New Braunfels Herald Zeitung (Newspaper) - December 22, 1994, New Braunfels, Texas
NBHS’ Sarah Boite named to
State volleyball team - See P.6
KJaui Dfsi mIaIa
Sesquicentennial March 21,1845
12 pages in one section ■ Thursday, Dec. 22,1994
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Serving Comal County for more than 143 years ■ Home of KATHERINE FRAZER
I Vol. 143, No. 29
Birthday wiihii from Ilia Harald-Zaitung!
The New Braunfels Herald-Zeitung extends the following birthday wishes to; Katherine Frazer(lte birthday), David Smith, Jerry Graven, Cynthia Kapp, Connie Jones, Manuel Alfonso, Jennifer GDI, Garry Smith.
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Donations to H-Z Choor Fund continuo
Area citizens continue to submit donations to the Herald-Zeitung's annual Cheer Fund campaign, which provides food to needy local Amities for the Christmas holidays.
Anyone wishing to donate can do so in person by coming by the Herald-Zeitung office a 707 Lands St, or cai Cheer Fund Director Carol Ann Avery at 625-9144. Delivery will take place Thursday afternoon.
Today's donations indude:
B Annonymous- $20 B Lee Bl Lucille Mendnger -$25
B Automotive Audio - $100 B Archie St, Nancy Ladshaw -$100
H-Z hat Christmas tonflbftttkt available
A few copies of the New Braunfels Herald-Zeitung I Christmas Song Book are available to the public. The songbook has many traditional Christmas favorites and ii sponsored by local mercharfts and businesses.
Harvest from th# Heart sat tomorrow
Non-stop phone calls from prospective volunteers have keep workers a Molly Joe's Catering busy this week as they prepare for the company’s Harvest from the Heart meal Friday evening.
“We were just overwhelmed with the response from the community,** said Robert Konkel, managing partner of Molly Joe's Catering. “Now, we jus need to get the woad out lo people to come and eqjoy a traditional holiday meal a the Civic Center.”
Harvea from the Heart—ftom 4 to $ p.m. — ii designed for senior citizens and for those area residents who do not otherwise have the means to prepare a holiday meal. Co-qmson of the meal include Molly Joe’s Restaurant, New Braunfels 1SD, Mans Paper Co., Cain’s Coffee, Ben E. Keith Foods, Labstt Food Service, OK Meats, Ullrich Produce Co., the City of New Braunfels, KGNB/KNBT, and the New Braunfels Herald-Zeitung.
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County Treasurer talks lexPool
Bartholomew says state should get out of the business, cites poor management
By CRAIG HAMMETT
Local residents have heard it before. Now, the rest of the country is tuning in.
In April of this year,
County Treasurer Bart Bartholomew got permission from the Commissioner’s Court to invest county funds outside of TexPool, a state-run investment pool used by government agencies such as counties and school districts.
*1 can do better having T-Bills and discount notes," he said in an April 22 Herald-Zeitung article. “Staying in a public funding pool is not a safe place to be.**
Bartholomew returned from vacation this week, still expressing the same displeasure with TexPool he has discussed this entire past year.
“I think right now, the State of Texas as far as TexPool is concerned ought to get out of the business,** said Bartholomew.
He was quoted in a Wall Street Journal article Dec. 9, an article State Treasurer Martha Whitehead called “an inaccurate story that caused panic.” Whitehead said in a letter summarizing the sit-uation that the article and the bankruptcy of a California county caused a situation “unprecedented in Texas since the legendary bank runs of the 1920s.**
The article by Thomas T. Vogel, Jr., said 9ome of the investment principles used by TexPool compared to those used by Orange County, Calif. He quoted the state treasury officials as saying assets in the pool had dropped more than 63 percent from the $10 million in February.
“It’s only possible to hold to maturity if investors don’t rush to cash out,” he stated in the article.
After the Dec. 9 article, a rush of withdrawals occurred. Although deposits in the fund out
numbered withdrawals by Tuesday, the balance stood at $139 billion. It stood at 3.7 billion Dec. I. In order to cover cash withdrawals, the Treasury sold $2.37 billion of Treasury and TexPool securities, producing a realized loss of $55 million to the Treasury.
Bartholomew still claims the basic reason he originally warded to pull funds out in April was to get a better rate of return. Interest rates have risen six times since January.
“I could do better and it was much safer,” said Bartholomew. 'The market had changed. When interest rates started up, they had problems.”
He said the concept of TexPool was good and Bartholomew invested for one year with the pool. He started to have problems when the portfolio manager for the pool, Linda Patterson, quit and the state failed to hire someone to take over until two months later.
“My problem with TexPool was how they managed their fund,” he said. “...They had to go to shorter maturities to win (with rising interest rates). They were betting interest rates wouldn’t
go up...If they had continued to manage it right,
I may have left money in there.”
The $55 million loss will reduce interest earnings to the General Revenue Fund, the fund where state income such as the lottery is deposited. Whitehead claims state agencies will not be affected because the money came from interest already earned by the state in its own investments.
“We were faced with two options- take unrealized interest income losses that the state could handle, or cut off funds to local communities...We are confident we did the right thing,” said Whitehead in a news release.
