Times Advocate, 1993-05-26, Page 25F
C ii eels+ l /fiirc u
Page 24
Times -Advocate, May 26,1983
dassmissismommaimamismaimasommwwwWwwwwwwwia
1
C ,t
1
t7heers, perhaps
the best -loved
television series of
all time, was given
a warm send off
Thursday evening.
While 40,000 were
watching the show
at the Skydome, a
large group of the
NBC show's fans
gathered at
Murphys in Exeter
to give an
appropriate send-off.
to the likes of
Norm, Cliff,
Sam and Dianne.
Ontario private. mortgage
guarantee program
CLINTON - On April 8, the
Ministry of Agriculture and Food
announced the details of its new
Private Mortgage Guarantee Pro-
gram.
The program will givetural resi-
dents the opportunity to invest in
their community .and to help keep
farm families on theland.
The main feature for the lender
is an 80 percent guarantee against
losses on the original investment.
The borrower will have an -im-
proved ability. to borrow :up to 90
:percent .of the value of fann:aea1
estate. at reasonable interesttates.
'The :maximum ,loan.atrwunttat
will be guaranteed for .any .farm
:business is $500,000. Loans are se-
cured by first or second mortgages
on the farm real estate purchased.
The application form has to be
supplemented by the ;following
documents: a complete .set of fi-
nancial statements as contained in
OMAF publication 37; three year
:historical income statements and
''paduction statements (for existing
iducers);•three year projected
-monthly cash flow state rents;
three year debt servicing _ work-
sheets; a personal net worth state-
ment and a credit report from the
borrower's financial institution. A
recent appraisal of the property
will have to be sent in before the
mortgage guarantee is finalized
There is an application Tee of
$25.00 which is non-refundable.
Cheques are made payable to On-
tario Private Mortgage Guarantee
Program.
Once the application is ap-
proved, the borrower must pay a
guarantee fee. This fee is based on
the ratio of total loans secured by
the mortgaged property and its ap-
praised value. This is known as the
loan to security ratio. The guaran-
tee fee which can amount to sever-
al thousand dollars can be included
in the loan.
The maximum rate of interest
that a lender can charge on loans is
the average rate on the major char-
:iered banks; GIC plus 1 percent
The rate at present is around 7.65
percent. the rate applied to anap-
plication will be the rate for -the
week that the form is signed.
All applications will be approved
by a Provincial Decision Commit-
tee consisting of six individuals ap-
pointed by the Minister.
The program:nan be used to refi-
i=•ance a -preillapellialige provided
%that there is an interest saving of 3
:percent or $5,000, whichever is
lower.
Application forms and brochures
are available at all Ontario Ministry
of Agriculture and Food field offic-
es. Huron'County residents can call
Clinton 482-3428 or 1-800-265-
5170.
More change comift
for dairy industry
TORONTO - The Ontario dairy
industry can thrive and survive in
an increasingly competitive climate
by adapting to even more change
than it faced during the last year,
said John Gore, chairman of the
Ontario Milk Marketing Board.
In his address to the more than
700 persons attending the Board's
27th annual meeting, Core said that
although these rapid changes have
frustrated many dairy farmers,
"change will be even more pro-
found in the next five years than it
has been in the last five, if we are
to be part of this increasingly com-
petitive marketplace."
The uend in the dairy industry
will continue .to be towards dairy
farms and processing plants .that
will have to be more efficient and
productive to achieve satisfactory
returns to investment and labour.
"It is clear that a much closer re-
lationship its developing between
the producer and processor sectors
of our industry in Ontario," Corc
said. "Partnerships arc the key. Nei-
ther of us can survive and prosper
without the other."
"Uur decision to implement sin-
gle pooling and payment for Au-
gust 1, 1994 completes a process
started 27 years ago when the
Board was begun. Full integration
of the 'fluid and industrial markets
will have been achieved, and that
will give our industry the full flexi-
bility needed to meet the many is-
sues facing us," said Corc.
He called on the Canadian Dairy
Commission, the , Federal govern-
ment body that controls the pricing
of industrial milk, to change -the
way it prices the components of
milk to reflect consumer's desire to
have lower fat and higher protein
products. "Value must be put where
the demand exists, and that demand
is not for butterfat," Core added.
Core had strong messages for
both the provincial and federal gov-
ernments. He said the Ontario gov-
ernment must continue to give high
priority to assuring the consumer
that an independent source is
guarding and guaranteeing food
safety. "Our (milk) quality is su-
perb, the best anywhere in the
world, but it must get even better in
the future," he said.
The Federal government must
continue to fight aggressively for
agriculture at the world trade talks
(GATT) he said, or lose a vital part
of the economy. Under the pro-
posal tariffication scheme, "our
dairy industry would suffer severe
financial hardship and would ulti-
mately be destroyed. The proposal
would be a lose/lose proposition for
our industry," said Corc.
Core was one of several speakers
at the two-day meeting. Others
were: Elmer Buchanan, Ontario
minister of Agriculture and Food,
Ross Green chairman of the Onta-
rio Dairy Council, and Harry
Brightwell, MP, chair of the House
of Commons Standing Committee
on Agriculture.
Fine Furniture,
Flooring and Window Fashions
467 Main St. Exeter 2350173