HomeMy Public PortalAbout07-06-1998 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,JULY 6,1998
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.Monday,July 6, 1998,in the Council Chambers in the
Municipal Building in said City.Chairperson Larry Parker presided with the following Councilmembers in attendance:
Howard"Jack"Elstro,Etta Lundy,Bob Dickman,Sarah"Sally"Hutton,Geneva"Gene"Allen,Dennis R.Rice Sr.,
Bing Welch and Bruce Wissel.The following business was conducted:
APPROVAL OF MINUTES
The minutes of the June 22, 1998 meeting were approved on a motion by Councilmember Hutton,second by
Councilmember Allen and the motion was carried on a unanimous voice vote.
APPROVAL OF BILLS,INVESTMENTS AND TRANSFERS
Upon recommendation of the Finance Committee,Councilmember Hutton moved to approve the following bills for
payment,seconded by Councilmember Allen and by unanimous voice vote the motion was carried.
Bills Already Paid:
Payroll and Deductions 259,242.93
Investments Purchased From:
Cash Operating Fund
Bond Singing Fund
Utility Bond Reserve Fund
Depreciation Reserve Fund 6,147,838.58
Insurance Reserve Fund
Consumer Deposit Fund
Cash Reserve Fund 2,056,621.10
Group Insurance Fund
Total Investments 8,204,459.68
Transfer from Cash Operating Fund to:
Cash Reserve Fund for Payment
To City in lieu of taxes
Transfer from Cash Operating Fund to:
Depreciation Reserve Fund
For Property&Plant
Transfers from Depreciation Reserve to:
Cash Operating Fund
Transfers from Consumer Deposit to:
Cash Operating Fund
Transfers from Utility Bond Reserve Fund to:
Bond Sinking Fund
Transfers from Cash Operating to:
Interest and Bond Principal
Bond Sinking Fund
Cash Reserve Fund
Utility Bond Sinking Fund
Depreciation Reserve Fund
Insurance Reserve Fund
Consumer Deposit Fund
Interest and Bond Principal
End of Month Petty Cash
Revenue Bonds
Interest Coupons Redeemed
Interest Coupons Redeemed
Bond Coupons
Miscellaneous Prepaid Invoices $ 180,942.12
Total Prepaid Invoices $8,644,644.73
Less EFT/Direct Deposit of Payroll (55,949.89)
Total Prepaid Invoices $8,588,694.84
Total EFT Transfers: $ 309,888.07
Total Prepaids plus EFT Transfers: $8,898,582.91
Total Bills Not Paid 901,212.31
Grand Total $9,799.795.22
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RP&L Minutes Cont'd
July 6, 1998
Page 2
REMARKS BY CHAIRPERSON
Chairperson Parker said he had appointed a committee to determine if there are any excess properties owned by RP&
L that should be discarded.He said he will be serving on that committee and has appointed Councilmembers Elstro,
Welch and Hutton who were the members who called him.He said that committee should meet before the next RP&L
Board meeting.
UNFINISHED BUSINESS
There was none.
STREET LIGHT COMMITTEE REPORT
Councilmember Elstro asked General Manager David Osburn if he had any input on the report.Osbum answered that
the bases are the holdup,adding that when they come in the lights will be put up.He added there is a new base they
will be trying out which is an anchor style or screw in base which will cut down on the installation costs.
Councilmember Elstro also stated he would ask Clerk Schroeder if the Board of Works had done anything about South
37th Street.
REPORT BY GENERAL MANAGER
Osbum said since the last Board meeting there had been some publicity about the peak demands set by the utility,
adding that RP&L is able to meet all the high energy demands during those peak periods.He said RP&L experienced
no problems as some utilities did in the area and in Ohio who were asking their customers to cut back,and the
industrial customers that are on interruptible rates were asked to interrupt and shut down a lot of large industrial
companies during that time.He added that there was some confusion during that time because of the television and
radio broadcasts coming out of Ohio where utilities were asking customers to cut back and RP&L did not.
Osburn said RP&L set two new peaks Tuesday and Wednesday of last week,breaking a previous record twice.He
said the new record is 1651/2 megawatts.Osbum said at the time of peak,in the open market a competitive market
power is sold in hourly chunks.However,he said,RP&L doesn't buy it that way,but it was selling for as high as
$5,000 a megawatt hour and that is equivalent to$5 per kilowatt hour.He added that it was getting reading to go to
$10,000 a megawatt hour.He said RP&L average residential customers see about.05 cents a kilowatt hour and buying
at peak they would have paid$5 a kilowatt hour,adding how volatile the market is.
Osburn said there is someone looking at one of the properties and he needed to get with the committee to tell them
which one it is and stated that he didn't know if it was going anywhere,but they do have an inquiry.
NEW BUSINESS
There was none.
ADJOURNMENT
There being no further business,on a motion duly made,seconded and passed,the meeting was adjourned.
Larry Parker,Chairperson
ATTEST:
Myra Miller,Deputy Clerk