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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Alex Mt who wrote (54042)	10/29/2000 2:02:01 AM
From: Alex Mt	Read Replies (3) \| Respond to of 769670

Clinton/Gore: More money for education -- (Does anyone know why part of the proceeds from this sale went to the Teachers Fund? I have no clue) US Department of Energy April 19, 1999 Keeping a Commitment To California's Retired Schoolteachers Energy Secretary Richardson Joined by Governor Davis In Delivering Initial Payment on a $324 Million Promise U.S. Energy Secretary Bill Richardson, joined by California Gov. Gray Davis, Lt. Gov. Cruz Bustamante and retired schoolteachers, today personally delivered $36 million to the California Retired Teachers Fund. The payment -- the first in a series agreed to as part of the privatization last year of the DOE-owned and operated Elk Hills Naval Petroleum Reserve near Bakersfield – was presented in a ceremony at San Francisco City College. "This payment delivers on a promise the Clinton-Gore Administration made to California teachers when we sold Elk Hills," Secretary Richardson said. "There are 126,000 retired public schoolteachers in the Golden State, and nearly 20,000 more who now live elsewhere in the country, and this settlement agreement will help provide for their financial security." Elk Hills, the nations's 10th largest oil field, was sold to Occidental Petroleum for $3.65 billion. The California Retired Teachers Fund will eventually receive 9 percent of that selling price (or $324 million), which will be used to boost pension payments to retirees. The first $36 million installment was included in the Administration's fiscal year 1999 budget request. While the payment was not included in the initial appropriations bills passed by the House and the Senate, the Administration was successful in getting the first payment included in the fiscal year 1999 omnibus appropriations bill passed in the closing days of the 105th Congress. The Administration has included a request for the second $36 million payment in its fiscal year 2000 budget request. Under the settlement terms, payments to the state are to be made in five $36 million installments, with the balance to be paid in the sixth and seventh years. All payments were made subject to Congressional appropriation in the legislation authorizing the sale of Elk Hills, passed by Congress in 1996 and signed into law by President Clinton.