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Corporation bonds trade for first time

dollar bonds issued by the City of Hamilton were yesterday traded on the Bermuda Stock Exchange,

dollar bonds issued by the City of Hamilton were yesterday traded on the Bermuda Stock Exchange, directly the Bank of Butterfield and the Corporation of Hamilton agreed on the final allotment of units issued to individual subscribers in the $6.5 million Bond Issue (see story below).

The City bond issue was underwritten by the bank, which has reported that all applications for nine bonds ($22,500) or less, have been filled. Applications for more than nine bonds have all received nine.

But Corporation of Hamilton secretary, Mr. Roger Sherratt said a few remaining bonds in issue that were outstanding after the initial allocation, were issued individually to applicants who wanted more, on a random basis drawing. It meant that just a few people actually received ten bonds.

The resulting allocation of the $6.5 million across currencies was 56 percent Bermuda dollars and 44 percent US dollars.

Meanwhile, the City of Hamilton may have underestimated the success of its on-street parking scheme. Revenues are already well beyond figures quoted in the prospectus for the highly successful bond issue.

After just two and a half months to the end of September, revenues were put at $178,000, and at that pace, they could take in $71,000 a month.

It appears, especially with Christmas shopping looming larger on the motoring calendar, that the estimated $235,635 in revenue to the end of December could be easily eclipsed.

And on another front, a Government report is being prepared for the Transport Minister to decide if mini-bus operator, Suburban Transit, could win the right to serve as a commuter service between the Bull's Head multi-storey car park and the City centre. The service would be particularly useful during wet weather.

With the car park about to open within four or five weeks, Suburban Transit's licence doesn't give the right to operate during rush hour. It currently is licensed to operate between 6 p.m. and 6 a.m. Their licence requirements would have to be amended through the Public Services Vehicles Licensing Board to offer the new service. But it is the Minister who will have the final decision.

Transport Control Director, Mr. Donald Dane, said yesterday: "I've been directed by the Minister to consult with stakeholders (taxi operators and the Public Transport Board) to see how they feel about the idea.'' Suburban Transit is currently permitted to operate along a specific route in and around the City, through telephone reservations.

At the same time the City opens the new multi-storey car park at Bull's Head, officials intend to begin reserved residential parking bays in the North of Hamilton (north of Victoria Street).

It would remove the all-day parking by outsiders that began near the homes of City residents, much to their consternation, when the City voucher parking scheme was instituted. Motorists would then be forced into the Bull's Head car park and other paid City parking.

City alderman and chairman of the Street Committee, Mr. David White, said, "I believe the public will quickly get used to using Bull's head for all-day parking. The daily rate of $2.50 is very reasonable and I'm confident it will ease the parking problems in Hamilton.''