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This announcement is not an offer to sell or a solicitation of an offer to buy securities or investments.
June 17, 1991
NEW ISSUE
PaineWebber
I N C O R P O R A T E D
is pleased to announce
Allen M. Olender
has joined our
Farmington Hills, Michigan office
PaineWebber Incorporated
32300 Northwestern Hwy., #150
Farmington Hills, Michigan 48334
(313) 851-1001 / (800) 533-1407
56
FRIDAY, JUNE 28, 1991
is figured by averaging 7.5
percent and the prime rate
on Sept. 1 and March 1.
Unlike the lower-priced
IVRI bonds, however, VRI's
pay interest twice a year.
They mature March 31,
2002.
Bondholders can add to
VRI bonds — in $5,000 in-
crements — within a year of
purchase. VRI bonds also
can be redeemed early —
after three years, if purchas-
ed with an IRA or employee
benefit plan, or after five
years if bought by an in-
dividual. This early payout
is also made 120 days after
the bond is submitted. And
the bond continues to earn
interest until the day before
payout is made.
Redeeming or maturing a
bond is a fairly routine pro-
ced-ure. A form is available
at local Israel Bonds offices
or it can be mailed to the
bondholder.
Once returned, the form
and accompanying bond are
sent to the organization's
fiscal agent — Chase
Manhattan Bank in New
York — which then issues a
check to the bondholder. .
The process, including pro-
cessing and mail delivery
time, takes three to four
weeks. It takes much longer
for those trying to pre-
maturely redeem Individual
Variable Rate Issue Bonds
and Variable Rate Issue
Bonds.
After a period of three to
seven years, depending on
the type of bond, and
whether it was bought by an
individual or as part of an
individual retirement ac-
count or pension plan, such a
bond can be submitted for
redemption. But the pay-
ment takes 120 days. ❑
Staff Writer Kimberly Lifton
contributed to this report.
Hermelin -Leads
The -Bonds Drive
For the past decade, David
Hermelin's name has been
synonymous with Israel
Bonds throughout the world.
Five years ago, he took the
helm of Israel Bonds, serv-
ing as the international
campaign chairman.
And for the past 15 years,
Mr. Hermelin, 54, a real
estate investor, has been ac-
tive on the national Israel
Bonds scene.
"Israel Bonds is one of the
- major sources of investment
funds for the State of Israel,
and those funds have been
used to develop the in-
frastructure," Mr. Hermelin
said. `.`Outside of direct in-
David Hermelin:
Mr. Israel Bonds
vestment in Israel, this is
the most significant way we
can help out and strengthen
the economy. I've always
believed that and always felt
it was a very special in-
vestment we could make."
This year, Israel Bonds
honored Mr. Hermelin
locally, raising a record-
breaking $54.3 million
through parlor meetings and
dinners nationwide. The
Detroit community alone
raised $26.6 million in Mr.
Hermelin's: name.
"I purchased my first bond
in 1960," he recalled. "It
was at a parlor meeting for
Israel Bonds through
Shaarey Zedek at the home
of Mandell Berman. I'll
never forget it." ❑
Correction
In a June 21 business
story about Meged Inter-
national, the last
paragraph should have
stated that Irving Lando,
who lives in Kalamazoo,
and the late Herman
Lando were brothers.
"mmil LOCAL NEWS
CWHIBA•1•M•
Hosts Program
C.H.A.I.M. — Children of
Holocaust Survivors Associa-
tion In Michigan will host a
program and panel discussion
on the Hidden Children 7
p.m. June 30 at the Maple-
Drake Jewish Community
Center.
Detroit hidden child sur-
vivors will speak. A panel
discussion will follow a slide
presentation of the
conference.
For information, call
Charles Silow, 489-8886.