HomeMy Public PortalAbout11-04-2013 PROCEEDINGS OF THE BOARD OF DIRECTORS
FOR RICHMOND POWER & LIGHT
NOVEMBER 4, 2013
The Board of Directors for Richmond Power & Light Plant met in regular session at 7 p.m. November 4,
2013 in the Council Chambers of the Municipal Building in said City. Chairperson Wissel presided.
ROLL CALL:
Present were: Howard "Jack" Elstro, Kelley Cruse-Nicholson, Bruce Wissel, Clayton Miller, Don Winget,
Larry Parker, Misty Hollis, Ron Oler and Phil Quinn.
Also present were: James French, General Manager; Km Vessels, Assistant City Attorney; Karen
Chasteen, City Clerk; Gus Duke; Media and Sergeant-at-Arms.
APPROVAL OF MINUTES:
Ms. Hollis moved to approve the minutes of the regular meeting held October 21, 2013 and special
meetings held October 24 & 28, 2013, supported by Mr. Parker. Upon a vote viva voce, the motion
passed.
APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS:
• Upon recommendation of the Finance Committee, Mr. Winget moved to approve the following bills for
payment, supported by Mr. Parker. Upon a vote viva voce,the motion passed.
Bills Already Paid:
Payroll and Deductions 297,254.37
Transfers from Cash Operating to:
Miscellaneous Prepaid Invoices 275,678.54
Telecom. Div. Misc. Pre Paid Invoices: 2,293.46
EFT/Direct Deposit of Payroll: 163,940.53
EFT Transfers: 329,738.75
Total Bills Not Paid: 58.162.05
Grand Total: $799,186.64
STREET LIGHT COMMITTEE: None
OLD BUSINESS:
• AWARD QUOTE FOR STOREROOM LOADING DOCK RAMPS:
Mr. Winget moved to award this quote to Rick Thomas Masonry in the amount of Twelve
Thousand Four Hundred Dollars and zero cents ($12,400.00) as recommended by Mr.
French, supported by Mr. Parker. Upon a vote viva voce, the motion carried.
NEW BUSINESS:
• REQUEST BOARD AUTHORIZATION TO UN-RESTRICT $1.15 MILLION FROM THE
DEPRECIATION RESERVE ACCOUNT
Mr. Winget moved to authorize un-restricting of$1.15 million from the Depreciation Reserve
Account in order to pre-pay the 2006 Series bonds, supported by Mr. Miller. Upon a vote viva
voce, the motion carried.
• REQUEST BOARD AUTHORIZATION TO PRE-PAY THE 2006 SERIES BONDS TO FIRST
BANK RICHMOND IN THE AMOUNT OF THE BALANCE OF THE LOAN
Mr. Miller moved to authorize the pre-payment of the 2006 Series bond which will save
111 approximately$36,000. This motion was supported by Mr. Miller. Upon a vote viva voce, the
motion carried.
• DISCUSSION RELATIVE TO THE 2014 EXPENSE BUDGET AND THE 2014, 2015, 2016
CAPITAL BUDGET
Mr. French pointed out under Tab 2, page 12, line 1, in the proposed budget was
$365,000.00. With the prepayment of the 2006 Series Bond the balance will be $0.00,and
will result in a 3.56% reduction in controllable expenses.
• REQUEST BOARD APPROVAL OF THE 2014 EXPENSE BUDGET AND THE 2014, 2015,
2016 CAPITAL BUDGET
RP&L—Board of Directors Minutes
November 4,2013
Page 2
Mr. Parker moved to approve the 2014 Expense Budget and the 2014, 2015 and 2016
Capital Budget, supported by Mr. Quinn. Upon a vote viva voce, the motion carried.
Dissenting was Ms. Cruse-Nicholson and Ms. Hollis.
• A lease agreement is being negotiated with the Indiana Municipal Power Agency for a 1
megawatt solar installation on five acres south of the plant. 1 megawatt could provide
electricity to 1,000 homes. IMPA will install, own and maintain this installation. It will be
completed by January 2014. The agreement will be brought to the Board for approval.
REPORT BY GENERAL MANAGER:
• The September financial reports have been distributed. They reflect an increase in sales and
a cash flow of$2.1 million.
MISCELLANEOUS BUSINESS:
ADJOURNMENT:
There being no further business and a motion duly made, the meeting was adjourned.
ruce Wissel, Chairper on
ATTEST: Karen Chasteen, IAMC, MMC
City Clerk
A recording of this meeting is on file in the Office of the City Clerk.