HomeMy Public PortalAbout03-03-1980 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER
AND LIGHT PLANT, MARCH 3, 1980
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 March 3, 1980 at the hour of 7:00 p.m. in the Municipal Building
4 of said City: Chairman Ahaus presided with th'e'following members .present:
5 Messrs: Elstro, Williams, Hankinson, Welch, Parker, Carter, Mills and Paust.
6 Absent: None. The following business was had, to-wit:
7
II/ 8 Councilman Williams moved to approve the minutes of the previous meeting as
9 prepared, seconded by Councilman Welch and on unanimous voice vote. the motion
10 was carried.
11
12 Councilman Carter moved to approve the following bills and bond. investments
13 as presented, seconded by Councilman Welch and on unanimous voice vote the
14 motion was carried.
15
16 APPROVE THE FOLLOWING: •
17 Bills in the amount of $352.528.54
18 Bonds and Interest Coupons 37,363.75
19 1 Payroll 97,173.32
20
21 INVESTMENTS PURCHASED
22 * Cash Operating Fund 64,855.41
23 ** Cash Operating Fund 650,000.00
24 " * Bond Sinking Fund 71,115.42
25 * Cash Reserve Fund 64,029.17
26
27 * -U.S. Treasury Notes, (repurchase agreement) maturing 7/1/80,
28 yielding 11.5% interest
29 ** Short Term investments (repurchase agreement) yielding, 10.5%
30 and 11.5% interest
31
III 32 Chairman Ahaus stated he will be mailing the policy for approval of capital
33 expenditures to the Board.
34
35 General Manager Irving Huffman reported on the Joint Agency Bill. He stated
36 the Governor is going to sign the bill at 2:00 p.m. tomorrow. The bill was
37 discussed with him and he indicated no problems with signing it. It is a
38 good milestone as far as public utilities are concerned in Indiana. This
39 will enable us to do good planning in areas that have been restricted in the
40 past. We can participate in larger units. The decision on the R. W. Beck
41 report-will be delayed as far as going into oil fired turbines. It may be
42 more economical to purchase by contract instead of purchasing a unit. -How-
-43 ever; if Purchased, in cases of black out conditions, this unit would be
44 able to start up and get the entire system back on line. There will be a
45 meeting of the Joint Agency group who are getting the bill through Thursday
46 to make future plans and set up the structure. At this meeting there will
47 be legal firms there to explain the bill.
48
•
49. Chairman Ahaus announced there will be an Executive meeting on March 24th
50 at 7:00 p.m. at RP&L.
51
52 There being no further business on motion duly made, seconded and passed
53 the meeting was adjourned.
54
55 Rick Ahaus
56 Chairman
' Ill 57
58 ATTEST: JoEllen Trimble
59 City Clerk