from page 1 ) this year to cover a budget that has increased by over $4O,OOO. Budget Mix-up Here is what created the budget mix-up and such drastic reductions to the tax figures recommended by the Newbury Town District School Board -- Gerry Brooks, Deloris Drugach, and Russell Carson. Newbury tax collector Kathleen Knight told voters and school officials at the meeting that the town could expect about $32,000 more in delinquent taxes than was never adequately com- municated to officials at the town level, who went ahead, raising the money as required under the voter-approved bond. As a result, each town had the money available this