HomeMy Public PortalAbout005-2021 - Authorizing the Safisfaction of a Loan Provided to Parallax RICHMOND POWER AND LIGHT
BOARD OF DIRECTORS
RESOLUTION NO. 5-2021
A RESOLUTION OF THE RICHMOND POWER AND LIGHT BOARD OF DIRECTORS
AUTHORIZING THE SATISFACTION OF A LOAN PROVIDED TO PARALLAX
RELATIVE TO THE PROVISION OF TELECOMMUNICATION SERVICES AS
ORIGINALLY PERMITTED BY THE INDIANA UTILITY REGULATORY COMMISSION
AND ASSUMING OPERATIONS OF PARALLAX AS A DEPARTMENT OF RICHMOND
POWER AND LIGHT AS ORIGINALLY CONTEMPLATED INDIANA REGULATORY
COMMISSION ORDER PURSUANT TO CAUSE NO.41721
WHEREAS, on April 25, 2000 Richmond Power and Light ("RPL") filed a Petition with the
Indiana Utility Regulatory Commission ("IURC") wherein it sought the'issuance
of a certificate of territorial authority to provide certain telecommunications
services within the State of Indiana;and
WHEREAS, pursuant to the above and foregoing, RPL sought authority to provide dedicated,
high-speed broadband transmission services on a private line basis within Wayne
County, Indiana, and the IURC determined that RPL had the requisite legal
authority to provide such services within the requested area as a competitive local
exchange carrier; and
WHEREAS, RPL,pursuant to the IURC Order referenced above,was, and remains responsible,
for complying with nine (9) terms and conditions in order to operate a
telecommunications department as contemplated within the Order; and
WHEREAS, RPL was provided a Certificate of Territorial Authority to offer and provide
dedicated,high-speed broadband transmission services on a non-switched, private
line basis to the public in Wayne County, Indiana, subject to the conditions and
limitations in Finding Paragraphs 4, 5, and 6 of the above-referenced IURC Order;
and
WHEREAS, subsequent to the issuance of the IURC Order referenced herein,RPL did begin the
operation of a telecommunications division, which division functioned as a
subsidiary of RPL known as"Parallax"; and
WHEREAS, Parallax, although as a division of RPL, functions separate and largely
independently from RPL; although it has remained subjected to the terms and
conditions of the IURC Order; and
WHEREAS, RPL prepared a Telecommunications Business Plan which included the allocation
of$2,700,000.00 for the implementation of telecommunication service as permitted
by the IURC Order,and by RPL Resolution 1-2001,due to the fact that the division
of RPL operating the telecommunication services was required to be kept separate
and apart from the electrical services of RPL,thereby requiring separate accounting
for funds associated therewith; and
WHEREAS, the above-referenced $2,700,000.00 for operating purposes was provided to
Parallax as a loan as contemplated by the permitted pledge of monies for the benefit
of the telecommunications department; however, subsequent legislative
modifications lessened the degree of oversight and RPL now desires to transition
Parallax to the direct oversight of the electric utility as a "department" while still
maintaining the required degree of separation such as, for example, maintaining
separate financials and refraining from subsidizing the telecommunications
division; and
WHEREAS, Parallax has in its asset inventory approximately 123 miles of fiber, valued at
$3,588,103, and other assets consisting of servers, switches, and computer
hardware,valued at$139,495.00; and
WHEREAS, there exists an outstanding principle balance of the above-referenced loan of
$2,363,691,63; and
WHEREAS, RPL agrees to consider satisfied the above-referenced loan in exchange for a
transfer of all Parallax assets to RPL, which assets will be managed by the RPL
department operating the telecommunication services described herein which shall
continue to be known as Parallax; and
WHEREAS, through the execution of this Resolution, Parallax and its services will be directly
housed within RPL as a department of the same, and RPL resolves to continue to
abide by all applicable IURC orders as the department shall satisfy its own expenses
through its rates, and will not be incorporated into the rates of the RPL electric
utility,
NOW,THEREFORE,BE IT RESOLVED,that the Board of Directors of Richmond Power
and Light,properly convened,hereby consents to and approves the following:
1. Parallax, as a division of Richmond Power and Light,shall be, and hereby is,modified
and transferred to Richmond Power and Light as a department of the same.
2. Richmond Power and Light shall undertake all normal and customary business
practices designed to create the telecommunications department, to be referred to as
Parallax.
3. Although this Resolution expressly creates a department of Richmond Power and
Light, said entity shall maintain the appropriate and expected degree of separation
between the electric utility and the department providing telecommunication services
as required by applicable law and Indiana Utility Regulatory Commission orders."
4. All Parallax assets, including those specifically referenced herein, shall become the
property of Richmond Power and Light,to be managed and maintained by the Parallax
Department.
5. The loan, in the original sum of$2,700,000.00 issued to Parallax, as a division of
Richmond Power and Light,with an outstanding principal balance of$2,363,691.63 is
hereby satisfied in exchange for the transfer of assets listed in paragraph four (4),
above.
Passed and adopted this 4• day of A 21> by the Richmond Power
and Light Board of Directors,
sk Co<
r. Doll Goss Dr. Lucina Wright
a):11114-:-
Mr. Bill Engle Mr.re appa
r. cke . asy Turner
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s. Jane Bumbalough Dr.Ronald Oler
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