BUSINESS Choices Continued from preceding page Choose from hundreds of umbrellas in every size and cdor in-stock starting at $99! QUALITY outdoor & casual furniture on sale now! SAVE 20% to SO% on the good stuff! All Prices! All Styles! All JIMMIES Stores Open: Mon., & Fri. 10-8, Tues., Wed., Sat. 10-6, Thurs. 10-9 • Sundays 11-4 Completely Casual for Over 46 Years Novi - 48700 Grand River - 348-0090 Livonia - 522-9200 - 29500 W. 6 Mile Rd. • Birmingham - 644-1919 - 221 Hamilton 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.