“This (TexPool) probably would have gone unnoticed if not for Orange County,” said local investment analyst Bill Mayo, which he said the ensuing mass panic probably caused an unnecessary rush on TexPool. Mayo said the book would, in essence, be out on TexPool until “we get some sort of breakdown” on the types of investment the state was forced to buy in order to recoup their losses.
Project Angel Tree puts smiles on faces of local children at Christmas
By T1CLO J. GARCIA
Mote children celebrate Christmas with their families, some with one parent, others with both.
In many caaes children are often left to choose between one patent or the othpr to serwho they will wpead Christmas with.------- tttt
Mete some who do not have the luxury of making that choice.
Michael, Alyssa and Alberta Hall and Monica Molina, all of the same family, mute spend their Christmas with only their mother.
Their father is incarcerated in a state prison.
Three years ago, Tree of life Church ministers realized they could help fill the void in children’s life like the Hall’s were feeling during the holidays.
Tree of Life branched out to reach the children many religious groups and charitable groups have ignored for years through their Angel Tree project.
“Ifs our commission,” said Marcus Avalos, outreach minister at the church and coordinator of the project. “Jesus commands us to go. Society says to stay away from them, but God says . to reach out to them. God says these may be some of the worst, but we should give them our best.”
Tuesday night the church hosted a gathering for the angel tree participants at the Tree of Life youth building complete with entertainment and Blacks for the kids.
The Angel Tree works in s similar way to other Angel Tree projects publicized in the ares do.
Herald-Zeitung photo by MICHAEL DARNALL From loft art Gilbert Fuontos, Ricky Juarez, Joe Albert, George Fuentee, Enna Hernandez, Gabriel# Hernandez, Gregory Garza, Jo eon Garza, Edwardo Campos, Amy Juarez enjoyed Chrlstmaa gifts from their parents, which wee made poeetble through Project Angel Tree.
The parent who is incarcerated enrolls their child in the nationwide program through a prison ministry. The name of the child is then sent to an area church which is participating.
Names are hung on a tree at Tree of Life and church goers pick up the name off the tree, which includes the name of a gift the parent thought the kid might want.
Angel Tree volunteer Teresa Stewart said providing the children with something for Chrite-
mas was the mission of the project.
The gathering at Tree of Life was the first, although it is the third year the church has participated in the program.
“This is jute one way of many to help these people,” said Avalos. “We try to help out throughout the year.”
Estella Hall, whose husband has been incarcerated since 1990, received gifts for her children late year through Angel Tree.
“It is really nice because as they say, kids are really the most important thing in life,” Hall said.
She ato said the project deserved tetentioo not only for good deeds involved, but for all the hard work done by the volunteers.
Asked if she could My one thing to the everyone involved in bringing some Christmas cher? to her children, she said: “Thank you very much, Thankyou.”
Widening of 1-35 between New Braunfels, S.A. approved
A 5.5 mile section of Interstate 35 north of San Antonio will be widened three years earlier than originally estimated, following action today by the Texas Transportation Commis-
Commissioners authorized the Texas Ocpsrtwcit of Transpprtttinn (TXDOT) to move the $16.8 million project up in its Prefect Development Plan. The advancement was made possible when the Federal Highway Administration allocated
^Er»i|rinr>frfy ftitirif for enrthpr lpctf
project, I mpncwcrocnts to Interstate IO. The fteed-up money can now be used on 1-35.
Qteteniotio begin in Is*?
1995 to add one lane in each direction to the interstate from Farm-to-market Road 482 to south of New Braunfels. Currently, the divided highway is two lanes in each direction.
Late year, the average daily traffic count on that section of the interstate was 49,000. “Traffic on this roadway hss increased by 75 percent in the late ten years, and is up 125 percent in the late 20 yean,” laid David Bemsen, commissioner of transportation/“This will be a needed improvement to an important transportation corridor for Texas, particularly in light of North American Free Trade Agreement.”
City attorney files brief defending city staff against claims of wrongdoing
By TECLO J. GARCIA
New Braunfels Qty Attorney Jacqueline Cullom filed a brief in the Kihlig vt. Fraser lawsuit to defend city staff againte claims of wrongdoing by Gary Kahlig in the May 7, city council election.
The “amicus curiae”, or friend of Ute oouit brief allows the city, which was denied intervention into the case, as a non party to provide information to the 274 District Comal County Court Mayor Paul Fearer was used by Kahlig earlier this year tor alleged “irregulBities” in the May election, although Kahlig charged that several dty employees, and not Fraser, were responsible for the “irregularities.”
Kahlig*s cnwyijfaty tinge ftom his contention that polling place markers improperly longed to allegations of
fraud in the announcement of early voting.
In the brief; the dty argues fete there was no fhaid or irregularities in the election.
The viating judge presiding over the case, however, is under no obligation to read or even consider the brief; but in mote cases will.
The city wants the judge to uphold the results of the election, something Fraser has asked the court to do.
Even though the city and Fraser have a common goal, Cullom said, the dty is intereteed in seeing the accusations againte ita employees dropped.
The Contestant petition contains aeveial falae scrum boot,” the brief reads. “It is evident ftom the peti
tion that the Contestant did not conduct a reasonable investigation before filing his lawsuit, since there are seven! contentions made in hie petitions that can be emily refined by simply examining public records.”Only 3 more shopping days until Christmas! Shop New Braunfels First!