Press Journal from Vero Beach, Florida • 14

16A Wadnaaday March 29 1989 Vara Bnach Ha Praia Journal Savings Interest Yields Following Is a weakly account of savings interest yields paid by area financial institutions MtaMh I l-V-r I lsr I CO Maryland Developer Has I 959 1 8021 910 1 m915 -91B-91B 1m Amerind I m84Om460mB751 -8801 -8901 -988 In Union Nat1! Option To Buy Channel 34 Donald a primary Investor 'ls black To encourage minorities to own broadcast stations the government grants people who sell to them a two-year deferment on capital gains taxation during which they may reinvest in another station or even in broadcast stock company WTWV Inc of Mississippi owns several stations It bought WTWV in April 1979 Since it is privately held Sapln's investment in Channel 34 is not revealed Wright said McDonald would be primary stockholder in his company and is looking at buying from two to five broadcast properties The firm of Martin Miller Properties with whom McDonald is in partnership is listed by Dun ft Bradstreet Inc this month as having a worth of $92000 and annual sales of $450000 But Wright said he is sure the company is worth more than that McDonald said he has been interested in the station because of the strength of the retail market in its area particularly in Palm Beach and St Lude counties according to Wright Since WTVX went independent Wright said the station has "done better than I expected in holding iti He said it actually has done better in some time slots "The 6 O'clock News is as strong as ever We are doing as well as USA Today in Indian River Asked if there have been extensive staff changes Wright said there are bound to be some changes in a switch from network to independent But he said the total number of employees is 115 which is about what it was before the change McDonald reportedly plans to use Dudley Broadcast Management of Wisconsin as his consultant particularly of financing tax returns and accounting if the sale goes through By ARTMAIER uinaaa Editor A spokesman for Channel 34 television confirmed Tuesday that a Maryland real estate developer has been given an option to buy the station James McDonald who has formed a new firm called M-Street Media West Palm Beach has an option in effect through April 3 McDonald formed the firm in partnership with Martin Miller Properties Inc Bethesda Md and others according to Lynwood Wright general manager for WTVX Channel 34 Wright estimated the selling price at $12 million to $15 million not in the contract stage said McDonald "If we reach a sales agreement we will have to file with the Federal Communications Commission and it should take 90 days to receive their approval Hie sale then would take place In July "We have had a lot of offers on the said Wright "If the right offer is presented we will sell If not we will Wright said me condition would be that the sale would have to be to an organization that would continue to operate the station as an independent in the manner it is now operated "Some potential buyers would eliminate the news and operate it almost as a cable station" said Wright "We would not want McDonald would operate it in essentially the way it is now being operated Wright said Due to a chain of changes in network affiliations beginning in Miami WTVX lost its affiliation with the Columbia Broadcasting System at the beginning of the year Hie station unsuc cessfully attempted to affiliate with the American Broadcasting System but ended up as an independent' In October 1988 Frank Spain owner of the station put the station on the market saying he wanted to determine its worth as an independent He said it had been valued at $50 million as an affiliate Bmm an Mr itarUa S-ManUi CO MytaMssN Car Owning Operation To Cost More In 1989 In December 1988 Spain said he was taking the station off the market He reported having received offers ranging from $9 million to $24 million at that time WTVX News Director Bob Morford who is no longer with the station said at the time of the announcement that Spain would not sell unless he received a very big offer Wright said Tuesday that if he sells Spain will be looking for broadcast properties in the West Midwest and California He is building a retirement home in California 1 Spain would receive some tax advantages if he sold to McDonald Wright said because Mc News Briefs Farm Bureau Lists Concerns In addition the sales staff will be on hand to give guided tours of the floorplans of the new Garden Homes walking people through the of these new homes before they are even under 1 roof The entrance to The Savannahs is on US 1 south of Fort Pierce and For more information call (407) 466-2701 In addition to this party there are five decorated models cm display daily betwen 10 am and 5:30 pm between the Comfort Inn EconoLodge Executive Inn storage of surface water the letter states