Standard & Poor's Cuts S.C.'s Credit Rating

Vacation Safety

MASC Planning Session
MINING ASSOCIATION OF SOUTH CAROLINA
2005 Board Planning Session
June 23-25, 2005
Charleston, SC

President Anna Barrier welcomed the Board to Charleston and discussed the needs and goals of the MASC as worked on during the work session on the previous day.

REPORTS

Jim Holmes reports that Mike Woodrome with the MSHA Small Mines Education Program is a very positive program to provide MSHA education for small mines and contractors. Aiken Tech is sending mixed signals on their training program and it was suggested that MASC contact the State Tech Director to discuss the future of the mine safety program.

The BROWZ program is underway but the information forms are not user friendly. Contractors have found it very difficult to interact with the BROWZ web page.

Jim McKnight indicated the Education Committee would meet in July to work to improve the exhibit and develop an image development program.

Clean Air Title V is being enforced and requires the permit process every 5 years for those organizations that require the full-blown permit.

The Association will check in Horry County to determine if a meeting is needed to address the anti mining zoning debate currently underway in the county.

The Holiday Dinner is scheduled for the Embassy Suites, Friday, December 2, 2005. Registration will be $75.00 per person for the up-scaled dinner and DJ entertainment.

South Eastern Wildlife Exposition exhibit will be updated to exhibit during the 24th Annual Southeastern Wildlife Exposition scheduled for February 17-19, 2006.

The 2006 Mining Conference is tentatively scheduled for Savannah at the Westin over Mother’s Day weekend. A review of attendees and a survey will be conducted to identify what, where and when the 2007 Conference should take place. Locations suggested were Wild Dunes and Hilton Head.

In a discussion of the Planning Session Review it was noted that an evaluation of the planning document should be on the agenda at each Board Meeting beginning in August of 2005. Next years Planning Session should be scheduled for Charleston in June of 2006

Next meeting of the Board is scheduled for August 24, 2005 or August 17, 2005 at the Association Office. The Annual meeting will be scheduled for Oct. 7, 2005 at the Vulcan Plant in Greenville. Mike Woodrome would be asked to make a presentation on the Small Mine Development Program to contractors and small mine guest.

The Aggregate Committee will be Chaired by Matt Jolliff, Hanson, 864-968-1310.

President Elect Dunlap suggested that MASC develop programs and agendas for 2006 by year-end.

The development of a small miner program with a special dues package was discussed. Activities and assistances would be available from the MSHA Small Miner Program and DHEC.

Wayne Maxwell, with MSHA will be contacted to request the scheduling of an Inspector-Miner meeting during the late fall or winter. The meeting would be similar to last months quick called meeting at the MSHA office in Columbia.

Work Planning Session Goals Developed by the Boards
SEWE Exhibit and Development of Educational CD
MSHA Small Mine Program
Establish Cement Company Program
Legislative Committee Dinners
Discuss MSHA Program with Aiken Tech and State Tech Director
Develop MASC Work Plan and Agenda for 2006
Conduct Survey on Mining Conference and Identify Conference Dates and Location
Review Associate Member Program and Develop New Member Program for Board

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Standard & Poor's Cuts S.C.'s Credit Rating
Citing the state’s anemic economy, a top credit agency downgraded South Carolina’s coveted Triple-A rating. The downgrade to an “AA+” rating from New York-based Standard & Poor’s means the state could pay slightly more interest when it sells bonds to raise money. “South Carolina’s economic growth has been sluggish following the recession, especially in comparison with other ‘AAA’-rated southeastern states,” said Standard & Poor’s credit analyst Eden Perry in a statement.

The agency singled out South Carolina’s 6.5 percent unemployment rate in April as the prime reason for the change. South Carolina was one of seven states to enjoy a Triple-A rating from the nation’s three credit-rating institutions. The other two agencies, Moody’s and Fitch, have not downgraded the state’s rating.

Georgia, Virginia, Delaware, Maryland, Missouri and Utah have Triple-A ratings from all three agencies. Trav Robertson, spokesman for State Treasurer Grady Patterson, said that, while he was disappointed with the downgrade, officials believe any financial impact to the state would be “very minute.” “South Carolina is still one of nine top-rated states in the country,” Robertson said, adding that it is not possible to predict how bond markets will react to the change. “We hope the markets treat us as triple-rated.”

John Rainey, chairman of the state’s Board of Economic Advisors, said the state’s employment outlook may not be as dire as Standard & Poor’s assumes. The state’s unemployment rate fell from more than 7 percent in February to 6.3 percent in May, but it remains above the 5 percent U.S. average. More importantly, Rainey said, income tax withholdings grew by an estimated 8 percent over the past three months.

“There’s a lot of underlying good news here,” he said. Still, state political leaders had hindit downgrade for months, and Democrats were quick to pounce on Gov. Mark Sanford. “We are in the midst of a job crisis, and this governor has done nothing about it,” said Sen. John Land, D-Clarendon.

Sanford spokesman Will Folks blamed the Legislature for not adopting more of the governor’s economic proposals, in particular his plan to cut the state’s income tax rate. But in Monday’s release, Standard & Poor’s said the tax cut would have cost the state $1 billion in revenue and could have hurt the rating even worse. “If you’re going to assume the price tag, you’ve got to assume the economic growth,” Folks said.

The state had lost its Triple-A credit rating once before, in 1993, but regained it three years later. An upgrade like that is rare, but Robertson said he’s confident it can be done again. “South Carolina’s always been a great investment,” he said.

The State, July 12, 2005.

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Vacation Safety
Vacations can and should be a lot of fun for everyone. With a little planning and some precautions, vacations can be safe too! Here are some tips to help you have a fun and safe vacation:

Before You Leave Home, Plan Ahead
Make sure your home looks lived in. Don't let the mail or newspapers pile up. Either have mail stopped, or ask a neighbor to collect it for you while you're out of town. If you'll be gone for a while, make sure someone mows your lawn and waters your plants. Use timers throughout the house to keep the house lit at night. Check your homeowner's insurance policy to see what is covered in the event something is stolen. Make a list of what you are taking on vacation an leave a copy at home.