Island Dispatch, 1998-07-31

              Island DISPATCH 24 Pages July 31, 1998 over jfl yvdl i3 J "As the voice of Grand Island" ■My— mm _  *— | | I Monday" Nite Madness LARGE CHEESE PIZZA 4.05 U (Hzz&subs) More Thunder on the Niagara on Page? 650 (716) 773-7676 Vol. 56* No. 17 Town completes Bond Sale by Rick Forgione After consulting with its advisors, the Town of Grand Island decided that it was a good time to convert their existing short term financing into long term bonds. According to Supervisor Peter McMahon the town decided to sell several Bond Anticipation Notes, some of which date back to 1994, because the current interest rate is low. "We anticipated an interest rate around 4.6 percent," McMahon said. "We got an average rate of 4.41 percent." McMahon said that the $4,270,000 total in bonds were sold to a conglomerate headed by Fleet Bank. The papers were signed last Friday, with the official transfer taking place on Wednesday. The Town decided that it wouldn't be practical to wait another year until a few of the Notes expired. With the transaction in place, the Town has now converted them into long-term bond payments, which have a 15 year payment plan. "We were approaching the statutory deadline for converting some of the short-term notes into bonds," McMahon said. "Longterm rates are much more stable than short-term rates; I'd call the sale very successful." Councilman Michael Heftka said he agreed with the timing of the transaction and the decision to take action. "It is a great idea," Heftka said. "In the long term it is going to save the town a lot of money." The Bond Anticipation Notes for the following projects and years were included in the transaction: Hwy. Dept-Equipment, 1994; Water Dept-Storage & Dist, 1994; Computer-Hdwre/Software, 1994; Veterans Park Infrastructure, 1994; Sewer District-Improvements, 1995; Water District- Band cancellation for tonight's concert O ~J___ Tonight's 2nd Annual Grand Island Music Fest has a last minute cancellation as the Starlight Dance Band will not be performing. However, the other three bands are prime and ready to entertain. The band Jester's Court will open the concert from 5:30 p.m. to 6:45 p.m. followed by The Hanging Mums from 7 p.m. to 8:15 p.m. At about 8:45 p.m. the main act will take center stage with a performance by Freakin' Joe. Don't miss out on all the fun tonight in the Tops parking lot located on Whitehaven Rd. Top of the Falls offers free parking Patrons won't %et soaked for their visit Fine dining, a fantastic view, and free parking are now part of the fare the Top of the Falls Restaurant at Niagara Falls State Park has to offer patrons. Popular with the tourist crowd during lunch hour, Delaware North Parks Service, which runs the restaurant's food, beverage, and retail sales, is extending the parking courtesy to residents in the area in their continuing effort with New York State Parks to encourage local people to visit and enjoy the amenities at the Park. According to Michael Barnes, DNPS' general manager at Niagara Falls State Park, the program is designed to make Top of the Falls, which provides a spectacular view of the Horseshoe Falls, a dining destination for local residents. The $4 parking fee will be collected VIEW FROM THE TOP - Visitors at the Top of the Falls Restaurant at Niagara Falls State Park get a special treat with their cuisine - the majestic view overlooking Horseshoe Falls, (submitted by NYS Parks) Thundering weekend of racing was splashing success by Kelly Gast The "Thunder on the Niagara" could be heard miles from Niawanda Park where the boat racing scene returned for a weekend of serious fun and serious speed. No offense to anyone who wasn't where I was on Sunday, but I honestly think I had the best seat along the riverbank. It was at 2860 East River Road, the property of the Case and Joslyn families, where I had the opportunity to view the "Thunder." When I arrived shortly after noon, their dock and yard was filled with anxious on-lookers, all properly dressed in bathing suits. Some sat on towels, some on folding chairs, but the rest were lined up on the break wall or the edge of the dock, preferring the closest possible location to the speeding boats. I was pretty sure that we could have slapped hands with one of the drivers who came within "feet" of our "dangling feet" to give us a thumbs up. We were all positioned just outside of turn two. We could clearly see the pits where cranes lowered and raised the watercrafts in and out of the river. I consider the turns to be the most exciting portion of the race. It was in the turn that we saw one boat spin out, and a few others lose position. We could literally "feel the power" of the boats as they rounded out the turns and sped into the straightaways.Race boat drivers, crew, owners, sponsors and fans also lined the banks of Niawanda Park directly across from my spot. The event drew people from all over the country and Canada to the Niagara Frontier region for a weekend full of racing action. Besides the dozens of boats that stormed the water, thousands of spectators stormed the riverfront to catch a glimpse of boat racing for the first time. The shores of Niawanda were lined with bystanders with cameras. I certainly 5 LITRE RACING MACHINE - Don Less's fire-engine red race boat was a local favorite by cheering fans. continued on page 7 continued on oasc 7 continued on page 3