State
THE BATTALION Page5
THURSDAY, OCTOBER 15, 1981
'' ' ■ 1
fond issue could supply vet land loans forever
United Press International
AUSTIN — A proposal to issue
additional $250 million in
ds for the Veterans Land Prog-
may be sufficient to keep the
cost loans available to veterans
iver, Land Commissioner Bob
istrong says.
’exas voters have never turned
proposal for increased
funding of the popular Veterans
Land Program since it was origin
ated shortly after World War II,
and there appears to be little
opposition to the plan for addition
al revenue bonds being submitted
to voters Nov. 3.
The reason for the popularity of
the program is simple — it has
enabled more than 74,000 Texas
tate water fight
its mobile park
;vSwus
Ik*
United Press International
\S CRUCES, N.M. — A
bbile park owner s failure to land
lermit to expand from the Dona
la County Planning and Zoning
Immission may have been link-
1 partially to the state’s federal
ysuit with nearby El Paso.
The commission turned down
phard Monks’ request for an ex-
nsion permit Tuesday, stating
ht Monks would be unable to
|d additional water necessary in
panding his 12-unit park to 30
|its.
Frank Carpenter, president of
Dona Ana Water Association,
|iich provides water for the area
rth of Las Cruces, told thecom-
issioners a moratorium has been
dared on commercial water ap-
ications.
"The water system was made
for 1,000 dwellings,’’ Carpenter
said, “and we are almost at that
number now. ” He said his group is
also limiting domestic applications
as well.
The only other avenue for
Monks to gain water appeared to
be an application for a water well
permit.
But the City of El Paso, which
wants to import southern New
Mexico groundwater and is
embroiled in a dispute with the
state over it, has indicated it will
block any attempts to acquire a
well permit appheation.
The exportation of New Mexico
groundwater is banned by the
state Constitution, a law El Paso
contends is unconstitutional be
cause it limits interstate com
merce.
- Semiconductor
industry stalls
I United Press International
■DALLAS — The semiconduc-
|r industry, America’s fastest
iwing industry in recent years,
been halted in its tracks be-
ise of a sluggish economy at
ie and increasing competition
m Japan overseas, industry ex-
:s say.
Manufacturers of the micro
chip, which constitutes the
:alcomponent in computers, are
■[Dallasfor their annual meeting.
Hie problems of the industry at
ius,"Knie are chiefly the result of high
namnwerest rates and a recession that
cussii iowsno s jg ns 0 fabating, industry
erts said Tuesday at the open-
of the two-day conference of
biconductor Equipment and
pterials Institute.
Some experts say the $14 bil-
|n industry is feeling the pinch of
economic slowdown more
any other industry primarily
ause of its expansion and the
issingneed to grow even faster.
“The semiconductor industry
jontinues to feel the impact of the
ie onfJcession that began last year,
ly now hope is fading that the
vansP cession will be ‘short and shal-
k as many people thought,”
ephC. Ross, the institute’s vice
esident, told a news conference.
“It has gone on now for 12
lonths, and we see no signs that it
illimprove during the last part of
Sis year or even in the first quar
ter of 1982.”
James C. Morgan, a member of
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veterans to purchase small tracts
of land with low-interest, long
term loans, and it doesn’t cost the
state a penny.
Armstrong said the program
not only is self-sufficient, it makes
money. The interest and repay
ment of loans made through the
program not only pays off the
bonds, but builds up additional
money which can be loaned for
new land purchases.
“We think that if this one passes
and that money goes out, we will
then have enough income and
paid-in-fulls that we may not have
to have another constitutional
amendment (to authorize bonds)
ever,” Armstrong said.
Voters already have authorized
the program to issue $700 million
in bonds, but a 6 percent interest
ceiling has prevented the program
from selling about $74 million in
currently authorized bonds.
The proposed constitutional
amendment, listed as Proposition
No. 7, would raise the ceiling the
program could pay on its bonds to
10 percent.
If the additional bonds are not
approved, Armstrong said, the
program will slow to a trickle by
the end of the year.
“We’re just down to the very
tail-end of our money, and the
process has slowed considerably,”
he said. “We can probably go
through December, at which time
we will have to only lend when
people pay off loans in full, but
that is only a trickle.”
Under the program, veterans
can borrow up to $20,000 to pur
chase 10 acres or more of land at
interest rates 1 percent above the
interest the program pays on
bonds it sells. The current interest
rate is 6.5 percent on the 40-year
loans.
and Materials board of directors,
said, “The worldwide semicon
ductor consumption last year was
a litle over $14 billion and this is
expected to grow to $30 billion by
1985. U.S. and Japanese com
panies are increasing their share of
the market at the expense of
Europe.
“The United States continues
to be the leader with more than 50
percent of the market. But what is
to be noted is that more Japanese
companies have moved into the
top 15 since 1974 when we had the
last downturn and are continuing
to claim a bigger and bigger share
of the market,” Morgan said.
“We are concerned that they
will do it again during this reces
sion because of their increased
spending and because U.S. com
panies are all backing off from
capital expenditure.”
Morgan sees the next upturn in
the latter part of 1982 and warns
the U.S. industries had better
catch up.
The Southwest, home of indus
try giants like Texas Instruments
Inc. and Mostek Corp., is the area
the institute is primarily in
terested in developing its market
potential.
“Despite the overall slowdown
the industry is experiencing now,
the outlook for the Southwest still
looks bright, ” said Philip L. Greg
ory, executive director of the insti
tute.
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