Northwest Arkansas Times from Fayetteville, Arkansas on August 22, 1974 · Page 10
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August 22, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 10

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Fayetteville, Arkansas
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Thursday, August 22, 1974
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10 · Northwes, Arkansas TIMES, Thurs., Aug. 22, 1974 FAYETTEVILLE, ARKANSAS Nixon Faces Personal Budget Problems As Private Citizen SAN CLEMENTE, Calif. (AP) -- Richard M. Nixon may sell his Florida houses and could renegotiate the mortgage on his San Clemente estate to ease personal budget problems confronting him as a private citizen. And big money may lie ahead if he contracts to write a book. Those financial options for the former President were outlined by Nixon associates, although there is no firm word on what he will do. One adviser said he expected no quick decision on future financial ar- rangemens. Nixon's resignation made more immediate the money problem lhat began four months ago wilh Internal Revenue Service findings that he owed nearly $500,000 in back come taxes, penalties and interest. While the documents of h i s p r e s i d e n c y a r e potentially worth millions, Nixon's problem is ready cash. "I've got to find a way to pay my faxes,'' Nixon said in his Wliite House farewell Aug. 9. His income dropped sharply, from presidential salary to pen sion, with his resignation in the face cf virtually certain im peachment over Watergate. Since relrealing to his ocean front residence here, Nixon ant his aids have said nothing publicly about finances. NEW EXPENSES Soon there will be new ex penses. Now without public funds ti pay his legal fees, Nixon pre sumably will need private at torneys to advise him' on pending Watergate trial sub poena and perhaps other Wa tergate matters. Nixon's present financial situ aion is this: --His cash savings were vir tnally wiped out by a paymen of $284,70G for hack taxes am penalties from 1970-72, plus in terest. --He has promised to pay a additional $148,081 for 1969 back taxes, although the statute o limitations for civil colection o that sum has expired. --He was to pay $243,000 principal and interest July as the final payment on his Sa Clemente property. But he re ceived a six-month extension o that debt in return for agreein to pay higher interest. --His principal assets at thi point are his equity in. the Sa Clemente property and t w houses at Key Biscayne, FIj He owns no corporate stocks o bonds. --His income, instead ol 250.000 as president, is now 32,950 in presidential pension us about $18,000 for other pasl overnment service ranginc om World War II militarj uty to vice president. For his rst six months out of office e's also entitled to $450,000 in ansition office expenses, then ill get $96,000 a year for ides' salaries, plus other bene- ts such as office space. COULD SELL HOUSES The simplest quick step Nix n could take to raise signifi ant money probably would be sale of his two houses in ey Biscayne, Fla., whicl ould net him $150,000 or more. Within six months, he'll also ave to revamp his mortgagi rrangemcnls for the San Cle icnle properly. He could sim ly extend payments on the mount now due or he couli aise immediate cash by nego ating a new and larger mort age. The former President also ould make a financial come- )ack by writing a book or sell ng his papers and tapes. The papers and tapes are po entially worth millions of do' ars. President Ford's lawyer lave said the tapes and docu nenls will remain in the Whit ·Tonse until Watergate legal is sues are resolved. Ultimately, the materials ar expected to go to Nixon, bu here has been no indication h vill sell them. He has said pr viously that the material ivould be placed in a Nixo residential library. No one has said Nixon tends to write a book. After h vice presidency, he authored commercially successful vo ume entitled "Six Crises." Experts in the publishing i: dustry say that paying Nixon big advance for a book woul 30 highly speculative. They sa that it is impossible to tell no what the public interest in Nixon book would be in 1% to years -- the minimum tim ihey figure would elapse befo a hook could be in bookstores. Another major question, the agree, is what would Nixc say? "The value would be if told it like it happened," sa one agent. "If he just wrote nice rosy painted picture, th the critics would murder it." Nixon has until January work out a means for payii off the San Ciemente mortgag The Nixons have given eve indicalion they intend to li permanently in California, they are not expected to se their secluded estate. Today In History IlllllllllllllllllJlllllllllllllllllllllllllllllllllllirallllllllllWIlll y THE ASSOCIATED PRESS Today is Thursday, Aug. 22, je 234th day of 1974. There are 31 days left in Hie year. Today's highlight in history: On this date in 1941. during \Torld War II, Nazi troops cached the outskirts of the ussian city of Leningrad. On this date: In 1654, the man who has one down in history as thfi rst Jewish emigrant to Amera, Jacob Barsimson, landed t New Amsterdam. In 176Z. the first American ·Oman newspaper editor, Ann 'ranklin, went to work at the 'ewport Mercury in .Rhode sland. In 1776, during t h e Revolu- onary War, British Gen. Wilam Howe landed 10,000 sol- iers on New York's Long sland. In 1846, the annexation, of ··lew Mexico as U.S. territory vas announced at Santa Fe. In 1910, orea. In 1956. a Republican national jonvention in San Francisco re- nominated President Dwight Eisenhower and Vice President lichard Nixon for second erms. Ten years ago: Hurricane Cleo hit the southern Caribbean, killing 138 persons Haiti and Guadeloupe. Five years ago. President Nixon reaffirmed the U.S. pledge to meet any attack against South Korea. One year ago, President Nixon accepted blame for the Wa- ;ergale scandal. He also announced the resignation of William Rogers as Secretary of State and the nomination of Henry Kissinger for the job. Today's birthdays: Baseball's Carl Yastrp.emski is 35. French fashion designer Marc Bohan is 48. Thought for today: The machinery of government would not work if it were not allowed a little play in its joints - Justice Oliver Wendell Holmes. 