HomeMy Public PortalAbout08-11-2008 MEETING OF RICHMOND COMMON COUNCIL
AS BOARD OF DIRECTORS OF RICHMOND POWER AND LIGHT
AUGUST 11, 2008
The Board of Directors of Richmond Power and Light met Monday, August 11, 2008 in
the Large Conference at the Service Building. Chairperson Bing Welch called the meeting to
order at 7:00 p.m. Members present were Diana Pappin, Clayton Miller, Bob Goodwin, Jack
Elstro, Phil Quinn, Bruce Wissel, Larry Parker, Kelley Cruse-Nicholson and Chairperson
Welch. Attending from Richmond Power and Light were, Randy Baker,Rich Cody and
General Manager Steve Saum. Also in attendance were guest citizens Jim Dinkle from EDC,
Doug Goss from the City of Richmond, Chris Hardie from Summersault, citizens Dave
Stidham and Bob Rosa, Bill Engle of the Palladium- Item and Otto (Buzz) Krohn from Krohn
and Associates.
The purpose of the meeting was to discuss Parallax.
The Board of Directors were given an overview of the circumstances i.e., customer
growth, fiber facilities and the financial situations.
Options discussed with the Telecom Committee were (a) ATM equipment booked to
RP&L (b) Depreciation recalculated(c) Fixed interest rate (d) Book value versus market value
(e)Equity versus loan.
Parallax's value to the community, Economic Development Corporation component,
letters of recommendation, and the value to RP&L were presented and discussed.
The Board was presented some options to think about which were as follows: Leave
Parallax as is, make recommended changes, split into residential/commercial or divest.
With no further business to discuss Chairperson Bing Welch adjourned the meeting at
9:10 p.m. Tapes on this Board meeting are on file.
Ph' Quinn, Chairperson
Atte t:
Karen Chasteen, City Clerk
January 20, 2009