HomeMy Public PortalAbout02-05-1990 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. FEBRUARY 5. 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 February 5, 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: Hankinson,
4 McBride, Parker, Hutton, Morris and Paust. Absent: Elstro and Brookbank. The following business was had
5 to-wit:
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7 EXCUSED ABSENCES OF MEMBERS
8
9 Chairman Lundy noted that Councilmember Elstro was absent due to the illness of his wife and Councilmember
10 Brookbank was absent having become a new grandmother.
11
12 APPROVAL OF MINUTES OF JANUARY 16.1990
13
14 Councilmember McBride moved to approve the minutes of the previous meeting as prepared,
15 seconded by Councilmember Hankinson and on unanimous voice vote the motion was carried.
16
17 APPROVAL OF BILLS. INVESTMENTS AND TRANSFERS
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19
20 Bills Already Paid
21 Payroll and deductions 193,325.24
22
23
24 Investments Purchased :
25 Cash Operating Fund 2,605,000.00
26 Bond Sinking Fund .00
111 27 Utility Bond Reserve Fund .00
28 Depreciation Reserve Fund 2,411,220.00
29 Consumer Deposit Fund .00
30 Cash Reserve Fund 275,000.00
31 Insurance Reserve Fund .00
32
33 Total investments 5,291,220.00
34
35 Transfers from Depreciation Reserve to:
36 Cash Operating Fund 547,250 .00
37
38 Transfers from Utility Bond Reserve Fund to:
39 Bond Sinking Fund .00
40
41 Transfers from Cash Operating :
42 Bond Sinking Fund .00
43 Cash Reserve Fund 275,000.00
44 Utility Bond Sinking Fund .00
45 Depreciation Reserve Fund .00
46 Insurance Reserve Fund .00
47 Total Transfers
48
49
50 End of Month Petty Cash .00
51 Revenue Bonds 82,850.00
1 52 Interest Coupons Redeemed .00
53 Coupons Purchased .00
54 Miscellaneous Bills Already Paid 1,289,950.62
55 Total Bills Not Paid 1.379.132.68
56
57 Grand Total of All Approved Bills 9,058,728.54
58
59
60
61 Upon recommendation of the Finance Committee,Councilmember Hankinson moved to approve the investments
62 purchased,transfers made and bills to be paid,seconded by Councilmember Paust and on unanimous voice
63 vote the motion was carried.
64
65 REMARKS BY CHAIRMAN
RP&L Minutes Cont'd
February 5, 1990
Page 2
1 Chairperson Lundy complimented Richmond Power & Light on the award received from the Richmond Area
2 Chamber of Commerce.
3
4 STREET LIGHT COMMITTEE REPORT
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6 None was presented.
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8 REPORT BY GENERAL MANAGER
9
10 General Manager, Irving Huffman reported to the Board that ten people were coming to Richmond regarding the
11 LIFAC project including representatives from EPA in Washington, DOE in Washington and the DOE in Pittsburgh.
12 He said this project is the only one of its kind being funded in the United States and they feel it will be very
13 successful. Mr. Huffman explained that this meeting will be used to establish dates and set up the preliminaries
14 on the contracts.
15
16 Mr. Huffman reported also that the EPA and EPR had made their settlement on the LIMB project equipment and
17 that the equipment would remain at RP&L with EPR would be transferring any remaining funds to the new project.
18
19 Mr.Huffman told the Board that he had been in Washington D.C. last week to give information to our Senators
20 and Representatives regarding the proposed acid rain legislation. He said this is a very complicated bill and will
21 have far reaching effects particularly affecting industry growth potential versus emission control. Mr. Huffman
22 stated that the bill gave no chance for growth in its present form and industry would be forced to acquire emission
23 from elsewhere to survive.
24
25 Mr. Huffman commented that the voters need to know more about the Acid Rain Legislation. He stated that
26 Congress is committed to pass something this year, but he feels they may not understand what they are going to
27 be passing. He added that the legislators are hungry for knowledge and we should all educate them as people
28 they trust since they want to hear good true facts.
29
30 Councilmember McBride ask if our Senators and Representatives are aware and Mr. Huffman said they were
31 since the Midwest is the major pollutant and will carry the burden. He said it is hoped that the burden can be
32 spread around like the Savings and Loan Bailout legislation. He said the Midwest uses coal for fuel making the
33 rates lower,whereby the East and West use higher price fuels causing higher rates and they do not want to share
34 the burden of the Acid Rain Legislation,but would like to have the emissions allowances.
35
36 Mr.Huffman also reported that IMPA had made a presentation to Wayne County for installation of a turbine
37 generator on the West side and had requested tax abatement to assist with the project. He said this would be a
38 31 Million to 35 Million dollar project and would be a good new investment in Wayne County.
39
40 ADJOURNMENT
41
42 There being no further business, on a motion duly made, seconded and passed the meeting was
43 adjourned.
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48 Etta Lundy, Chairperson
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55
56
57 ATTEST:
58 Mary Merchanthouse, City Clerk
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