HomeMy Public PortalAbout05-01-1989 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. MAY 1. 1989
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 May 1, 1989 at the hour of 7:00 P.M. in the Municipal
3 Building in said City. Chairman McBride presided with the following Councilmembers in attendance: Elstro,
4 Lundy, Brookbank, Hankinson, Parker, Hutton, Morris and Paust. Absent: None. The following business was
- 5 had to-wit:
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7 APPROVAL OF MINUTES OF APRIL 17.1989
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9 Councilmember Hankinson moved to approve the minutes of the previous meeting as prepared,
10 seconded by Councilmember Hutton and on unanimous voice vote the motion was carried.
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12 APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS
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15 Bills Already Paid
16 Payroll and deductions 4/14/89 182,566.93
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18
19 Investments Purchased :
20 Cash Operating Fund• 1,320,000.00
21 Bond Sinking Fund .00
22 Utility Bond Reserve Fund .00
23 Depreciation Reserve Fund 1,004,594.00
24 Consumer Deposit Fund .00
25 Cash Reserve Fund 282.980.00
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27 Total Investments 2,324,594.00
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29 Transfers from Depreciation Reserve:
30 Cash Operating Fund 150,000.00
31
32 Transfers from Cash Operating
33 Bond Sinking Fund .00
34 Cash Reserve Fund .00
35 Utility Bond Sinking Fund .00
36 Depreciation Reserve Fund ,QQ
37
38 Total Transfers 518,205.35
39
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41 Revenue Bonds .00
42 Interest Coupons Redeemed .00
43 Coupons Purchased .00
44 Miscellaneous Bills Already Paid 755,597.44
45 Total Bills Not Paid 1,348,137.44
46
47 Grand Total of All Approved Bills 4,760,895.81
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51 Upon recommendation of the Finance Committee, Councilmember Elstro moved to approve the investments
52 purchased,transfers made and bills to be paid,seconded by Councilmember Hankinson and on unanimous voice
53 vote the motion was carried.
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55 REMARKS BY CHAIRMAN
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57 None were presented.
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59 STREET LIGHT COMMITTEE REPORT
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61 None
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63 UNFINISHED BUSINESS
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65 None.
RP&L Minutes Cont'd
May 1, 1989
Page 2
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1 REPORT BY GENERAL MANAGER
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3 Mr. Huffman,General Manager,presented the annual report of the Indiana Municipal Power Association to the
4 Board. He said Richmond Power& Light constituted about 23%of IMPA. He commented that IMPA hid a good
5 year and out rates are in good shape because of IMPA and the excess capacity generated. Mr. Huffman added
6 that IMPA and RP&L and good for each other.
7
8 Mr.Huffman explained the mix of peak generating hours within IMPA and the benefits of being able to take
9 advantage of coincidental peaks.
10
11 Chairman McBride asked about incentive rates approved by the Public Service Commission and if they are
12 offered and Mr. Huffman explained that that incentive rates were approved and available. He said that RP&L has
13 not had the need to use incentive rates since our rates are lower than I&M and Public Service Company of
14 Indiana and there was no reason for using incentive rates locally with our rates being at the bottom.
15
16 ADJOURNMENT
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18 There being no further business,on a motion duly made,seconded and passed the meeting was
19 adjourned.
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25 Don McBride, Chairman
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30 ATTEST:
31 Mary Merchanthouse, City Clerk
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