HomeMy Public PortalAbout03-04-1991 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, MARCH 4. 1991
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 March 4, 1991 at the hour of 7:00 P.M. in the Municipal
3 Building in said City. Chairman Elstro presided with the following Councilmembers in attendance: Lundy,
4 Brookbank, McBride, Parker, Morris, Hutton and Paust. Absent: Hankinson. The following business was had
5 to-wit:
6
7 APPROVAL OF MINUTES OF FEBRUARY 19. 1991
8
9 Councilmember McBride moved to approve the minutes of the previous meetings as prepared, seconded by
10 Councilmember Brookbank and on unanimous voice vote the motion was carried.
11
12 APPROVAL OF BILLS. INVESTMENTS AND TRANSFERS
13
14
15 Bills Already Paid
16 Payroll and Deductions 182,627.39
17
18
19 Investments Purchased :
20 Cash Operating Fund 2,577,000..00
21 Bond Sinking Fund .00
22 Utility Bond Reserve Fund 1,041,438.56
23 Depreciation Reserve Fund .00
24 Consumer Deposit Fund .00
25 Cash Reserve Fund .00
26 Group Insurance Fund .00
27
28 Total Investments 3,618,438.56
29
30 Transfer to City in Lieu of Taxes:
31
32 Transfers from Depreciation Reserve to:
33 Cash Operating Fund 652,330.00
34
35 Transfers from Consumer Deposit to:
36 Cash Operating Fund .00
37
38 Transfers from Utility Bond Reserve Fund to:
39 Bond Sinking Fund 875,250 .00
40
41 Transfers from Cash Operating :
42 Interest and Bond Principal .00
43 Bond Sinking Fund .00
44 Cash Reserve Fund .00
45 Utility Bond Sinking Fund .00
46 Depreciation Reserve Fund .00
47 Insurance Reserve Fund .00
48 Total Transfers
49
50 Interest and Bond Principal 393.75
51
52 End of Month Petty Cash .00
53 Revenue Bonds .00
54 Interest Coupons Redeemed .00
55 Bond Coupons .00
56 Miscellaneous Bills Already Paid 821,041.43
57 Total Bills Not Paid 1,202,264.06
58 6,477,095.19
59
60 Upon recommendation of the Finance Committee, Councilmember Brookbank moved to approve the investments
61 purchased,transfers made and bills to be paid, seconded by Councilmember Paust and on unanimous voice vote
62 the motion was carried.
63
64 REMARKS BY CHAIRPERSON
65
Chairperson Elstro had no remarks.
RP&L Minutes Cont'd
March 4, 1991
Page 2
1 UNFINISHED BUSINESS
2
3 No business.
4
5 STREET LIGHT COMMITTEE REPORT
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7 No report was presented.
8
9 MISCELLANEOUS BUSINESS
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11 None was presented.
12
13 REPORT BY GENERAL MANAGER
14
15 LIFAC Update
16
17 Mr. Huffman told the Board of the presentation made to EPRI and their major concern is that their dollars go to
18 projects with high efficiency. He said they argued that the LIFAC would be at 85%efficiency and could get to
19 90%.
20
21 Mr. Huffman said they particularly wanted to have the name use of EPRI along with their expertise and they do
22 feel that EPRI will become involved with the project. Mr. Huffman said that many people with EPRI come from the
23 industry and are experienced and know the equipment making a relationship desirable. He said that RP&L is one
24 of their smaller members and larger plants exercise more power to get projects funded. He said they will keep
25 reminding them their membership needs to come from smaller utilities and RP&L can help get those members.
26
27 Mr. Huffman told the Board that Unit 2 will be down this week for inspection and the installation of three dampers.
28 He said when the equipment is installed project construction can start.
29
30 Mr. Huffman added that the Board might need to pass a resolution for filing at PSC to determine need on the
31 LIFAC project. He said the Certificate of Need is necessary unless the project is considered experimental, but
32 they do not want to take any chances ad will go ahead and file. Mr. Huffman said if they are unable to locate the
33 minutes of the Executive Board meeting approving the project, he will request the Board to authorize it by
34 Resolution.
35
36 Executive Board Meeting
37
38 Mr. Huffman reminded the Board they need to give consideration to his salary at the Executive Board meeting in
39 March.
40
41 Chairman Elstro said the meeting would be March 25, 1991 at 7PM at the Service Building.
42
43 ADJOURNMENT
44
45 There being no further business, on a motion duly made, seconded and passed the meeting was
46 adjourned.
47
48
49
50 Howard J. Elstro, Chairperson
51
52
53 ATTEST:
54 Mary Merchanthouse, City Clerk
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