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Show inside Today: Stale World Snow, Often face off under TV lights at community college PageDl Thursday, October 11, 1990 - Sports 350 Westerners Many gather to cave Baghdad honor Matheson PgsA7 Central Utah's Newspaper for 116 Years Pirates extend series to gam 8 PagsFI PageD3 50 Cents Issue No. 72, Provo, Utah urces say Bush 1 1 3 f n SUfS - WASHINGTON (AP) Republican lawmakers said today that President Bush would accept higher taxes on the wealthiest Americans in a trade for a deep cut in capital gains rates. But the White House immediately sought to lower expectations for such a deal. "I do not believe such a compromise is now possible," White House spokesman Martin Fitzwater quoted the president as saying. The White House statement coming less than an hour after GOP leaders told reporters they thought a deal was at hand served to increase the confusion that has swirled around the tax issue in recent days. The plan seemed designed to facilitate an overall budget accord needed by Oct 13 to keep the government operating. Even so, it faced an uncertain reception in 532 0 Congress, with opposition from both sides lawmakers who oppose any increase in income tax js4 A jet of 1L V-. cities gathered here Wednesday for ribbon cutting on a $21 million power project the Bud L. Bonnett Geothermal Pow- er Plant The opening was part of activities sponsored by the group celebrating Public Power Week. UMPA officials say the plant is not only the first of its kind in Utah, it is one of a kind in the nation. The plant is built on the site of steam wells and is projected to provide UMPA cities with an economical and clean source of pow- er. After research, officials believe the steam reservoir recycles itself and will maintain a consistent level in years to come. Ben Holt, chairman and chief executive officer of the Ben Holt Company which oversaw the design and construction of the plant, told those at the ceremonies that geothermal power has just come of age. Wayne Portanova, president of Mother Earth Industries, also spoke, sayb.g the ceremonies were the "realization of a dream." Portanova was one of the men who brought his plans for the project to Provo several years ago. He convinced the city to invest in his dream and the city in turn went to UMPA with the project Although Provo holds the major shares, the cities of Spanish Fork, Salem, Nephi, Levan and Manti will share the power. Officials say the power produced at the plant comes to the cities at half the rate of Utah Power and Light with three times (See PLANT, Page A2) Cove Fort pioneers mined sulfur Ancient volcanCOVE FORT oes created the thermal conditions near here. Animals would congregate in the Fremont Basin and Indians knew the soil would bring health. Early pioneer settlers in Cove Fort probably wondered at animals that would gather where the Earth was warm. In the 1830s the settlement numbered 150 people who mined for sulfur. Sulfur mining has continued in the basin, off and on, but it was Wayne Portanova who capitalized on a dream of using the hot water under the ground to produce pow- er. Initially Union Oil Company and the Department of Energy began a project to use the hot water in the basin to produce power. Portanova became in tj. volved in the project when the company withdrew. It was his lucky day when A Mother Earth Industries hit steam while drilling hot water report pre- pared by Curtis S. Bramble, a certified public I accountant, and attorney Byron Smith oloarp1 Snow of any-- "! wrongdoing in rnnnpptinn with the failed merger wells. Portanova approached Bud Bonnett with Provo Energy De- partment and the Provo City "t Council. After much open discussion and looking at financing, Provo decided to take a chance and develop the project w Mm imr Kal Snow of two penny stock companies promoted by convicted stock manipulator Michael Strand. The allegations surfaced during the primary race against Republican opponent John Harmer. Harmer said he has not seen the report and thus cannot comment on The city along with UMPA holds a federal lease on 2,500 acres and has an agreement with Mother Earth Industries tax-writ- . doubted that it could generate enough Democratic support to win approval Under the proposal, the the marginal tax rate on the wealthiest Americans would be raised from 28 percent to 31 percent but only if Congress lowers the capital gains rate to 15 percent profits from the Capital gains sale of stocks, real estate and other assets are currently taxed at the (See BUDGET, Page A2) . draws mixed reaction By ROBB HICKEN Herald Staff Writer The release of a second independent report on 3rd Congressional District candidate Karl Snow has been received 1111ACU W1U1 ICUf tions. with UMPA holding an individual 50 percent interest of the steam. UMPA and its cities also have first rights to other well development on the property. it "After the primary election, Karl Snow and that Ien-dors- ed en-- dorsement still stands," Harmer said. , Richard Hill, who led the four attorneys in reviewing both Snow and Banner's background, said, "The accountant's report is entirely consistent with the conclusions of the independent attorneys' committee when we concluded that candidate Snow was involved in no illegal or improper conduct relating to Michael Strand's related companies." Several documents were made available to the accountants which the lawyers were not able to obtain due to the refusal by John Darger, a prinicpal in Unique Battery, to provide corporate records. "Those documents, though interesting, would lead to the same conclusion of no impropriety by Mr. Snow," Hill said. He also added that the lawyers' report did not investigate whether Snow had properly reported his income taxes. "Therefore, we cannot comment on that portion of the acocuntant's (See SNOW, Page A2) Developer will meet with Strattons Mexican author wins Nobel Prize By ROBB HICKEN Herald Staff Writer While winter threatens the closure of the golf season at Cascade Fairways, negotiations may be getting under way between Richards Development and the Stratton brothers. Keven and Brent Stratton have been displeased with the way Orem officials and the developer