HomeMy Public PortalAbout12-17-1979 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVIN AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER
AND LIGHT PLANT, DECEMBER 17 , 1979
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
3 December 17, 1979 at the hour of 7:00 p.m. in the Municipal Building of said City.
4 Chairman Ahaus presided with the following members present : Messrs. Elstro,
5 Williams, Paust, Austerman, Whitesell, Mills, Carter and Welch. Absent: None.
6 The following business was had, to-wit:
7
8 Councilman Williams moved to approve the minutes of the previous meeting as pre-
9 pared, seconded by Councilman Mills and on unanimous voice vote the motion was
10 carried.
11
12 Councilman Carter moved that the following bills, transfers and investments all
13 be approved, seconded by Councilman Welch and on unanimous voice vote the motion
14 was carried.
15
16 APPROVE THE FOLLOWING:
17 Bills in the amount of $ 533,089.35
18 Bonds & Interest.'Coupons -0-
19 1 Payroll 101,162.93
20
21 TRANSFERS FROM CASH OPERATING FUND TO:
22 Cash Reserve Fund 64,029.17
23 Bond Sinking Fund 68,188.33
24
25 INVESTMENTS PURCHASED:
26 * Cash Operating Fund 175,000.00
27 ** Cash Operating Fund 129,746.35
28 ** Cash Reserve Fund 64,065.32
29 . ** Bond Sinking Fund 68,188.33
30 *** Consumers Deposit Fund 28,555.31
31 *** Depreciation Reserve Fund 896,207.43
III32 *** Bond Reserve Fund 703,554.55
33
34 * C.D. 's maturing 1/21/80, yielding 10.75% interest
35 ** Short term treasury notes (repurchased agreement) , yielding 10.5% interest
36 ***C.D. 's maturing in 1 year, yielding 10.0% interest
37
38 Chairman Ahaus stated there will not be a regular scheduled meeting on the 4th
39 Monday this month. There will be an Executive Board meeting on January 14th
40
41 General Manager Irving Huffman stated, since they did not get on the agenda for
42 the proper notification, he is requesting suspension of the rules to receive bids
43 at the first meeting in January for approximately 120 to 125 distribution trans-
44 formers at an approximate cost of $50,000.00. These transformers are going to re-
45 quire fabrication because they are not standard voltage that is available.
46
47 Councilman Austerman moved to suspend the rules by voice vote, seconded by Council-
48 man Mills and on unanimous voice vote the motion was carried.
49
50 Councilman Mills moved to receive bids for distribution transformers at the
51 January 7 meeting, seconded by Councilman Paust and on unanimous voice vote the
52 motion was carried.
53
54 Mr. Huffman stated the Indiana State Legislature is going to be meeting in January
55 for a short session and the Indiana Municipal Electric Association has introduced
56 legislation which would permit all municipally owned utilities to participate in
57 a joint agency which would allow municipals to join together or join with other
58 privately owned utility companies for the purpose of building additional generating
59 equipment. The only way generation can be increased now is by doing it locally
60 which is ideal if possible; however, due to the increasing scale of economy, to keep
61 generating costs down, it is necessary to go with larger units. Mr. Huffman stated
62 he would like to draft a letter in favor of this legislation and have it signed
63 by all Board members and the Mayor.
64
65 Councilman Austerman so moved, seconded by Councilman Williams and on unanimous
66 voice vote the motion was carried.
RP&L Minutes Cont.
December 17, 1979
Page 2
1 In answer to Councilman Carter's question if this was the bill that was previously
2 defeated, Mr. Huffman noted the bill was not defeated but was never brought out
3 of Committee.
4
5 Mr. Huffman thanked the two outgoing Councilmen, for their help during the past year.
6
7 There being no further business on motion duly made, seconded and passed the meeting
8 was adjourned.
Rick Ahaus
Chairman
ATTEST: JoEllen Trimble
City Clerk