One such increase will occur May 1 in the St Johns Water Management District where the Agricultural Industrial Wastewater Construction Permit is set to increase from $300 to $1000 a 233 percent increase Also in the district Management and Storage of Surface Water (MSSW) Individual and Conceptual permits will increase from $350 to $1500 and a General MSSW Permit will increase in cost from $100 to $500 a 400 percent increase Savannahs Stalls conies standard-equipped with an eight -cylinder instead of a inder engine 1989 edition of "Your Driving shows: Total insurance costs including collision comprehensive and property damageliability increased $89 from an average $556 in 1988 to $645 this year Taxes license and registration costs rose $13 mi average from $131 in 1988 to $144 in 1989 Depreciation accelerated $240 from an average $1778 in 1988 to an average $2018 this year- Finance charges 1 assum- ing 20 percent down at 11 -percent interest over four years in- creased $65 from $523 in 1988 to $588 in 1989' due to higher car The average cost of gas and Oil is 83 dents per mile in 1989 up from 5 cents in 1988 The average cost of mainte- 1 nance is 19 cents per mile this year up from 16 cents in 1988: i The average tire cost is 08 cents -per mile the same as in 1988 "Your Driving is available through AAA's affiliated clubs in the United States and Canada 1000 offices provide 30 mil-lion members with travel' insurance financial and auto-related services -i Motorists will pay an average $496 more to own and operate a new car in 1989 a 121-percent increase over 1988 the American Automobile Association reported 1989 edition of "Your Driving shows total ownership and operating costs for a new car driven 15000 miles will be $4595 in 1989 up from $4099 in 1988 Motorists will pay an average 306 cents per mile to own and operate a new car in 1989 an increase of 33 cents over the previous year Costs for gasoline maintenance insurance taxes depreciation and financing have all increased Only tire costs have held steady cost figures are based mi computations made by Runzheimer International of Rochester Wis a management consulting firm specializing in transportation travel and living costs The figures are based mi a com- posits national average for operate ing three domestically built passenger cars a Ford Escort LX a mid-size Chevro- let Celebrity and a foil-size Chevro- let Caprice AAA reported driving costs for the same models last year However air conditioning was included on the 1989 Celebrity and Caprice instead of listed as an add-on as it was last year Air conditioning is standard equipment on the Caprice and is ordered on most Celebrity models The 1989 Caprice also 1 i Florida Farm concerns over the operation of the five water management districts were outlined to members of the Environmental Regulation Committee in a letter sent March 17 According to the letter FFBF supports T'the management of water through the water manag-ment districts we urge retention of the established basin boards and we oppose any changes in the cur rent water management district boundaries We believe water resources can be best managed through the direction given by qualified citizens at the local level as currently Beach training center will use the simulator Students will receive up to five hours of training in the simulator as well as five hours of actual flight training and tip to 24 hours of ground school "Hie simulator will be extremely important in increasing the proficiency of Malibu and Malibu Mirage said Cox "A maneuver can be practiced first In the simulator allowing the student to master it before it is attempted in -'The simulator features a foil Malibu Mirage interior and instrument panel with an I vex visual system that displays runways and the flight environment The controls simulate actual pressures felt during flight maneuvers The simulator can be used to practice instrument approaches emergencies systems failure stalls and ground handling The FAA has approved simulator time to fulfill IFR recurrency requirements Piper Aircraft Corp is a privately owned compnay that manufactures a complete line of piston and turbine-powered aircraft Piper Obtains Flight Simulator New Construction The Savannahs is celebrating the start of construction on its new single-family Garden Homes with garages this weekend garages this weekend with a However Farm Bureau opposes any unreasonable increase in per Piper Aircraft Personal Aviation Training Center recently took delivery of a specially designed Frasca International Simulator according to Ron Cox training center manager The sophisticated training device imitates the flight characteristics of either the Malibu or the Malibu "Hardhat from pm on Sunday The event is open to the public and is free Visitors will be able to help themselves to hot dogs popcorn and lemonade that