HomeMy Public PortalAbout11-17-2008 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER & LIGHT PLANT
MONDAY, NOVEMBER 17, 2008
The Common Council of the City of Richmond, Indiana, serving as a Board in charge of the operations of
the Richmond Power & Light Plant met in regular session at 7 p.m. November 17, 2008 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, Clayton Miller, Bing Welch,
Larry Parker, Diana Pappin, Bob Goodwin and Phil Quinn.
APPROVAL OF MINUTES:
Board member Cruse-Nicholson moved to approve the minutes of the meeting held November 3, 2008,
supported by Board member Miller. Upon a vote viva voce, the motion passed.
APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS:
Upon recommendation of the Finance Committee, Board member Pappin moved to approve the following
bills for payment, supported by Board member Quinn. Upon a vote viva voce, the motion passed.
Bills Already Paid:
Payroll and Deductions $329,220.21
Investments Purchased From:
Depreciation Reserve Fund 2,220,000.00
Bond Reserve Fund 350,000.00
Transfers from Cash Operating to:
Miscellaneous Prepaid Invoices 275,376.35
Telecom. Div. Misc. Pre Paid Invoices: 4,698.96
EFT/Direct Deposit of Payroll: (124,504.36)
EFT Transfers: 256,608.85
Total Bills Not Paid: 1.206.293.27
Grand Total: $4,517,693.28
STREET LIGHT COMMITTEE:
None
OLD BUSINESS:
■ PARALLAX:
Buzz Krohn, CPA, of O.W. Krohn &Associates distributed an interest rate comparison study with
examples of fixed vs. variable rates.
Board member Parker moved to adopt a variable rate, supported by Board member Pappin. The
motion passed with a 7-2 roll call vote. Dissenting were Board members Welch and Quinn.
Board member Wissel moved to establish the interest rate annually beginning January 1, 2009
based on the average of the previous four quarters, supported by Board member Parker. The
motion passed with an 8-1 roll call vote. Dissenting was Board member Quinn.
Board member Parker moved to establish the interest rate with no upper cap and no lower than
Two percent (2%), supported by Board member Wissel. The motion passed with a 5-4 roll call
vote. Dissenting were Board members Miller, Welch, Goodwin and Quinn.
Mr. Cody projected the business plan to be complete the middle of December and ready for
implementation the first of 2009.
NEW BUSINESS:
None
REPORT BY GENERAL MANAGER:
• The Baghouse is nearing completion and Unit No. 1 will be operating the week of November 17.
• Drilling will begin on the landfill wells this week and completed by the end of this year.
• 2009 Budget revisions will be mailed the week of November 20.
RP&L—Board of Directors Minutes
November 17,2008
Page 2
MISCELLANEOUS BUSINESS:
None
ADJOURNMENT:
There being no further business and a motion duly made,the meeting was adjourned.
"Zie,//it elch, Cha' person
ATTEST: Karen Chasteen, Clerk