1811-1935. On PBA Project Bumpers Approves Expansion Japan a n n e x e d ly THE ASSOCIATED PRESS Gov. Dale Bumpers' com- v . ' i that the state Capitol ex- ansion project makes good · .mess sense brought differ- ig reactions Wednesday from state senator woh opposes the reject and the chairman of the tate Public Building Authority, /hich has proposed the project. Sen. Morriss Henry of Fa- etteville called the project 'open-ended" and s a i d he eared it would cost more than nticipated. But Bumpers said lat was. not true because the 75 million figure is firm. Jack Morgan of England, ead of the PBA, said he was 'ncouraged a n d heartened by Jumpers' support. The PBA has proposed the expansion of t h e Capitol com- lex to house more state of- ices. The Legislative Council las approved spending $75 mil- ion for the project. Bumpers said there was .a leed -for the office expansion and pointed out that the renl alone of present offices woulc :ost the state at least $120 mil ion by he year 2005. He said he completion of the PBA proj set would enable the slate to pocket that $120 million in ren receipts. Reacting to that, Henry said renting is not a bad idea because the agencies could be moved somewhere e l s e when :hey could better serve the public or w h e n facilities deteriorated. SUPPORT IS SOUGHT Henry and several other leg- slators have said the expansion proposal should receive further study and possibly be put to a vote by either the General Assembly or the public. Letters have been sent to all 135 legislators to gather support to stall the slart of the project. "I can understand why some people would oppose it simply Because of the size of it," Bumpers said. ."A lot of people opposed the purchase of Alaska and the Louisiana Purchase." Bumpers, who said legislation from his administration helped establish the PBA, said he did not pressure the council into approving the project. By establishing the Capitol expansion project, Morgan saic that he thought ' the PBA hat followed the letter and intent o instructions in A c t 236 which created the PBA. Bumpers pointed out that one version of the PBA legislation which would have required the Authority to make a report to the General Assembly when i met in 1975 w a s defeated in committee because the legisla- ors fit it was time for the tale to move ahead with, ac- .ual construction. ACTED ON INSTRUCTIONS Morgan said that the PBA lad acted in accordance with Is instructions from the legisla- ure in presenting periodic reports to the Legislative Council ind the council had been, empowered to approved PBA ac- ions rather than waiting for a session of the full legislature. Morgan said the PBA has ieen guided throughout its year of operation by "a genuine desire to save money for the «ople of Arkansas by provid- ng state office facilities which are efficient and economical in he long ran." He estimated that after retir- ng the bonds to pay for the new construction the state will save a least $10 million annually in rent. Morgan said -that the Authority was moving ahead preparing to request bids on initia stages of the program following the Aug. 1 action of the Legisla- tige Council which passed i resolution empowering the PB/ to proceed with the issue o bonds. - · The bonds would pay all costs ot covered by the $15 million sprbpriated for the project in 73. Of the total appropriation 4 million Is being applied to re initial construction. Henry said after Bumpers marks that he hoped to con uct a public hearing to get the tuation out into the open. H aid he bought the Icgislatun tould discuss he matter. Increase Granted LITTLE ROCK (AP) About half of a rate increase requested last spring by the E. Kilter Telephone Co. of Marked Tree was approved Wednesday by the slate Public Servic* Commission. The utility serves about ;4,000 stations at Marked Tree,: Le-:. panto, Tyronza, Keiser, .Garden; Point. Payneway and Dyess. :Company officials had filed" testimony to support raising exchange rates to produce an additional $138,000 a year in.reve- nues. The PSC ordered the company to file new rate schedules calculated to raise $65,613 a year in additional revenues. : If you've got the 3 bumper, we've got the insurance The new, safer bumpers mean better Insurance rates when you "Look to the Shield." Ask your.MFA Insurance agent how you .can save as much as 10, 15 or 20% on collision coverage on 1973. and 1974 model cars. 2587 No. College Fayettevllle Phone 5Z1-TU7 Chavez Hospitalized {3AN JOSE, Calif. (AP) - Cesar Chavez has been hospitalized with back pains arid flu symptoms, apparently the result of overwork and a recent two-week fast, his doctor says. "(He) needs a good rest," Dr. Jerome Lackner said of the United Farmer Workers leader. 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