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They balk at By BRAD REAUME The Champion Credit unions were stymied again from doing busi- ness wi'th l illon Rcoion, Councillors showcd sornc willngncss R)novc off stringent guidelines for the acceptance of letters of credit at a recent meeting of Halton council. They asked members of the administration and finance committee to consider several modifications to the current letters of credit policy, which excludes al but the largeat banks. Wednesday however the committee flatly tumned down changes, opting to agree that if credit unions could produce independent credit ratings, or that if Credit Union Central of Ontaio would guarantee let- ters of credit issued by individual institutions, they would review the policy. Burlington Councillor John Taylor made a strong pitch to committee members to alow credit unions with a minimum $40 million in assets to issue Ùp to $ 100,000 in letters of credit, with the total by aIl credit unions fixed at no more than $1 million. Letters of credit are used by municipal govemment to provide a guarantee of satisfactory work, especially for construction projects or new development. Joe Rinaldo, Halton' s commissioner of corporate services, kicked off the committee session by saying he had flot changed his mnd and was recommending no movement on the policy issue. Mr. Taylor said his proposaI was essentially what developed out of debate at council. He said the Region was too conservative in its policy, which was discrim- softer stance inatory to ail but the largest financial institutions. "For Halton to lose $1 million, 10 of these institu- tions, ail holding the maximum amount of letters of crelit, would have tu fauil at the same lime and not lc- able to cover 0.01 per centi ot their assets,- lie explained. "If that happened no financial institution in Canada would be safe. Yes, there is a risk but il is s0 amaîl it is not worth wonrying about." Mr. Taylor also made reference to Halton's $150 million in reserve funds as a further back up in case of difficulty. He said the issue was finding a way to help small business in Halton do business with the Region. "My position hasn't changed, " said Burlington Mayor Rob Maclsaac. "It's flot an issue of risk. It's the same as investing small amounts of money in a number of risky ventures. Can you justify losing one dollar of taxpayers' money for an economic develop- ment program?" Oakville Councillor and committee chair Kevin Flynn said local business is more important than credit rating agencies and that people in the community were offended that the Region limits local citizens from doing business with their own municipal govemment. "Has anyone had trouble dealing with the letters of credit?" asked Mr. Flynn rhetorically. "We are dealing in sorte sort of theory." Milton' s Rick Malboeuf, not a member ot the com- mittee, appealed for a more open approach to dealings with local business. The issue wiII again go 10 Halton council for iapproval but given the previous debate the final polîcy .could be substantially modified. New business chooses Milton & from OVER on page 1 customer base, the availabiity of local steel sources, favourable exchange rates and the general infrastruc- ture within Ontario." Rubicon, a publicly traded company on the London Stock Exchange, is currently conducting a search to fuI high-tech engineering positions - 250 over a five- year peniod, Mr. Walsh said. State-of-the-art equipment such as plasma and laser cutting and robotics welding will be used. In addition to the company's European headquarters in Stratford-upon-Avon, it currently operates else- where in England and bas plants in Scotland, Ireland and France as well as in Canada and the United States. The Canadian Champion, Tuesd8y, June 2, 1998- e LANDLORD/TENANT 0 PROCESS SERVING s TRAFFIC TICKETS 0 PARDONS 0Phone: (905) 875-1904 (Opposite of Milton Mail) Early Morning & Evening Appointments 1878-58821 INCORPORATIONS UNCONTESTED DIVORCES SKIP TRACING AVAiLABLE AND MORE... Fax: (905) 875-99640 SmART LuEFRA FEWDOLLAAS MOREA MONYH YOUAND YO(JR BUJOCES IN TE BACK SEAT CAN GETA M<ORE LOTMORE OEA 0000 THINO h/24*S INCWOEC NO-CHAGE BOXUNER .20/24 JICHASI * INCLUDES NO-CHAR= SXU ,230 HP oI500Venn, $2,040 dw $1,37 dwn tmaicransnisin il vedv,4-wheed AS,ui rn a payenQQ30 $dalttjgs cupbxdt23 ane$300 security bgarcadtaagAM/FM stoeowiila cassette k/cruise, ç6ih Whle Quanties Lest HEINEIIEUU UEIt See Dae for detaîls ~ Fo.r s . ..... . n4m MmTues ....... m.4m HWY. 25 S. AT DERRY RD., MILTON Sirty gp aeua Precîsion Paralegal Services LET US SAVE YOU TIME, MONEY AND FRUSTRATION SPEUIALILFVJ kI. DEBT RECOVERY & SMALL CLANMS OTHER SERVICES AVAILABLE a p ý*10ee6 46