Word: fontana
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...virtually completed its flood control and navigation projects in 1945. It closed the mile-and-a-half-long Kentucky Dam near the mouth of the Tennessee River and 480-ft.-high Fontana Dam on he Little Tennessee. With these and the 24 other dams in the system, TVA now has a navigation channel on the Tennessee some 650 miles long; and 13,000,000 acre-feet of water storage space for flood control, navigation and power...
When Henry J. Kaiser built his Fontana steel mill in 1942 (on a hog farm in California's San Bernardino County) he borrowed $111.8 million from the Reconstruction Finance Corp. Of this sum he spent $94 million to build the plant, held the balance for working capital...
...decided to put the loan on a businesslike basis. RFC's revamped terms were: 1) a 15-year 4% first mortgage of $69.5 million ($58 million for the marked-down value of the property, plus '$11.5 million which RFC offered to lend Kaiser for additions to Fontana); 2) a 25-year, no-interest second mortgage of $34.5 million; 3) a $10.3 million note to be secured by 103,180 shares of Kaiser Co. Inc. 4% first preferred stock. In short, RFC wanted its original loan repaid in full, 'was not prepared to subsidize Kaiser's well...
...stood firm on Fontana. The broad question was: should RFC expect to collect in full for a war plant built at inflated costs? RFC thought so, argued that if West Coast industrialists really wanted cheaper steel they should apply to the ICC for a lower freight rate from Fontana...
...flutter of headlines, Alfred John Gock, chairman of the board of Bank of America, announced that, if the Reconstruction Finance Corp. will underwrite the venture, his bank will give Kaiser "100% cooperation" in raising $60,000,000 to finance purchase and expansion of his $110,000,000 plant at Fontana, Calif...