HomeMy Public PortalAbout11-01-2010 PROCEEDINGS OF THE BOARD OF DIRECTORS
FOR RICHMOND POWER & LIGHT
NOVEMBER 1, 2010
The Board of Directors for Richmond Power & Light Plant met in regular session at 7 p.m. November 1,
2010 in the Council Chambers in the Municipal Building in said City. Chairperson Welch presided.
ROLL CALL:
Present were: Howard "Jack" Elstro, Kelley Cruse-Nicholson, Bruce Wissel, Bing Welch, Larry Parker,
Diana Pappin, Bob Goodwin and Phil Quinn. Absent was Clay Miller.
Also present were: Steve Saum, General Manager; Walt Chidester, City Attorney; William Harris, Director
of Human Resources and Karen Chasteen, City Clerk.
APPROVAL OF MINUTES:
Mr. Parker moved to approve the minutes of the meeting held October 18, 2010, supported by Wissel.
Upon a vote viva voce, the motion passed.
APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS:
Upon recommendation of the Finance Committee, Ms. Pappin moved to approve the following bills for
payment, supported by Mr. Goodwin. Upon a vote viva voce, the motion passed.
Bills Already Paid:
Payroll and Deductions $ 306,938.46
Investments Purchased From:
Depreciation Reserve Fund: 10,000,000.00
Insurance Reserve Fund: 1,332,000.00
Bond Reserve Fund: 750,000.00
Miscellaneous Prepaid Invoices: 1,017,815.11
Telecom. Div. Misc. Pre Paid Invoices: 101,148.91
EFT/Direct Deposit of Payroll: 128,458.89
EFT Transfers: 583,204.06
Total Bills Not Paid: 204.329.69
Grand Total: $14,166,977.34
STREET LIGHT COMMITTEE: None
OLD BUSINESS: None
NEW BUSINESS:
• Board authorization to receive bids on a new dump truck for the Line Department to replace Unit
#3, a 2000 Ford dump truck with 73,750 miles, as approved in the budget.
Mr. Wissel moved to authorize the General Manager to receive bids on a 2010-2011 dump truck
for the Line Department to replace Unit#3, supported by Mr. Parker. Upon a vote viva voce, the
motion passed.
• RESOLUTION NO. 6-2010 - A RESOLUTION RECOMMENDING PASSAGE OF A NET
METERING ORDINANCE FOR THE CITY OF RICHMOND
Net Metering is an arrangement of equipment for the production of electricity from the solar, wind,
biomass, geothermal, or hydroelectric facilities that are owned and operated by residential
commercial or industrial customers of RP&L which allows a customer to offset its use of electricity
by spinning the customer's electric meter backwards, effectively crediting the customer for
electricity contributed to the grid.
Resolution No. 6-2010 was held for review by the Law Department.
REPORT BY GENERAL MANAGER:
• $12 million of the funds shown as paid in the financial report were invested at a .35% interest
rate.
• There has been no generation in the past few weeks due to mild weather.
• There will be a meeting on November 8 and 22 regarding the 2011 budget. The meetings will be
at 6:00 PM at RP&L.
MISCELLANEOUS BUSINESS:
RP&L—Board of Directors Minutes
November 1,2010
Page 2
ADJOURNMENT:
There being no further business and a motion duly made, the meeting was adjourned.
Bing Welch, Chairperson
ATTEST: Karen Chasteen, IAMC, MMC
City Clerk