Newspapers / The Brunswick Beacon (Shallotte, … / June 30, 1994, edition 1 / Page 38
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IMPROVEMENTS EARN NRC PRAISE Brunswick Plant Off 'Watch List ' BY SUSAN USHER Carolina Power & Light's Brunswick Nuc lear Plant is not the plant it was two years ago. or even 10 years ago. It's better. Last week the federal Nuclear Regulatory Commission took Brunswick Units I and 2 off its "watch list" of troubled plants that warrant its increased attention. "It's a milestone for the plant. ' spokesman Mac Harris said Friday after the NRC took offi cial action Thursday afternoon "It recognizes we are a better-maintained, better-operating plant than a year ago." NRC senior managers agreed during their semiannual review earlier this month that the plant's "demonstrated sustained improvement" warranted its removal from the problem plant category NRC Commissioners agreed with that assessment at a meeting held June 23 in Rock ville. Md. Brunswick was placed on the list two years ago by NRC regulators concerned about lax oversight by management, a poorly-maintained plant and employee errors. Two months earlier CP& L had shut the entire Brunswick plant down after fake earthquake protection bolts were dis covered in the building that houses emergency back-up generators. Since then CP&L has instituted major changes, replacing approximately 25 key man agers in its nuclear division and investing in a long-range plan for improving staff, facility and operations. In a written communication, plant Vice Pre sident Roy A. Anderson thanked employees for their accomplishments, hut reminded them that removal from the watch list is a milestone, "a necessary part of the journey toward world class performance," rather than a destination in itself. He urged them to "keep focused" on that long-term goal and to keep evaluating against "the best in the industry." This past winter the plant received its high est scores ever on the NKC's periodic assess ment of performance, and words of praise during the NRC senior management review. But it didn't get taken off the watch list bccause it had met only two out of three of the criteria estab lished for return to normal levels of oversight: it had successfully restarted Unit 2 and demon strated its trouble-free operation, but had not restarted Unit 1. Unit 1 has since returned to operation and has been continuously on line with no substan tive problems. Restart began this past weekend of Unit 2 after a 90-day refueling/repair work shutdown. The unit is expccted to be back "on the grid." providing electricity to CP&L cus tomers by the end of this week. "That will put them both back on line during the summer peak when we need the electricity," said Harris. "Management has effectively corrected the weaknesses and underlying root causes (hat led to previous performance problems at the Bruns wick Nuclear Plant," wrote James M. Taylor, the NRC's executive director for operations, in a June 21 letter to CP&L's William S. Cavanaugh III, president and chief operating officer. As reflected in Unit 2's performance in par allel with Unit l's recovery and restart, he con tinued, "CF&.L has established high standards of performance and institutionalized them at the station, implemented self-assessment and correc tive action programs that have contributed to im provements in operations and upgraded the ma terial condition of the plant to enhance equip ment reliability." He also notes that operation has demonstrat ed "competency of management and teamwork among staff and that operations have been en hanced by changes in how work gets done, re duction of work backlogs, and the improved condition of the plant itself. For CP&L, said NRC spoke man Ken Clark, removal of the list will mean less intense scruti ny by the NRC ? fewer visits from Atlanta* re gional office personnel and most likely a reduc tion in the number of on-site inspectors at the plant from three to two. Brunswick's sister CP&L nuclear power plant near Raleigh. Shearon Harris, was cited by the NRC for its "sustained high level of safety performance," a joining an elite aattained by on ly nine of 109 reactors nationwide. Choosing a Mortgage that Fits Your Budget Before you go house shopping, the N.C. Association of Certified Public Accountants recommends that you do some mortgage shop ping Understanding the various mortgage options, requirements, rates and fees will help you deter mine how much you can afford to spend on a home and how much you can comfortably finance. How Much Can You Afford? The amount of the loan, the type of loan you select, as well as its an nual percentage rate, will determine the amount of your monthly pay ments. Generally, lenders recom mend that your monthly mortgage payments do not exceed 25 to 28 perccnt of your gross monthly in come. Additionally, your monthly mort gage payment combined with other long-term debt payments, including car and student loans, should not ex ceed 36 perccnt of your gross monthly income. Although some lenders may