A $3,000,000 loan for expansion projects has been granted the Tel Aviv Municipality by the Ampal-American Israel Corporation with the participation of the Bank of America International, it was announced here by Tel Aviv Mayor Mordechai Namir and Peretz Naphtali, chairman of the Finance Committee of the Tel Aviv Municipality.
The loan will be used primarily for expanding Tel Aviv’s school building program, for a sewage disposal plant and for the purification of the city’s beaches, according to the two officials. Mayor Namir and Mr. Naphtali came to the United States to negotiate the loan and to attend the International Conference of Municipalities held in Chicago earlier this month.
The Ampal Corporation has also opened preliminary discussions with various brokerage houses regarding the placement of a Tel Aviv Municipal bond issue of $15,000,000 repayable in 25 years, the Tel Aviv officials said. They also announced that an agreement in principle had been reached with a group of private investors from Cleveland concerning the building of parking facilities in Tel Aviv.
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