HomeMy Public PortalAbout02-22-1983 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.22, 1983 .
1 The Common Council of the City of Richmond, Indiana, serving as a Board in
2 . charge of the operation of the Richmond Power & Light Plant, met in regular
3 session February 22, 1983 at the hour of. 7:00 .p.m. _in the Municipal Building
4 of said. City. Chairman Welch presided. with .the following members. present:
5 Messrs. Elstro, Williams, Ms. Henry, Hankinson, Mills, Parker, Carter and
6 Paust. Absent: None. The following business was had, to-wit:
7
8 APPROVAL OF MINUTES OF. FEBRUARY 7, 1983
9 .
10 Councilman Mills moved the minutes of the previous meeting be approved as received,
11 'seconded by Councilman Parker and on unanimous voice vote the motion was carried.
12 • . ,
13 APPROVAL OF BILLS, TRANSFERS AND INVESTMENTS
14 _ . . .
15 Councilman Hankinson moved to approve the following bills, transfers and invest-
16 ments purchased as listed on the agenda, seconded by Councilwoman Henry and on
17 unanimous voice vote the motion was carried.
18 . .
. . 19 .Approve the following:-
20 . Bills in the amount of • 2,002;037.80
21 Bonds and Interest Coupons 522,900.00
22 2 Payrolls 266,093.12
23 Payment- to City in'Lieu of Taxes 1,001,139.00 '
24
25 Transfers from Cash Operating Fund to '
26 • Bond Sinking Fund 70,423.55
27 • •
28 Investments Purchased
III 29 Bond Reserve Fund • 47,038.00
30 - Bond Sinking Fund 70,423.55
31 Cash Operating Fund 2,090,000.00
• 32 • Cash Reserve Fund 465,091.00
33 . Consumers Deposit Fund 141,000.00
34 Depreciation Reserve Fund 1,241,407.00
35
36 REMARKS BY CHAIRMAN
37 .
38 Chairman Welch reminded members of the regular monthly meeting at RP&L next
39 Monday at 7:00 p.m. .
40
41 REPORT BY GENERAL MANAGER
42
. 43 . General Manager Irving Huffman stated the Indiana _Municipal Power Agency had a
44 ' banquet Friday night to celebrate the bond sale. He received a copy of a check
45 to reimburse the' amount of money RP&L had .giden to finance IMPA getting off the
46 ground. Over the years assessments have been made in the amount of $290,166.69.
47 .$40,824.20 has been received in interest, making a total of $330,990.89. The
48 money was received to be invested on Friday.
49 ..
50 Mr. Huffman stated there"will„be a meeting with Indiana & Michigan Electric Co.
51 next week to go over understanding .of- the -contract provisions already worked
52 out as far as I&M is concerned and starting work on the contract with I&M for
53 the year 1984. The present contract runs out at the end •of.this year. It is
54 ' hoped for more relief in the area of being able to ship power out to other
II/ •
55 utilities at competitive.prices without being strapped with requirements or add
56 on costs by other utilities.. • .. •
57
58 Chairman Welch noted he met the'General Manager of IMPA this afternoon who told
59 him they started selling power .on January 28 and are in business as a thriving
60 utility. .
61 • .
•
62 Counc.ilman. Carter noted for• the first month of this year RP&L had a net income
63 of $167,771 from net operating revenues. That exceeds the annual budget.
RP&L Minutes cont'd.
February 22, 1983
Page 2
1 Councilman Parker informed the members that the discussion of _the possibility
2 of RP&L taking over the maintenance of highway lighting is continuing. The
3 State has had a problem; however, the bid is still coming to us and we should
4 be in a -very favorable position to receive it.
5 _
6 ADJOURNMENT
7
8, There being no further business on motion duly made, seconded and passed
9 the meeting was adjourned.
10
11 Bing Welch
12 Chairman
13 -
14 ATTEST: JoEllen Trimble•
15 City Clerk