World's #1 Company for Original Stock Certificates & Old Stock Research Services Since 1880 - Rated A+ by Better Business Bureau

Historic Stocks and Bonds                                              
Quality Research Service Since 1880                                   


What our customers say:




 




Washington Public Power Supply System Bond ( WPPSS aka Whoops ) - 1963 - Washington State  

Washington Public Power Supply System Bond ( WPPSS aka Whoops ) - 1963 - Washington State

Product #: wppss

Normal Price: $395.00
Our Sales Price: $295.00

(You Save: 25%)

Qty:

PRODUCT DESCRIPTION  
Beautifully engraved Hanford Project Electric Revenue Bond from the Washington Public Power Supply System - WPPSS dated May 16, 1963. This is a cancelled $5,000 bond that was due on September 1, 1996. This historic document was printed by the Security Columbian Banknote Company and has an ornate border around it with a vignette of an allegorical woman holding an tablet and a man holding a globe next to books on a table. This item has the printed signatures of the Company’s President and is hand signed by the company's Secretary. This is a hard to find bond.

Scripophily.com is a name you can TRUST!
Certificate Vignette



In the 1950s, the Legislature authorized formation of joint operating agencies that allowed cities and public utility districts to join together to develop electricity generation projects. In 1957, 17 public utilities formed the Washington Public Power Supply System. The first project was the Packwood Lake Hydroelectric Project.

During the 1970s, the joint operating agency began construction of three nuclear facilities, one of which is the Columbia Generating Station at Hanford, the only operating nuclear power plant generating electricity in the state. A joint operating agency is authorized to issue tax exempt revenue bonds to finance its projects. In the case of the first three nuclear power plants, revenue from the Bonneville Power Administration (BPA) was used to guarantee repayment of the revenue bonds through a system of net-billing. An IRS ruling in 1972 changed the tax exempt status of federal agencies and further net-billing agreements were prohibited.

In January 1982, the WPPSS board stopped construction on Plants 4 and 5 when total cost for all the plants was projected to exceed $24 billion. Because these plants generated no power and brought in no money, the system was forced to default on $2.25 billion in bonds. This meant that the member utilities, and ultimately the rate payers, were obligated to pay back the borrowed money. In some small towns where unemployment due to the recession was already high, this amounted to more than $12,000 per customer. The bond holders sued and the matter wound it way through courts for the next 13 years. Plants 1 and 3 were never finished either, but their costs were backed by the Bonneville Power Administration and the power it generated from the Columbia River Dams.

Plant 2 at Hanford was completed in 1984 and is now called the Columbia Generating Station. It produces 12 percent of the power supplied by the Bonneville Power Administration at a cost of 2.3 cents per kilowatt hour. Seattle customers pay an average of 3.89 cents per kilowatt hour. The unfinished plants were mothballed against the possibility that construction would be resumed. In 1995, WPPSS decided to demolish what remained of the structures.

Product #: wppss

Normal Price: $395.00
Our Sales Price: $295.00

(You Save: 25%)

Qty:
 

Scripophily.com and Old Company Research Press Releases

See Stock Certificate Expert Bob Kerstein, CEO Scripophily.com
discuss Stock Certificates in Bloomberg ,  the Associated Press ,
CNBC with Jane Wells discussing the Facebook IPO,
Inside Edition and the Today Show

Subscribe to our New Free RSS New Products Feed in a Reader

Subscribe to Our New Product Additions Feed by Email


We will always maintain our founding commitment to customer satisfaction and the delivery of an educational product with an enjoyable shopping experience.  Please let us know how we may be of service to you.



Scripophily has been
fully tested by
Norton Safe
Web


Bookmark and Share


Scripophily has been featured on CNN, CNBC, CBS, WSJ, Barrons, and many other fine publications
See Scripophily.com in the News at Scripophilynews.com


Note:
All Old Stock and Bond Certificates are actual authentic certificates and are sold only as collectibles. We do not sell reproductions and offer a lifetime guarantee to the authenticity of everything we sell.

All Rights Reserved. © 1996 - 2017

 
Scripophily.com is a name you can TRUST!
American Institute of
Certified Public Accountants

Scripophily.com is a name you can TRUST!
Virginia Society CPA's
Bob Kerstein, Member
Click to Verify Trust Certificate - Yahoo is a licensee of the TRUSTeďż˝ Privacy Seal Program



  Scripophily.com is a name you can TRUST!
American Numismatic Association

Securities and Exchange
Commission Historical Society


Society of Paper Money Collectors
Member
Scripophily.com - Gift of History -  BBB Membership Seal
Better Business
 Bureau Member
Rated A+