HomeMy Public PortalAbout02-02-1998 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
TUESDAY. FEBRUARY 2,1998
1 The Common Council of the City of Richmond, Indiana, serving as a Board in charge of the operations of the
2 Richmond Power & Light Plant met in regular session at 7 p.m. Monday, February 2, 1998, in the Council
3 Chambers in the Municipal Building in said City. Chairperson Larry Parker presided with the following
4 Councilmembers in attendance: Howard "Jack" Elstro, Etta Lundy Bob Dickman, Sarah "Sally" Hutton, Geneva
5 "Gene"Alien, Bing Welch and Bruce Wissel. Alan Stamper was absent.The following business was had to-wit:
6
7 APPROVAL OF MINUTES
8
9 The minutes of the meeting of January 20, 1998, were approved on a motion by Councilmember Hutton,second
10 by Councilmember Welch and the motion was carried on a unanimous voice vote.
11
12 APPROVAL OF BILLS. INVESTMENTS AND TRANSFERS
13
14 Upon recommendation of the Finance Committee, Councilmember Hutton moved to approve the following bills
15 for payment,seconded by Councilmember Allen and by unanimous voice vote the motion carried.
16
17 Bills Already Paid
18 Payroll and Deductions 224,470.34
19
20 Investments Purchased From:
21 Cash Operating Fund 1,200,000.00
22 Bond Sinking Fund
23 Utility Bond Reserve Fund
24 Depreciation Reserve Fund 91,000.00
25 Insurance Reserve Fund
26 Consumer Deposit Fund
27 Cash Reserve Fund 232,015.00
28 Group Insurance Fund
29 Total Investments 1,523,015.00
30
31 Transfer from Cash Operating Fund to:
32 Cash Reserve Fund for payment
33 to City in lieu of taxes
34
35 Transfer from Cash Operating Fund to;
36 Depreciation Reserve Fund
37 for Property&Plant
38
39 Transfers from Depreciation Reserve to:
40 Cash Operating Fund
41
42 Transfers from Cash Operating to :
43 Interest and Bond Principal
44 Bond Sinking Fund
45 Cash Reserve Fund
46 Utility Bond Sinking Fund
47 Depreciation Reserve Fund
48 Insurance Reserve Fund
49 Consumer Deposit Fund
50 Interest and Bond Principal
51 End of Month Petty Cash
52 Revenue Bonds
53 Interest Coupons Redeemed
54 Bond Coupons
55
56 Miscellaneous Prepaid Invoices 218,675.41
57 Total Prepaid Invoices 1,966,160.75
58 Less EFT/Direct Deposit of Payroll (48,637.07)
59 Total Prepaid Invoices: 1,917,523.68
60 Total EFT Transfers 1,208,410.92
61 Total Prepaids plus EFT Transfers 3,125,934.60
62 Total Bilks Not Paid 748,650.58
63 Grand Total 3,874,585.18
64
65
Sib
RP&L Minutes Cont'd
February 2, 1998
Page 2
1 REMARKS BY CHAIRPERSON
2
3 There were none.
4
5 UNFINISHED BUSINESS
6
7 There was none.
8
9 STREET LIGHT COMMITTEE REPORT
10
11 Councilmember Elstro said he talked with Bob Goodwin, director of Planning, and he will be meeting with Mayor
12 Dennis Andrews within the next month and making a decision on what requests need to be sent to RP & L. He
13 added that when spring comes they will start digging to put in the light poles.
14
15 MISCELLANEOUS BUSINESS
16
17 There was none.
18
19 REPORT BY GENERAL MANAGER
20
21 General Manager David Osburn requested authorization by the Board to purchase an ID& and FD fan motors for
22 Unit No. 1,explaining that this is part of the general upgrade project on Unit No. 1. He said the cost of the ID fan
23 is$61,060 and the FD is $28,150. He said the engineers had evaluated the four quotations received and
24 recommended both fan motors be purchased from A.B.B. In answer to a question by Councilmember Wissel,
25 Osburn said this is a part of the$1.3 million boiler improvement and he thought$77,000 had been budgeted for
26 the ID fan and around$35,000 for the FD fan,which means that both are under the general estimates.
27
28 Councilmember Dickman moved to authorize the purchase,second by Councilmember Welch and the motion was
29 carried on a unanimous voice vote.
30
31 Osburn said he had attended the annual legislative rally in Washington, D.C. last week, along with Irving Huffman,
32 Mayor Andrews and Councilmembers Wissel and Welch. He said some of the issues discussed included market
33 power issues and taxes and financing.
34
35 Councilmember Welch commented that one of the key issues seems to be whether or not deregulation will
36 actually go anywhere in the Congress this year and the general consensus seemed to be that it will not. He said
37 they are trying to rescind the Public Utility Holding Act and large companies with lots of lobbyists are putting a lot
38 of money into this and they want to remove the restrictions on mergers and anti trust within the utility business.
39
40 He said they will introduce some legislation which will attempt to address tax free revenue bonding for companies,
41 particularly utility companies. He added that Congress wants to eliminate tax free bonds and they say if you have
42 facilities built with tax free bonds you won't be able to participate in the competitive market. He stated that it would
43 be very restrictive to public power. Councilmember Welch said those two bills will probably be coming to the
44 foreground and he urged people to state their opinions to their legislators.
45
46 Councilmember Wissel said he was encouraged by the responses he got from our legislators concerning home
47 rule and the feeling they wanted to leave the deregulation to the state legislature as much as possible. He added
48 that that was the universal response received when they talked to the Indiana delegation.
49
50 Osburn announced that RP&L has been awarded the E.F. Scattergood System Achievement Award by the
51 American Public Power Association. He said this is one of the highest achievement awards for public power
52 systems in the United States, adding that RP& L had also won this back in 1989 and is only one of three or four
53 systems in the entire United States which has won this twice. Osburn said he feels this speaks well of RP& L to
54 be recognized in the United States, noting the award will be presented at the annual meeting in San Antonio,
55 Texas in June.
56
57 ADJOURNMENT
58
59 There being no further business,on a motion duly made,seconded and passed the meeting was
60 adjourned.
61
62
63
64
65 Larry Parker, Chairperson
ATTEST:
Norma Schroeder, Clerk