HomeMy Public PortalAbout06-18-1990 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,JUNE 18, 1990
1 The Common Council of the City of Richmond, Indiana, serving as a Board in charge of the operation of the
2 Richmond Power & Light Plant, met in regular session June 18, 1990 at the hour of 7:00 P.M. in the Municipal
3 Building in said City. Chairman Lundy presided with the following Councilmembers in attendance: Brookbank,
4 Hankinson, McBride, Parker, Hutton, Morris and Paust. Absent: None. The following business was had to-wit:
5
6 APPROVAL OF MINUTES OF JUNE 4, 1990
7
8 Councilmember Morris moved to approve the minutes of the previous meeting as prepared, seconded by
9 Councilmember McBride and on unanimous voice vote the motion was carried.
10
11 APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS
12
13
14 Bills Already Paid
15 Payroll and Deductions 189,908.81
16
17
18 Investments Purchased :
19 Cash Operating Fund 800,000.00
20 Bond Sinking Fund .00
21 Utility Bond Reserve Fund .00
22 Depreciation Reserve Fund .00
23 Consumer Deposit Fund .00
24 Cash Reserve Fund 275,000.00
25 Group Insurance Fund .00
26
27 Total Investments 1,075,000.00
28
29 Transfers from Depreciation Reserve to:
30 Cash Operating Fund .00
31
32 Transfers from Utility Bond Reserve Fund to;
33 Bond Sinking Fund .00
34
35 Transfers from Cash Operating :
36 Interest and Bond Principal .00
37 Bond Sinking Fund .00
38 Cash Reserve Fund 685,112.46
39 Utility Bond Sinking Fund .00
40 Depreciation Reserve Fund .00
41 Insurance Reserve Fund .00
42 Total Transfers
43
44
45 End of Month Petty Cash .00
46 Revenue Bonds .00
47 Interest Coupons Redeemed .00
48 Coupons Purchased .00
49 Miscellaneous Buis Already Paid 90,469.11
50 Total Bills Not Paid 37,263.90
51 2,352,754.28
52
53 Upon recommendation of the Finance Committee, Councilmember Elstro moved to approve the investments
54 purchased,transfers made and bills to be paid, seconded by Councilmember Hankinson and on unanimous voice
55 vote the motion was carried.
56
57 REMARKS BY CHAIRMAN
58
59 The Chair had no remarks.
60
61 STREET LIGHT COMMITTEE REPORT
62
63 None was presented.
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RP&L Minutes Cont'd
June 18, 1990
Page 2
1 UNFINISHED BUSINESS
2
3 None was presented.
4
5 MISCELLANEOUS BUSINESS
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7 None was presented.
8
9 REPORT BY GENERAL MANAGER
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11 RESOLUTION NO. 1-1990
12
13 Mr. Huffman presented a Resolution to the Board to loan the City of Richmond temporary funds in the amount of
14 $850,000.00 for the construction of Industries Road for the Hills Project. Mr. Huffman told the Board that RP&L
15 can make this loan as long as it is paid back in the same calendar year and RP&L will also receive the same
16 interest as had the money been invested. The loan will facilitate the construction and it will not have to be held up
17 while other financing arrangements are being made.
18
19 Mr. Huffman said he had no problems with assisting in bringing industry to the community, but he hoped in the
20 future that time will be allowed for other financing on such projects.
21
22 Mr. Huffman stated that both the City Attorney and the State Board of Accounts have checked out the procedure
23 and all is proper.
24
25 Councilmember Parker asked what the loan would do to funds being invested and Mr. Huffman explained there
26 are investments due on June 28, 1990 thereby causing no problems.
27
28 Chairman Lundy noted that the Resolution should state that the loan should be repaid by December 31, 1990 and
29 Mr. Metzger told the Board that could be noted in the Resolution.
30
31 Councilmember Brookbank moved to adopt Resolution No. 1-1990 to authorize a loan to the City of Richmond in
32 the amount of 850,000.00,seconded by Councilmember Elstro and on unanimous voice vote the motion was
33 carried.
34
35 Mr.Huffman reminded the Board that if the City if unable to repay the loan because financing is not complete, it
36 can be repaid from RP&L funds transferred to the City in 1991.
37
38 Vietnam Moving Wall Memorial
39
40 Mr. Huffman announced the Vietnam Moving Wall Memorial was being displayed at the site of the old Johnson
41 Street Station. He said it was a one/half scale model of the Wall in Washington, D.C. and is in an excellent setting
42 able to be viewed 24 hours a day. Mr. Huffman said that Richmond Power& Light was pleased to be a part of the
43 display.
44
45
46 ADJOURNMENT
47
48 There being no further business, on a motion duly made, seconded and passed the meeting was
49 adjourned.
50
51
52
53 Etta Lundy, Chairperson
54
55
56
57
58 ATTEST:
59 Mary Merchanthouse, City Clerk
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