HomeMy Public PortalAbout05-19-2008 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, MAY 19, 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. May 19,2008 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 Parker moved to approve the minutes of the meeting held May 5, 2008.
Board member Pappin seconded. 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
with a second by Board member Quinn. Upon a vote viva voce,the motion passed. .
Bills Already Paid:
Payroll and Deductions 304,551.43
Investments Purchased From:
Depreciation Reserve Fund 2,191,123.32
Transfers from Cash Operating to:
Miscellaneous Prepaid Invoices 538,020.04
Telecom. Div.Misc. Pre Paid Invoices: 19,243.53
Total Prepaid Invoices: 3,052,938.32
Total EFT/Direct Deposit of Payroll: (117,740.81)
Total Prepaid Invoices: 2,935,197.51
Total EFT Transfers: 2,124,489.04
Total Prepaids plus EFT Transfers: 5,059,686.55
Total Bills Not Paid: 1,312,233.88
Grand Total: 6,371,920.42
STREET LIGHT COMMITTEE: None
OLD BUSINESS:
■ General Manager,Steve Saum, presented the Proof of Publication to receive bids on two(2)2008 4-door
Hybrid sedans. Board member Wissel moved to accept the Proof as presented and place it on file,with a
second by Board member Goodwin. Upon a vote viva voce,the motion passed.
The following bid was opened:
Wetzel Dodge Honda-$44,220.00 for two 2008 Hybrid Civics
Board member Wissel moved to refer the bids to the General Manager to receive bids on two 2008 4-
door sedans for tabulation, evaluation and recommendation. There was a second by Board member
Quinn. Upon a vote viva voce,the motion passed.
NEW BUSINESS: None
REPORT BY GENERAL MANAGER:
■ 2006 Bond Payment Schedule Discussion:
The penalty for early payoff of the 2006 Bond is 3% of the principal. Even with the penalty,there would
be a $400,000.00 savings on interest. Mr. Saum suggested a payoff in September. The Board will be
notified of the status and exact figures in August.
• The price of SO2 allowances has been reduced from$400/ton to$200/ton.
■ The Environmental Protection Agency paid a surprise visit to Richmond Power and Light. They
complimented RP&L on the baghouse project.
• The State Auditors will return to RP&L on May 20.
• There is no back flow device for water service in two locations. This situation is being corrected.
ADJOURNMENT:
There being no further business and a motion duly made,the meeting was adjourned.
• m.)
elch,Chairperson
ATTEST: Karen Chasteen,Clerk