will be served mitting fees but would support the use of a general permit to implement water management systems for farming and -forestry operations "Within the past year the districts have substanially increased the cost of both consumptive use and management and from stands near the construction Mirage Both initial and recurrent site with live entertainment under Malibu and Malibu Mirage classes a balloon-festooned party tent i taught regularly at Piper's Vero Bearer Bonds No Longer Issued Quality Returns nt Low Rntes! RTHURIER Mgr i Before my recent purchase of four municipal bonds I spedficalty asked my broker if the re available in bearer form with interest i attached He said So I gave him the 1653 20lh St (Rt £dj prompt i at reasonable Wo i TOW WE PREPARE STATE RETURNS ram only registered and book-entry bonds will be available -if 'Cy- Your broker gave you incomplete andor inaccurate information when he told you the bonds you bought could be purchased in bearer form An elderly relative owned a $36J88 bond Issued by a -i service company The bond matured about two weeks ago My relative sent It In by registered mall return receipt requested before the maturity date The return card shows It was received four days before the maturity date Because the redemption value baa reached' my relative we telephoned and were told checka for redeemed certlflcatea are rent only every other Friday and my check will be mailed this coming Friday Aasiualng thia la true and "the cricks don't the check will be 17 days late Whan asked if they pay Interest on the extra time they answered "Of cou la this ethical and tice among financial institutions? A unethical for sure IIMHUf -LSI When the bonds arrived they wen stripped of coupons and folly registered In my name Have the rules been changed? 7- A Yes indeed by the Tax Equity and Fiscal Responsibility Act back in 1982 Among other things that piece of federal legislation did away with new issues of bearer bonds A bearer bond does not have the name on the bond certificate or the record books of the issuer The owner must cut off semiannual coupons in order to collect interest And owners often do not learn their bonds have been called for early redemption until their coupons are returned unpaid No new issues of US Treasury or corporate bonds have been available in bearer form since the year that law was enacted Municipal bonds stopped being issued in 1 FREE SEMINAR I fFf FINANCIAL PLANNING AGEdwards imssnHMS smrrmr Topics Diseussioni wills and living trusts bearer form effective July 1 1983 Needy' issued The proceeds of a matured bond or other debt securi-bonds now come in registered form or book-entry ty are supposed to be available on the maturity date form The name is on a registered braid and on the bond had been hand delivered your relative the record books of the issuer Interest checks are or whoever acted for him or her should have been mailed to the registered owner and the owner usually able to pick up the check on the maturity date receives individual notification of a call for early re-1 I Avoiding probate and mixing estate taxes mixing ouk taxes I Since the redemption checks were going by mail they should have gone out on the maturity date or the next business day story about checka being mailed every second Friday hold water I I Increasing your spendable income Reducing income taxes Conservative investing for I retirees The real cost of John Jackson CFP John Jackson is a certified financial planner and former trust officer with over 18 experience in the financial services industry You will enjoy Mr dynamic speaking style as he dicusees topics of interest to retirees and new residents CALL NOW! for Reservations I Unfortunately some outfits hang on to money as long as they can get away with it But that be called practice among reputable financial institutions Your relative had a bond issued by a outfit demption I had to write because there was at least one case in which that did not happen With a book-entry Treasury bond interest is sent electronically to the bank account if the owner has a "Treasury account Otherwise interest goes to the brokerage firm or bank through which the braid was purchased Then the brokerage or bank credits that money to the bond 'account In the case of a municipal braid in book-entry form interest always goes to the brokerage or bank where the bond was bought You still can buy bearer bonds issued before the new rules went into effect There are lots of them around However after all those old bearer bonds reach maturity or are called for early redemption I I catastrophic care Thursday March 30 3 PM Pickett Suite Resort 3500 Ocean Drive Vero Beach Doyle welcomee written questions but he cm provide aniwen only through the column You can write to him at King Featuzea Syndicate foe 235 45th St New York NY 15017 AN-EPS-SS-EVB.