June 22, 1984

The Kool Jazz Festival, which begins this afternoon at 5 and continues through Sunday, July 1, will be celebrating its 30th anniversary since it started in Newport, R.I. It will also be celebrating the memory of one of the last of a generation of jazz giants who was a constant contributor to the festival - the pianist and orchestra leader Count Basie, who died last April at the age of 79. This year's festival is dedicated to Mr. Basie, who was to appear with his orchestra in a program with many of the musicians who played in his orchestra in the 48 years that he led it. That program, a week from tomorrow at Carnegie Hall, will now take place as a salute to Mr. Basie and will come as a fitting climax to the 10 days of jazz that will be played in his honor. This first weekend of the festival will show that there are still jazz giants among us. In the first three days, festival audiences will hear Miles Davis, Oscar Peterson, Benny Carter, Stan Getz, Sarah Vaughan, Joe Williams, Gil Evans and Stephane Grappelli, as well as such acclaimed newcomers as the guitarist Bireli Lagrene, the pianist Michel Petrucciani and the Brazilian singer and songwriter Djavan.

The investment adviser to the troubled Continental Illinois National Bank and Trust Company has been circulating a proposal under which the Federal Deposit Insurance Corporation would commit more than $4.6 billion in loans and guarantees to entice a buyer for the Chicago bank, according to banking sources. A key element in the innovative and complex proposal is an indication by Goldman, Sachs & Company, the adviser, that Continental's problem loans could amount to about $4 billion, far higher than than the $2.3 billion in nonperforming assets reported by the bank at the end of the first quarter. It thus confirmed market reports that the bank was in worse shape than many had believed. There is no danger to depositors, however, because the F.D.I.C., the Federal agency that insures bank depositors, and the Federal Reserve System have said they will fully protect all Continental's depositors and creditors.

The Greenpoint section of Brooklyn has become more Polish than ever since the imposition of martial law in Poland in 1981. Church and community organizations are flourishing because of new immigrants to an area where Polish food, drink and politics are staples of the busy streets. Residents say Greenpoint has the only chess club in the borough, organized by a group of 20 ardent young chess players who arrived here only a few years ago from Poland. A new clinic has opened, run by two Polish-American doctors who are husband and wife.

Francois Mitterrand and Konstantin U. Chernenko clashed publicly over human rights tonight, with the French President abandoning diplomatic convention to raise the case of Andrei D. Sakharov, the physicist and rights activist, at a Kremlin dinner. At a news conference this morning, meanwhile, a Soviet spokesman, Leonid M. Zamyatin, indicated that Mr. Chernenko, the Soviet leader, was not prepared to meet with President Reagan soon at a summit meeting. Mr. Zamyatin said, ''We see no changes in the position of the United States leading from statements of desire to expression of concrete readiness to raise and solve questions that would be required at a summit meeting.'' Mitterrand Was Warned Mr. Mitterrand spoke tonight after the Soviet leader, in his dinner speech, warned him against raising human rights issues, saying, ''We shall not allow anyone to interfere in our internal affairs.''

Irwin M. Margolies was sentenced yesterday to 50 years to life in prison for the murders of two women in a bungled plot that also led to the death of three CBS technicians. ''There is no more horrible crime than a contract murder,'' said Justice Eve M. Preminger of State Supreme Court in Manhattan, who issued the sentence. She glared at Mr. Margolies, the former owner of a Manhattan diamond company, and said in a crisp, icy tone, ''Nothing in your background calls for sympathy.'' It was, in effect, a life sentence. Under the terms set by Justice Preminger, Mr. Margolies, 49 years old and a diabetic, cannot begin serving the time until after he has completed a 28-year sentence in Federal prison for fraud at the diamond company.