issue you a mortgage if you have <* higher debt-te-income ratio, keep in mind that tfre more debt you have, the more difficult it may be to make your mortgage pay ments. Most mortgage lenders require that you make a down payment of at least 20 percent of the cost of the home. If you put down less money, you usually must buy private mort gage insurance, which will add to your monthly payments. Fixed- Rate Mortgages Despite the wide array of moit gage options available today, fixed rate mortgages arc still the rpr-st popular. They offer security since both the interest rate and monthly payment arc fixed for the period of (he loan. You can obtain a fixed-rate mort gage for a term of 15 to 30 years. Usually, the shorter the loan term, the lower the interest rate, and the taster you will build equity in your home. Because you'll face higher monthly payments on a 15- or 20 year loan, you may need more in come to qualify for these mortgages than for a conventional 30-year mortgage. When deciding the length of the loan term, carefully consider your fi nancial ability to meet the monthly mortgage payments now, as well as five, 10 and 15 years down the road. Remember, too, that even if you can't afford a 15- or 20-year mort gage, you can take out a 30-year loan and periodically make extra payments on the loan principal. In this way, you can pay off your loan more quickly. A fixed-rate biweekly mortgage also enables you to build up equity in your home quickly. That's be cause you make 26 payments annu ally, which is equivalent to 13 monthly payments a year, instead of 12. Over the life of the mortgage, these extra payments can save you a substantial amount of interest costs. Adjustable-Rate Mortgages Adjustable rate mortgages (ARMs) can save you the most in interest costs during the early years FmHA Gets Funding Increase For Low-Income Home Repairs The local Fanners Home Admini stration supervisor said the agency has received substantial funding in creases to repair homes owned by families with very low income. Funding in North Carolina for FmHA's loan program has more than tripled over last year's alloca tion, according to Ted C. Rivenbark, Brunswick County's FmHA supervi sor. The funds can be used to repair roofs, construct bathrooms, weather - ize dwellings and install septic tanks and wells, he said. Those who own their homes and have household incomes below 50 percent of the county's median household income may qualify. Loans can be made for amounts up to $15,000 for up to 20 years at 1 percent interest. Builders are needed to contract for home repair jobs, Rivenbark said, adding that finding qualified builders to perform repair jobs "is sometimes difficult." Anyone wanting more informa tion should contact the FmHA office at 143 Holden Beach Road, Shal lotte NC 28459, 754-4880. A Celebrity is Comingu) Town! Sail direct from Newport News and Charleston. SC to Bermuda! Spe;.s owefree 3ays and attained eveom0 atcare vfte m Mtr*iua 2ryoy * swjr..asoce._v miimnnmfl cuisine voted *1 ir. ?-"* industry for 'J* second oorjecuuve year by Oomb * Cruise Mm After -Urn eipeneti* go-a product xyj in 'int snowroan. gtaes of chance in the cas-v or danoe sr. our duo o Be ca^ivated by Berate* u/t St ma ch arr. Tijt s\_\ seeas x shir* a Jtxje brighter, the brerae feeis a latle softer infi the ?ra>r /xta a t* oiuer :vs i. par*, of a s-n splashed paradise wafting few you BRUNSWICK TRAVEL INC. CRUISE HEADQUARTERS OPEN: Monday-Friday 9 AM-5 PM Saturday 10 ASS 1 P* 1 800-852; 1800-862-2736 ? 754-7484 ? 150 Hoklen Beach R<3 Shafctte NC 28459 of the loan, but have the greatest long-term risk. ARMs offer a low interest rate for a short period of time, usually anywhere from a year to three years. After that the interest rate is adjusted either annually or every few years based on market conditions. As a result, your month ly payment can increase over the life of the loan. Lenders use different indexes to determine when and how much the interest rate will decrease or in crease. Some lenders also offer an nual and lifetime caps on interest rates ? typically 2 percent annually and 6 percent over the life loan. This is an important ARM feature that could protect you in the event inter est rates rise significantly. Other ARMs may include a provision en abling you to convert the loan to a fixed-rate mortgage for a modest fee. Other Mortgage Options Balloon mortgages, like ARMs. enable you to obtain a fixed interest rate for a short period of time. Typically, balloon mortgages are structured for seven years. At the end of that period, you must pay the remainder of the loan in full or refi nance the loan at the current interest rate. Additionally, the Federal Housing Administration and the Veterans Administration make low -interest loans available to qualified individu als. Your bank or another lender should be able to provide you with details. When determining the amount and type of mortgage you can af ford, remember that in most in stances, mortgage interest is fully tax deductible. In order to deduct mortgage