20 Mar 1985
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 20, 1985
Page
1
Gov Celeste signs emergency law to reopen 69 savings and loans and shield $4 billion in deposits by 500000 Ohioans. Depositors from Home State Savings Bank plan a protest to demand answers as FSLIC approvals may come in days. The measure allows limited withdrawals up to 750 dollars monthly and creates a special prosecutor to probe Home State's collapse.
The National Weather Service marked the vernal equinox at 11 14 a m as spring arrives. Lorain County naturalist Christie Vargo notes maple buds swelling colt's foot blooming and goldfinch plumage brightening amid lingering winter memories.
Ohio Governor Richard Celeste reports federal officials pledge unprecedented cooperation to fast track insurance applications from 69 closed savings and loan institutions. Volcker and Gray promise expedited processing, potentially days rather than weeks, as Celeste seeks to reopen Ohio thrifts after depositor runs and the Cincinnati based Home State Savings failure.
Sheffield Lake teacher Donald L. Marshall was pulled from Lake Erie around 1 15 pm after being in five feet of water for about five minutes. He was treated for cold exposure and admitted to St Joseph Hospital psychiatric ward as officials review the misconduct investigation and his medical retirement request. A special school board meeting is set for Thursday at 7 30 pm to discuss his resignation request.
Elyria’s 1985 budget includes enough to cover a 100 percent rise in liability insurance premiums from 200,000 to at least 400,000 dollars for coverage up to 10 million dollars. City workers face few pay raises as council approves a 14.3 million general fund budget with room to hire 20 new staff but no firm wage increases yet.
The forecast calls for mostly clear skies tonight with a low in the mid 20s and sunny weather Thursday with a high in the low 60s. Little to no chance of precipitation tonight or Thursday. Details on Page A-3.
Keystone High School names Ted Gordon aged 31 as the new football coach replacing resignation of Dave Hing. Details on Page C-9.
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