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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Nov. 30, 1988)
Wednesday, November 30,1988 The Battalion Page 5 ; Question: Are ttee ax” and a film onadt t at 7 p.m. in 200He* ullock: Legislators will have nore money available next year ir. )wl” dance for all sin- nbers going onthesfc lato. ratings at9p.m.atSt ave a mid-week sM| i for Christmas spilt per at 6 p.m. at AM eting at 2 p.m. in5t( chry lobby, to buy Christmas pia libit Hall. s weekly get-togette 402 Rudder. 'ill meet at5:30p.m.r 216 Reed McDomt date. We only puHt, to do so. What's tips ;. Submissions item an entry will run. Ifyu tvc encies s A&M, costs beftra 000, Conglosesaii ? will be on cal seven days a wed! 1 in each city fon ne. ;ncy vehicle, a busi University Police! juipped with neces ons and operati; icluding mobile gency power, firs nguishers, maps s, he said. everything we onglose said. ‘‘Astin be adding things.’ l ready have a need fi i and wind s AUSTIN (AP) — State legislators ill find an additional $1.6 billion vailable to spend when they con- ne in January, as the state’s total icome over the next two years rises 4.2 billion, Comptroller Bob Bul- ck forecast Tuesday. Bullock’s official estimate of reve- ue for the 1990-91 budget years aid the state would take in $45 bil- on from all sources, with the in- rease due to a rebounding econ- my. “The Texas economy is in recov- ry and state government’s revenue utlook is better than it has been in ears,” Bullock said. Bullock said the additional $1.6 illion available marks a $3.7 billion jrnaround from the point less than vo years ago when the state’s avail- ble income fell by $2.1 billion. “We have bounced back big and Strong and we think the im- rovement will continue,” the comp- oller said in the forecast given to ov. Bill Clements and legislators. And our estimate would have been ven larger if it had not been for the ontinued poor condition of the oil dustry.” Bullock’s forecast said the additio- al $1.6 billion will be available to iwmakers even though several tem- orary taxes adopted by the 1987 egislature are set to expire on Aug. 1,1989. The good news follows several ears of bleak budget projections bat began in November 1985, when prices plunged from near $30 a artel to less than $10 and took the tate’s economy down with it. Although the OPEC nations agreed this week on production con trols to boost oil prices to $18 per barrel, Bullock said the relative im portance of Texas’ oil and gas taxes has fallen dramatically and the in dustry remains a shaky economic link. In 1990-91, oil and gas taxes will bring in just 8 percent of tax reve nues, down from a peak of 27 per cent in 1982. “At this time, a protracted decline in oil prices could be a major threat to the state’s economic recovery,” the comptroller’s estimate said. “If oil prices fall below $10 per barrel for six months or longer, Texas proba bly would be forced back into reces sion. Oil prices could fall dramati cally if OPEC is unable to control production.” The estimate assumes oil prices will average $15 a barrel in 1989. $16 in 1990 and $17.50 in 1991. Although revenue from all sources will rise $4.2 billion, all that extra money won’t go into the Legis lature’s checkbook. State and federal laws and the Texas Constitution restrict $2.1 bil lion of the increase to education, highways, human services and other specific programs. Another $1.5 billion is a reserve to pay for pending legal challenges to the state’s tax laws, particularly the corporate franchise, insurance and utility taxes, Bullock said. That leaves a net increase of $600 million in income, but lawmakers in the 1989 Legislature also gain $1 bil lion that had to be spent last session to repay debts left over from 1986- 87. According to the revenue esti mate, 1990-91 sales tax revenue will climb 15.7 percent, while motor ve hicle tax collections will rise 13.5 percent. Bullock projected smaller in creases for motor fuel taxes, oil and gas taxes, and for the state’s cor porate franchise tax. According to the forecast, the Texas economy will grow 3.6 per cent per year, a little more than one percent faster than the national growth rate, during 1990 and 1991. Richards: Texas could gain millions in battle for funds "It’s certainly positive news for us )t the first time in a long time,” ate Treasurer Ann Richards said. The forecast was hailed