STAFF PHOTOS BY EDDIE SWtATT
STEPPING DOWN as commander, Charles (Buzz) Iuimbert (center) is presented a past squadron
commander's ,{lug by the iruumirig commander, Frankiin Forrest, right. District 27 CoiiiffiufldiT
Russell Gray (right) was the installing officer.
Franklin Forrest Takes Command
Of Shallotte River Power Squadron
TAKING THE OATH are, from left, Rev. John
Richardson, assistant education officer, and
Richard Danz, education officer.
Franklin Forrest of Holdcn Beach beeamc the fourth
person to command the Shallotte River Power Squad
ron at the third annual Change of Watch meeting
Friday night.
He took over from Charles (Buzz) Lambert of
Sunset Beach, who was praised for this leadership dur
ing the past year when the relatively-new squadron
won national and stale recognition for performance
and participation of its members.
The Bosun's Pipe, a monthly squadron newsletter
edited by Lambert, was recognized as being one of the
best in die country.
United States Power Squadrons, of which the
Shallotte squadron is a unit, promotes safe sail and
power boating and offers a number of training courscs
for this purpose.
An eight-week safe boating course began Jan. 23. It
includes boat handling, elementary seamanship, regis
tration, equipment regulations and safe operation,
charts and aids to navigation, basic navigation and
trailer boating.
The course is free but a nominal charge is made for
materials. To enroll, call 579-8951.
fit
OTHER MEMBERS of the new bridge are, from left, Lucy Keefer, treasurer; Marilyn R. Grose,
secretary; iMther Gravatt, administrative officer; and Dewey Adams, executive officer.
Fishermen Fill'Er Up Tax Free!
Instead of buying
dicscl fuel tax paid and
then filing a claim for
credit or refund when the
dicscl fuel is used for a
nontaxable use, you may
be eligible to buy it tax
free. You may be able to
buy gasoline at a tax-ex
cluded price for use in a
boat used in the commer
cial fishing business.
Diesel Fuel
Purchases
Diesel fuel can be pur
chased tax free if used for other than
diescl-powered highway vehicle
consumption. The uses include (1)
use in any boat, (2) use in stationary
machines such as generators, com
pressors, or similar equipment, or (3)
use in any vehicle that is not a high
way vehicle such as a forkiift.
To buy dicscl fuel tax free, you
must buy from a supplier who is reg
istered with the IRS to sell diesel fu
el tax free. You must also certify to
the supplier, in writing, its intended
nontaxable use at each purchase, or
you may certify such use once to
cover all purchases from a particular
seller for up to a year. If you use
dicscl fuel for both taxable and non
taxable purposes, you can buy lax
free only the amount of diesel fuel
that you reasonably project at the
time of the purchase you will use for
nontaxable purposes.
Gasoline Purchases
You may be able to buy gasoline
at a tax-cxcluded price only if it is
used in a vessel employed in com
mercial fishing. You cannot buy
gasoline for any other purpose at the
tax-excluded price.
Gasoline suppliers do not have to
be registered with the IRS to sell tax
free gas. They may be able to claim
a credit or refund of the excise tax on
the gas sold for use in commercial
fishing at ihc tax-ex
cluded pricc. IRS
Publication 510, Excise
Taxes for 1993, has de
tails.
When buying gas at a
tax-excluded price, you
must provide a written
certification to identify
yourself and explain
how you will use the
gas. The certification
need not be renewed as
long as the information
it contains continues to
be correct.
Exemption Certification
To purchase either fuel, your only
requirement is to give your supplier
a signed exemption certificate which
slates your name, address, taxpayer
identification number (TIN), and the
intended nontaxable use, such as
diesel fuel for a boat, or gasoline for
a vessel employed in the fisheries
business. See IRS Publication 595,
Tax Guide for Commercial Fisher
men, for acceptable examples of ex
emption certificates for both fuel
types.
Any of the above publications can
be ordered free by calling 1-800
829-3676.
For custom colors and expert advice...
See J.D. Morris
your Glidden paint consultant.
, S5
The Low
Luster Finish
with
Contemporary
Style!
?Durable,
washable low
luster finish
?For walls, A Be ready for the future
^odaTe?as APS!? / with SPRED 2000, the
SH099 - / first environmentally
j sa|e> odor-free paint.
$-jy99
Gal. interior latex
MILLIKEN HOME CENTER
The Shallotte Electric Stores
Business Hwy. 17, Shallotte ? 754-6000
Coast Dodges Speeding
Bullet With 'Lyra' Scare
BY JAMIK MILLIKKN
It is sometimes strange how a sin
gle word can suddenly enter your
life and bring a sense of emergency,
fear and disbelief. Living on the
edge of the mighty Atlantic Ocean
for the past 37 years, I have learned
to cxpcct the unexpected.
Not so long ago the word was
"Hugo." I remember as if it were
yesterday the fear in my gut as my
family and I finished the final prepa
rations to protect our belongings as
Hugo was bearing down upon us.
In 1993 the one word that caused
all these familiar gut feelings to
once again run through my body
was Lyra. On Tuesday, Jan. 26,
Lyra, a 637-foot container ship
loaded with 400,(XX) gallons of fuel
oil, broke free from her low off the
North Carolina coast. She was en
route to her new home in Louisiana.
The National Weather Service
will record Jan. 26 as one of the
worst northeasters to batter our coast
in recent memory. Winds atop
Frying Pan Light Tower were 50
mph and gusting to more than 60
mph. The sea had steadily built to 18
feet. It was the type of winter storm
that runs the fish to deeper water for
protection.