have handled negotiations for property and lease rights in order to build a technology park around the current golf course the brothers operate. According to developer George Richards, a tentative meeting date has been set to discuss the issues surrounding the proposed Ulcere project Richards, president of Richards deDevelopment a Nevada-base- d finalized velopment company, agreements with Orem to acquire the property where Cascade Fairways currently exists. Cascade owners have a lease, with an option for an additional 75 years after fulfilling the agreement's first part. Cascade Technology Park would incorporate the current Cascade Fairways golf course and additional adjacent property to the course to create a course which 25-ye- ar le would wrap around a 50-ac- tech nology park. The Strattons maintain that they have established a "quality" golf facility and now qualify to have the lease extended. Richards signed an agreement with Orem to purchase the 111 acres, including Cascade Fairways, for $1 million. The Strattons, through their attorney, Tim Anderson, asked that the city respond to some concerns which have not been previously addressed. Anderson said the city attorney replied in a letter, and answered most of the concerns the Strattons (See CASCADE, Page A2) STOCKHOLM, Sweden (AP) -- rich imagery of Mexico's landscape to explore love, death and loneliness, won the Nobel Prize in literature today. The Nobel Academy also cited Paz for his distinguished essays on Mexican society, which have angered both the right and the left in his homeland. The Nobel Academy praised Paz, 76, for his "exquisite love poetry, at the same time sensuous and visual," and for his wide international perspective. Geneva plans new public stock offering By PATRICK CHRISTIAN Herald Staff Writer ; An new public stock offering of Geneva Steel Stock is being arranged. Geneva Steel has already filed a registration statement with the Securities and Exchange Commission for a public offering of 2,325,000 shares cf Geneva Class A Common Stock, confirmed Dennis L. Wan-las- s on Wednesday. Wanless said the offering doesn't have any effect on operations at Geneva Steel nor on its current modernization plan. Wanless is vice president, treasurer and chief financial officer of Geneva Steel. He said all shares are being sold by Federal Deposit Insurance Corporation, Benefit Capital Management Corporation and Boettcher & Company, Inc. Geneva Steel will not receive any proceeds from the tentative offering. FDIC, the federal government's insurance company, and Benefit Capital were the original lenders involved in the buyout of Geneva Steel from USX Corporation in 1987. Boettcher provided financial advisory services for the buyout Sale of the stock won't occur until SEC authorization is granted. The three selling stockholders have also granted Merrill Lynch Capital Markets, Paine Weber Inc. and Salomon Brothers, Inc., the underwriters a option to purchase up to an additional 211,-78- 1 shares. FDIC currently owns 1.5 million shares, Benefit owns 964,543 shares, and Boettcher owns 166,375 shares, for a total of 2,712,484 30-da- y shares. The original public offering earlier this year was issued partly to finance a $226 million modernization progam designed to strengthen the steel mill's competitive position. The stock was publicly issued in March at $10 per share and was on Thursday. An selling at 11 initial offering of about 7.7 million shares was made. In August of 1987, warrants to purchase specific amounts of stock was issued to the three stockholders for $0.0758 per share. Geneva Steel owns the only integrated steel mill operating west of toe Mississippi River. It manufactures sheet plate and other steel products for sale primarily in the western and central United States. Controlling interest in the Company remains with President Joseph Cannon and Executive Vice President Robert J. Grow. hot-roll- ed USX Corp. operated the mill from 1944 until 1986 and new company began operations in Sept of "I was very, very surprised," he said, adding that be planned to have "a delightful day." NOBEL Literature 1990 Mexican author Octavio Paz, whose lyrical poetry uses the "Poetry is not a very popular art form these days, but it's an essential part of human life," Paz said. "Poetry is the memory of a country, of language. Without poetry, people can't even talk The academy said one of the high points of his poetry was the long, 1957 poem "Sun Stone," which was inspired by a huge, Aztec calendar stone. Paz was in New York City for an exhibit of Mexican art at the Metropolitan Museum of Art for which he wrote the prologue when he heard of the prize. I i n well." It was the second year in a row for a Spanish-languawinner, and Paz told Swedish radio that his prize "is a sign that the Spanish and Latin American literature is in good health." ge n m Find it Weather E6-E- 7 Arts Entertainment Classified Ads ....B6 Comics .....C2 Crossword ... E3 Horoscope B8 . Legal Notices 5 Lifestyle .....E8-E- 7 Movies .. National m...u...u.M.m.u..ujk3 D2 Obituaries Fair and cold tonight with lows in the 30s. Friday will be fair with partly cloudy skies, and highs in the 60s. See Page At. ..98 E1-E- Opinion....................... Sports State F1-F- 8 5 -- ..El Al 1987. 375-510- 3 Air Quality Today's air quality was good areas of the Wasatch Front with a slight increase in pollution levels expected. See Page At in all D3 Stocks TV Schedule Worid ... To enjoy the convenience of Daily Herald home delivery, call D4 '. ; Rep. Bill Archer of Texas, a -' senior Republican on the ing House Ways and Means Com- -, mittee, emerged from a White House meeting to discuss the plan' and say the president was ready to ' present it later in the day. However, the announcement may have been premature. In the White House statement, Fitzwater said that Bush supported " such a package but in essence, New report on Snow Herald PhotoDeauls Pattersoa steam is produced for dedication ceremonies at the Bud L. Bennett Geo thermal Power Plant Wednesday at Cove Fort By LEANN MOODY Herald Correspondent COVE FORT Officials from six Utah Municipal Power Asso- ciation -i- rates and those pushing for higher taxes on the wealthy. |