HomeMy Public PortalAbout08-17-2009 PROCEEDINGS OF THE BOARD OF DIRECTORS
FOR RICHMOND POWER & LIGHT
MONDAY, AUGUST 17, 2009
The Board of Directors for Richmond Power & Light Plant met in regular session at 7 p.m. August 17,
2009 in the Council Chambers in the Municipal Building in said City. Chairperson Quinn presided.
ROLL CALL:
Present were: Howard "Jack" Elstro, Bruce Wissel, Clayton Miller, Bing Welch, Larry Parker, Diana
Pappin, Bob Goodwin and Phil Quinn. Absent was Kelly Cruse-Nicholson.
Also present: Walt Chidester, City Attorney; Steve Saum, RP&L General Manager; Tammy Glenn, City
Controller; Sam Lahanis, Sanitary District Superintendent; and Karen Chasteen, City Clerk.
APPROVAL OF MINUTES:
Ms. Pappin asked to include the July 20, 2009 meeting of the Finance Committee in the Approval of the
Minutes. Ms. Pappin moved to approve the minutes as amended of the meeting held August 3, 2009,
supported by Mr. Parker. 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 324,549.99
Transfers from Cash Operating to:
Miscellaneous Prepaid Invoices 188,245.52
Telecom. Div. Misc. Pre Paid Invoices: 21,761.63
EFT/Direct Deposit of Payroll: 125,037.01
EFT Transfers: 85,628.18
Total Bills Not Paid: 1.332.980.79
Grand Total: $1,828,128.79
STREET LIGHT COMMITTEE: None
OLD BUSINESS:
• Modification of the Landfill Lease Agreement between RP&L and the Richmond Sanitary
District:
Mr. Miller moved to approve the modification as presented, supported by Mr. Welch. Upon a vote
viva voce,the motion passed.
• Payment in Lieu of Taxes/Transfer:
The City of Richmond has requested an additional $200,000 PILT. After considerable discussion,
Mr. Wissel moved to table any discussion regarding a transfer and payment in lieu of taxes until
June 2010, supported by Mr. Elstro. Upon a vote viva voce, the motion passed.
• 6th Amendment to the Indiana Municipal Power Agency Capacity Purchase Agreement:
Raj Rao of IMPA will attend the August 31 meeting at RP&L to discuss proposals.
• Loan Early Payment:
Mr. Saum asked the Board to consider an early payment of the balance of the 2006 bond in the
amount of approximately$2.7million. An interest only payment is due September 1, 2009 with no
additional payments due until March 1, 2010. At the present time the Cash Reserve Fund is$6.3
million and the Depreciation Reserve Fund is $11 million. The early bond payment could be
spent equally from both Cash Reserve Funds and the Depreciation Reserve Fund. There will be
further discussion at a future meeting.
NEW BUSINESS:
None
REPORT BY GENERAL MANAGER:
• A conference call was held with the Environmental Protection Agency with solutions presented by
RP&L. The EPA did not accept the suggestions. There will be another conference call in
September.
RP&L—Board of Directors Minutes
August 17,2009
Page 2
MISCELLANEOUS BUSINESS:
None
ADJOURNMENT:
There being no further business and a motion duly made, the meeting was adjourned.
hi Quinn, airperson
ATTE T: Karen Chasteen, IAMC, MMC
City Clerk