25 Jan 1977
Page 1
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jan 25, 1977
Page
1
Mayor Lali Cockrell endorsed a $34.2 million out-of-court settlement with the Coastal States empire. She called the plan fair and equitable at a city hall news conference, noting past pressure from Shasé for an earlier deal. San Antonio was among customers.
The memorandum of understanding signed by LoVe Gathering Co and Consul States marks the first formal step toward ending the Austin Texas pas dispute. The plan aims to benefit ratepayers, with San Antonio city officials deciding funding and headquarters while CPS and COPS press for public hearings and a ratepayer benefit.
Henry Cisneros says lowering natural gas prices awaits a permanent rate ruling by the Texas Railroad Commission. Meyers notes potential 15 year legal routes if city pursues action. Gen. John Hilway to speak at the St. Anthony Hotel press conference Tuesday.
Representatives of Coastal States Gas Producing Co and major La-Vaca customers unveiled a two part plan. A new company would be formed with a book value of 240 million, independent of Coastal States, to be owned by customers and Coastal stockholders. Coastal would invest at least 180 million in a Gas Search Program to develop new gas reserves sold to La-Vaca at discount prices over seven years. The settlement includes a trust holding 3.8 million Coastal shares and 115 million in preferred stock, with a board mostly from principal cities served by La-Vaca. San Antonio would receive about 84 million in benefits, while remaining terms include write offs of receivables and side agreements affecting Lone Star Gas, Central Power and Light, and United Texas. The plan faces opposition from the Lower Colorado River Authority and City of Austin among others.
Trustee Elny Centeno blocked renewal efforts to name Pop Gunn to the City Public Service board amid a long running substitute term issue with San Antonio’s CPS. Mayor Cockrell abstained and the council seeks a more ethnic diverse appointee while CPS and council clash over eligibility within the service area.
In Austin Rep. Jim Nugent cites a fiscal 1975 report showing the Texas Teachers Retirement System $12.9 million in the red at year end. Legislators debate funding, benefits, and assurances from stakeholders amid criticism of mismanagement and politics surrounding TSTA advertising. Senate and House hearings continue on related pension provisions and constitutional rights questions.
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