by a llements spokesman as wonderful ews for state government and great ews for Texas taxpayers. It is “proof-positive that the Texas onomy continues to grow and ex- and and a sure sign that our eco- omic development programs are forking,” Jay Rosser, deputy press cretary to the governor, who is raveling in Europe, said. AUSTIN (AP) — Texas will take on New York and Delaware in a case before the U.S. Supreme Court that could mean millions of dollars to the state, Treasurer Ann Richards said Tuesday. “We are talking about lots and lots of money,” said Richards. The case concerns ownership of millions of dollars in dividends and interest that have no known owner, but originated in businesses and governmental entities na tionwide, including Texas. The money is held in bro kerage houses. New York claims the money is theirs, since the bro kerage houses are in New York. Delaware says it is their money, since the brokerage firms are incorporated in Delaware. Richards said the money should be returned to states based on where the original payments came from. Funds coming from Texas, she said, should be Texas- bound. She said the exact amount of money in question is un known, but added that a report filed with the state of New York showed the amount of money remitted by one brokerage firm was $3 million, $300,000 of which was from Texas businesses. How this money became unclaimed is a complicated matter. For example, a brokerage house may buy shares of a Texas company from another brokerage house for a client. When the Texas company returns a dividend, the first brokerage house credits the purchaser, but the transfer of the stock has not been recorded so the sec ond brokerage house also is credited with a dividend. This money becomes unclaimed and its owner un known. “At every single juncture there is an amount of un claimed property that comes out in that transaction. That results in a significant amount of money,” said Richards. “The only really known factor is that Texas, or Okla homa, or whatever state is the one that originates the payment and that is the one known fact you have in all of these transactions. In other words it (the unclaimed funds) should come to the orignal issuer of the secu rity,” she said. Richards, whose office administers Texas’ unclaimed money program, said the state has filed a brief with the U.S. Supreme Court requesting that Texas be allowed to intervene in the suit between New York and Dela ware. She also is urging other states to do the same. “Texas money is now being sent to the state of New York. Neither Delaware nor New York should benefit from Wall Street’s accounting errors,” she said. New England, Texas officials to begin ampaign for natural gas deregulation unit was used lot out three weeks ical truck overturn 1, he said. is on the scene toot; HOUSTON (AP) — Texas Rail- el I orts and tofadlit 0 ad Commissioner John Sharp and J.S. Rep. Joseph Kennedy II said Tuesday they will help wage a na- ional campaign for the deregulation natural gas, a move they said wen completed at se said. 1 the essential etfi rould create jobs in Texas and a heap, abundant source of clean en- rgy for the Northeast. Their comments came on the eels of a report by a joint Texas- s in operation I unit also was on e and served as a® or police and fire® slew England committee on natural lesaid. (gas, which recommended economic leregulation of natural gas and tax ncentives for gas drilling. “What we have found, and we Mnk that this committee has pro ven, is that it is possible . . . for va- ious regions of this country to come "I ogether on an energy policy that C I uses natural gas as a cornerstone,” JL V_/ V/ Sharp said during a natural gas sym- 1 i posium. Texas has lost a trillion cubic feet rfthe natural gas market since 1981, Sharp said, a figure which rep resents 150,000 of the estimated 300,000 jobs that have been lost since the downturn in the energy in dustry. New England will use the equiva lent of a trillion cubic feet of natural 1 gas in the next 14 months alone, and ng to poison or St the need for gas in California and ch would have bet i, she said. vner y felt they didn’t In’ ce. til would nothaveki lid. “Their vith officials thatlk' . They chose thgl® John (Bush) cried / received lalk, one of thetf i plained about the)* vas shocked when tiger’s death. ) call the vet to slop) s terrible. We ppen. non les s living in a treat#' sing