The Lyra had snapped free some
50 miles cast of Frying Pan Shoals.
The high winds and seas were push
ing her at an incredible speed on a
path of destruction with the same
shoals that caused early sailors to
name our area "Cape Fear."
All the major news networks
learned of the disaster in the mak
ing. Unlike getting ready for a hurri
cane, there was absolutely nothing I
could do to prepare for this new im
pending disaster. I knew that if the
Lyra slamincd into the shoals, the
heavy seas would break her up just
as a demolition crew reduces a 40
story building to a pile of rubble.
It would then only be a matter of
hours before our beloved fishery
would be destroyed for years to
come. I can't imagine the last trout.
EVEN SMALL ADS GET
RESULTS IN THE BEACON
CAPTAIN
JAMIE'S
OFFSHORE
FISHING
REPORT
the last spot-tail drum, the last
flounder, the last clam and, yes, the
last oyster being taken from us. That
is exactly what would have hap
pened if the Lyra had broken up on
the shallow shoals.
The impending disaster was
averted when four heroic men were
lowered, one at a time, to the heav
ing deck of the Lyra. 1 can just
imagine the fear those men felt as
they batded to do their job aboard a
637-foot vessel that was being slam
dunked by Mother Nature.
These men worked through the
night of the 26th and into the wee
hours of the 27th, when they suc
cessfully lowered the huge anchors
that caused the Lyra to slowly come
to a stop. Our fragile coastline and
fishery had dodged another speeding
bullet.
As of this writing, the Lyra is
once again on her way to Louisiana.
Her name will slowly fade from our
memory like so many disaster words
have done before.
I thank the U.S. Coast Guard and
all their personnel for a job well
done. And, for the four men who
crawled on their hands and knees in
the pitch darkness along the Lyra's
decks, there are no words that can
ever express my gratitude.
May God continue to keep these
men under His watchful eye, just as
He did the dark, stormy night of Jan.
26,1993.
Good fishin' and good luck,
"Jolly Mon."
Come See Our Visit Showroom
Taylor in Elizabethtown
WATERSTOVE?
Hwy. 701 South
Taylor Mfg. Inc.
Elizabethtown, NC 28337
, , ??
f f?*v?f' ^/WTv^ >v'?VTi
?5? '?o^/<
'1207 Hwy. 17 South Olipid OhCCTS 11 AM-5:30 PM '
North Myrtle Beach __ nn?^..r Sat. 11AM-3PM
U-DKt/W is here
Imported &
"jl Domestic Kits
Jj All Natural
Ingredients
Simple to
Make
Home Brew
Beer & Wine
Kits
11111
* Supplies free GIFT Economical
|g?} 52S With Kit Purchase Cost Effective
?0We Ship UPS (803)361-0092 Gift 0?*
V ?a!/\ Oa?/V ?! ? A#? .0A.*A ? ,#A a*. . ' .
SECURITY
SAVINGS & LOAN ASSOCIATION
Southport, NC
Statement of Condition Wfe are proud to announce the
December 31, 1992 following as of December 31, 1992:
ASSETS
Mortgage Loans & Contracts $115,853,000 After tax profits for the period ending
Other Loans December 31, 1992 are $1,613,000
Real Estate Owned 274.0G0
FHLB Stock 1,273,000 ,, , r , ?
Cash & Investments 9,747,000 'Mortgage Loans and Contracts represent
Fixed Assets (Net) 1,432,000 84.57% of total assets.
Investment in Subsidiary 10,000 ? . . r _ .
Other Assets 439,000 'Ca?h and Investments represent 7.11% of
total assets. Our investments consist solely of
Total Assets $136,998,000 f"nd* on deP?sit with the Federal Home Loan
Bank.
T rAnn TTTVQ jPt 1\Tf?T WHPTH '?ur Avera8e Regulatory Liquidity ratio
LIABILIIIES & NEI WUKIH stands at 7.06%. By regulation we must
Deposits $121,137,000 maintain a level of 5%.
FHLB Advances 3,500,000
Other Liabilities 630,000 .0ur Capital to Assets Ratio is 8.56%.
Current regulations require a minimum of 3%.
Total Liabilities 125,267,000
?Our Risk Based Capital to Assets Ratio is
Unappropriated Retained Earnings 11,731,000 15.43%. By regulation, u>e are required to
maintain a minimum of 8% as of December
Total Liabilities & Net Worth $136,998,000 3lt 1992.
Security Savings and Loan has been in the business of accepting deposits and
providing residential mortgage loans at highly competitive rates since October 12,
1911. We have responded to our community's needs more recently with the
introduction of our consumer loan department in 1990. To date, our consumer loan
portfolio consists primarily of home equity loans and loans secured by deposits. This
type of lending served only to compliment the conservative approach to this business
that management of the association has been committed to since its inception.
1992 was an excellent year of operations for Security Savings and Loan and we
look forward to having many more. So stop by any of our five locations in Brunswick
County and let us help you with your personal financial needs. We'll be looking for
you.
Home Office: P.O. Box 10069, Southport, NC 24861, (919) 457-5246
Branch Offices:
P.O. Box 247 P.O. Box 449 P.O. Box 4008 P.O. Box 699
Shallotte, NC 28459 Leland, NC 28451 Calabash, NC 28459 Long Beach, NC 28465
(919)754-4371 (919)371-6546 (919)579-3595 (919)278-6022
FDK3 t=T