HomeMy Public PortalAbout04-30-2007 MEETING OF RICHMOND COMMON COUNCIL
AS BOARD OF DIRECTORS OF RICHMOND POWER AND LIGHT
APRIL 30, 2007
The Board of Directors of Richmond Power and Light met Monday, April 30, 2007 in the
Auditorium at the Service Building. Chairperson Larry Parker called the meeting to order at
7:00 p.m. Members present were Diana Pappin, Bing Welch, Karl Sharp, Gil Klose, Etta Lundy,
Jack Elstro, Bruce Wissel and Chairperson Parker. Absent was Board Member Al Glover.
Attending from Richmond Power and Light were Susan Williams, Jim Daugherty, Sandra Morris
and Interim General Manager Steve Saum.
I. 2006 Year in Review
Interim General Manager Steve Saum gave a presentation on a recap of the year
of 2006. (On file). The Board has asked Sandra Morris to check on the interest rates we are
receiving on investments, what can be invested in and what banks RP&L is allowed to invest in.
Board Member Wissel told Mr. Saum that he would like to see Parallax step up
their marketing plan due to Comcast looming in the future. He doesn't feel that Parallax is a
recognizable name and would like to see more marketing tying RP&L to Parallax. Board
Member Diana Pappin told Mr. Saum that she would like for him to continue to monitor Parallax
and if it does not become more profitable, to consider other options, such as getting out of the
business. She wanted to know if Parallax is beginning to repay the principal on the money
borrowed from RP&L. Mr. Saum told her they are paying interest but will not start paying back
the principal for another 5 years. Board members Bing Welch and Bruce Wissel felt that
Parallax is right on target with their business plan and their projects and that the major expenses
have been made.
With no further business to discuss, Chairperson Larry Parker adjourned the meeting at
8:15 p.m. Tapes of this Board meeting are on file.
S/S Larry Parker
Larry Parker, Chairperson
S/S Karen Chasteen
Attest: Karen Chasteen, City Clerk