siblings, se# the family, tid he still planned pinion with theD)! J tge anything,” said sistant dean with' r sity Law School r opinion as a boosl ffered a major seth- not Sanders ruled lal right to thereto 1 id requested fronti ient, parents say 1 tonth. Sanders to reconsh ’s role as a plaio 1 tision that the reto' ve parents. other states also is on the rise, Sharp said. One of the key strategies to boost ing the natural gas industry, how ever, will center on the environmen tal benefits of gas, Sharp and Kennedy agreed. “The energy policy of this country today isn’t just a policy that affects the United States,” Kennedy said. ipc going to affect future generations as we look at the greenhouse effect, as we look at the problems of acid rain and other problems with our envi ronment.” Kennedy, who described his first visit to Houston a decade ago when he spied a bumper sticker declaring Newspaper contest nicknames Super Collider— c Super Clyde 9 DALLAS (AP) — Its official name is the Ronald Reagan Cen ter for High Energy Physics, but a newspaper contest has yielded a friendlier moniker for the “Super Collider” — Super Clyde. The Texas-style name for the underground proton accelerator to be placed in Ellis County is the inspiration of Jewel P. Clark, 72, of Garland. She told the Dallas Morning News it “just popped into my head.” “It’s easy to say, and still, to the ear, it sounds like Super C’lider,” Clark said, whose winning entry was among more than 1,000 sug gestions received by the newspa per. Her prizes include a year’s sup ply of Atomic Fireballs candy, a junior scientist microscope and two passes to the Science Place museum. When informed of her , windfall, Clark told the newspa per, “That’s very interesting.” An entrant who got special no tice was David Thomas of Waxa- hachie, who suggested the super collider be named “The Cellar” so “it can be advertised as the home of the Texas Rangers and Dallas Cowboys.” “Will the employees be known as ‘The Atom’s Family’ ?” Thomas further mused. Receiving honorable mention were the names Armadillotron, The Big Bang Thang, Big Texe- lerator, Proton-B-Que and Wax- asmashie. clip and save ■■ Brazos Valley Safety Agency Defensive Driving Schedule for Dec. ’88/Jan. ’89 Dec. 5, 6 Dec. 14, 15 Dec. 29, 30 Jan. 11, 12 Jan. 16, 17 Jan. 23, 24 All Classes are held at the Hilton, College Station For more information phone 693-8178 clip and save conviser-duffy-miller review “GET THE CONVISER CONFIDENCE” • Course Materials Include 5 Textbooks • 3 Month Format • Payment Plan Available/Major Credit Cards • Exam Techniques Clinic 76% PASS RATE ! □ Enclosed is $95.00 enroll me at the TAMU Student (with current l.D.) discount tuition of $645 (Reg. tuition is $895.00) ! n I would like more information about your course. Name: Address: City/St/Zip: Phone: I plan to take the DMay □ November CPA Exam 19 1-800-274-3926 * A subsidiary of Harcourt Brace Jovanovich I Also offering Bar/Bri, LSAT, GMAT, MCAT & SAT Mail To. Conviser-Miiler CPA Review 1111 Fannin, Suite 680 Houston, TX 77002 “Drive 70 — Freeze a Yankee,” said the country and its energy needs have changed significantly in the years since. “We have up in New England tre mendous demands for new energy supplies,” he said. “While right here in Texas and throughout the South west ... we have enormous supplies of natural gas.” When Is Your Rental At All? READ IT IN The Battalion Get into circulation! Let our classified section display your rental services . . . it’s a fast, efficient way to do business! Parthenons Wednesday Special Open Bar 8-11 Woodstone Center 815 Harvey Rd. 764-8575 104 Texas ave College Station Enter And Win The Great Albuquerque Get-A-Way Win round trip air-fare from College Station to Albuquer que on American Airlines for two. 3 Days, 2 nights at Al- buequerque Comfort Inn including deluxe rooms and breakfast. 1 ih" j GREAT ALBUQUERQUE GETAWAY To Enter: Bring completed entryj blank to Comfort Inn. 104 Texas Ave College Station 846-7333 I Drawing Dec. 9 Register to WIN a trip for two to Albuquerque. Air travel provided by American Airlines. Hotel accomodations for two nights provided by COM FORT INN - Albuquerque, NM. Some restrictions apply. Drawing to be held December 9, 1988. You need not be present to win. NAME ADDRESS CITY STATE ZIP DATE w Texas North j American PHONE( 104 Texas Avenue AfrllnPQ College Station. Texas 77840 Phone: (409) 846-7333