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WASHINGTON, D.C. — By a vote of 93-3, the U.S. Senate approved National Energy Strategy legislation containing a landmark financing package for the troubled retiree health insurance program of the United Mine Workers of America (UMWA).
“This is good news for nearly 10,000 Virginia retirees and their families,” said U.S. Sen. John Warner. “As recently as three weeks ago, a related financing scheme for an industry-wide coal tax was dead in the water. With the active support of President Bush, however, we have reached a new funding agreement.” I Under the legislation, UMWA retiree health costs will be assigned to both present and former members of the Bituminous Coal Operators Association (BCOA), depending on the length and time of employment as recorded by the Social Security Administration. For those “orphan” retirees for whom former employers no longer exist, they too will be assigned on a proportional basis.
Major financial support will come immediately to the UMWA health funds by a transfer of $210 million from the UMWA pension fund over the next three years. Additional costs for 1996 and beyond will be covered by transfer payments from the federal Abandoned Mine Lands
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