interest, CPAs say the loan must be secured by the residence you purchase or construct and it must be recorded according to state law. Money Management is a weekly column on personal finance pre pared and distributed by the N.C. Association of Certified Public Accountants. CALL US FOR INSURANCE QUOTES: 1-800-424-0115 ? Home ? Auto ? Commercial ? Mobile Home ? Life First Investors FINANCIAL CORPORATION Or Visit Our Bonking Offices: LELAND SHALLOTTE WHUEVILLE (910)371-1000 (910)754-5400 (910)642-8153 BUSINESS BRIEFS Wilson's Announces Sale To Maine Chain Wilson's Supermarkets announc ed last week the company has reached agreement to sell the pri vately held company to Hannaford Brothers Co., a Maine-based food retailer with 95 stores throughout New England and New York. The transaction includes the sale of its 20 Wilson's supermarkets ? in cluding a store in Shallotte ? sites for five additional stores, three of which are under construction, and several shopping centers. Wilson's currently employs 1,800 people, of whom will be retained by Han naford, according to a news release from Wilson's. The two companies signed a pur chase and sale agreement on June 21 and say they expect to complete their cash transaction by the middle of July. The decision to sell the company was a difficult one," said Allan Wilson, president of Boney Wilson and Sons. "The sale allows several members of the Wilson family to pursue retirement or other interests." Wilson said the change of owner ship will be "invisible to our cus tomers. Some members of our fami ly will continue to operate under the Wilson name and the same associ ates/employees will continue to serve our customers." New On CHHC Staff Joyce Reaves has joined Com prehensive Home Hospice as hos pice patient care coordinator in Sup 7.36%* U.S. Government Bonds U.S. Government bonds are one of the most secure investments available today because they are backed by the full faith and credit of the U.S. government. They are also guaranteed as to the timely payment of principal and interest. Call me today for all the details. KATHRYN GOSSETT Investment D iMirnft n ..In Al, ? representative Call Today (910)754-3202 Snallotte ? Kj>u- npmwd as the lower of yield to maturity or yield to call effective 06/27/94 Subject to availability Market nsk is a consideration on investment! >old pnor to maturity S Edward D. Jones & Co. MlirO' %? Drt StoC? t?f?**9e ?C S?cwa*t i" eetc Nww Ctmm mo* ply. She has 16 years of experience. Mack To Head COG Rose Ann Mack has been ap pointed executive director of the Cape Fear Council of Governments to replace Jerry A. Walters, who re signed to become town manager of Long Beach. Mack has been with the council for more than 20 years, spending the past eight as management services director for Brunswick, Columbus, New Hanover and Pender counties. She is a graduate of the Univer sity of Delaware and has a certifi cate in county administration from the Institute of Governments. New Plant Specialist George Nathan Swain has been designated as a certified plant spe cialist by the N.C. Association of Nurserymen. Swain is employed by Lockwood Golf Links. The recognition is awarded after a person experienced with plants pass es an intensive testing program de signed to identify horticulturists qualified to assist with gardeners' questions. Certified plant specialists can pro vide answers in plant identification and culture and are familiar with plant disease and insect problems. Triple Tax-Free NC Municipal Bonds 6.00% Equal to taxable yield of 9.375% for NC resident. North Carolina Municipal Bonds are exempt from Federal, state and local taxes. You keep 100% of what you earn-and that's what counts. ??I I For more H infnnnsticr. H calif 910/763-1641 lW288-5055 Frank D. Volt Financial Consultant Wheat first Securities 102 S. Second Street Wilmington, NC 28401 ?? *** *> m^jmy m o I M7/M Maraat senMaiia mm, ?MmI prim. ?Wd> to r*d?mpi?? AMT may ?FPhr A..um.e 31% F*4wal mn4 7* SMI* lu OPTICAL CALLERY Highway 130. Holden Beach Road. Across From Sandfiddjer Restaurant ? Shallotte I I I ?all frames I 1/2 PRICE!' I Frame yourself in a new pair of glasses from Optical Gallery. Picture yourself in I one (maybe even two) of Optical Gallery's fashion or designer frames, while our entire stock is on sale for half I price. Just purchase your prescription lenses from us and get your frames for half price. Your eye doctor will gladly give I you a copy of your eyeglass prescription. Bring it to us; we fill any eyeglass pre scription. Half price offer expires July 31 , _ 1994. Coupon must be presented at time ^tfjiurchase ^OPTICAL MLLIHT^ COUPON Soft Contact Lens Replacements starting at EYE EXAMS ARRANGED each lens Bausch & Lomb Lens, U-4 Series Regular $35.00 Call Todav 754-4680 in 1(9 . ? -?optical IqaLLehYI ?Professional fees not included Coupon good through Trr rj i s * >i 623
The Brunswick Beacon (Shallotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 30, 1994, edition 1
38
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