HomeMy Public PortalAbout03-17-1986 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 17, 1986
1 The Common Council of the City of Richmond, Indiana, serving as a Board in charge
2 of the operation of the Richmond Power & Light Plant, met in regular session march
3 17, 1986 at the hour of 7:00 P.M. in the Municipal Building in said City. Chairperson
4 Elstro presided with the following Councilmembers present: Williams, Hankinson,
5 Whitesell, Parker, Bodiker, Hutton and Morris . Absent: Brookbank. The following
6 business was had to-wit:
7
8 APPROVAL OF MINUTES OF MARCH 3, 1986
9
10 Councilmember Whitesell moved to approve the minutes of the previous meeting as
11 prepared, seconded by Councilmember Morris and on unanimous voice vote the motion
12 was carried.
13
14 APPROVAL OF BILLS AND INVESTMENTS
15
16 Upon recommendation of the Finance Committee, Councilmember Parker moved to approve
17 bills previously paid and investments purchased, seconded by Councilmember Whitesell
18 and on unanimous voice vote the motion was carried.
19
20 Bills Already Paid
21 Payroll and deductions 3/7/86 157,757.18
22
23 Investments Purchased from
24 Depreciation Reserve Fund 601,562.50
25 Cash Operating Fund 1,673,437.50
26 Cash Reserve Fund 247,410.00
27 Total Investments 2,522,410.00
28
III29 Bond Principal and Interest 2,087.50
30
31 Miscellaneous Bills Already Paid 71,598.20
32
33 Total Bills Already Paid 2,753,802.88
34
35 Upon recommendation of the Finance Committee, Councilmember Parker moved to approve
36 bills for payment in the amount of 449,040.57, seconded by Councilmember Whitesell
37 and on unanimous voice vote the motion was carried. ,
38
39 Total of all approved bills was 3,202,843.45.
40
41 REMARKS BY CHAIRMAN
42
43 Chairman Elstro reminded the Board of the regularly scheduled Executive Board meeting
44 on March 24, 1986 at 7:00 P.M. at the Service Building.
45
46 REPORT BY GENERAL MANAGER
47
48 General Manager Huffman informed the Board that at the last meeting of the Indiana
49 Municipal Power Association (IMPA) it was decided to authorize the General Manager
50 and the Finance Committee to look into re-financing the original issue of bonds since
51 the interest rate was 10% plus. He said that with the drop in the interest rates,
52 they will probably be re-issuing the bonds to reduce the rate. Mr. Huffman
53 indicated that could mean a minimal savings of 375,000.00 per year to IMPA. He said
54 that since RP&L is 24% of IMPA it will mean a good savings directly for RP&L.
55
56 Mr. Huffman also announced that any persons wanting to cut trees that are around power
57 lines should contact RP&L and they will be glad to assist during daily working hours.
58
59 Mr. Huffman stated that RP&L is pleased to answer any questions about their operations
60 of services available. For inquiries about Richmond Power & Light, Mr. Huffman
61 invited the public to contact him.
62
63 ADJOURNMENT
64
65 There being no further business, on a motion duly made, seconded and passed the
RP&L Minutes Cont'd
March 17, 1986
Page 2
1 meeting was adjourned.
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5 Howard J. Elstro, Chairman11/
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7
8 ATTEST:
9 Mary Merchanthouse, City Clerk
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