HomeMy Public PortalAbout11-21-1979 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, NOVEMBER 21, 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 Novem-
3 ber 19, 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,
III5 Williams, Austerman, Whitesell, Carter, Paust and Welch. Absent: Mills. The
6 following business was had, to-wit: .
7
8 Councilman Williams moved to approve the minutes of the previous meeting, seconded
9 by Councilman Whitesell and on unanimous voice vote the motion was carried.
10
11 Councilman Carter moved to approve the following bills, transfers and investments,
12 seconded by Councilman Welch and on unanimous voice vote the motion was carried:
13
14 APPROVE THE FOLLOWING:
15 Bills in the amount of $ 328,232.44
16 Bonds and Interest Coupons - 0 -
17 1 Payroll 97,731.79 .
18
19 TRANSFERS FROM CASH OPERATING FUND TO:
20 Cash Reserve Fund 68,188.32
21 Bond Sinking Fund 64,029.17
22
23 TRANSFERS FROM DEPRECIATION'11RESERVE FUND TO:
24 Cash Operating Fund • 3,694.52
25
26 INVESTMENTS PURCHASED:
27 * Cash Operating Fund 250,000.00
28 ** Cash Reserve Fund 128,058.34
29 ** Bond Sinking Fund 136,376.65
III30 *** Depreciation Reserve Fund 641,934.84
31
32 * U.S. Treasury Notes (repurchase agreement) maturing 11/19/79,
33 yield 11.5%
34 ** U.S. Treasury Notes (repurchase agreement) maturing 1/4/80,
35 yield 11.5 and 12.375%
36 *** C.D: maturing 6/11/80, yielding 12.75%
37
38 Chairman Ahaus announced the Executive Board will be meeting Monday, November 26 at
39 7:00 p.m. at RP&L. Discussion will be of the 1980 budget and Mr. Huffman will
40 have rate comparisons. Councilman Carter suggested inviting Councilmen-elect to
41 meet with the Executive Board.
42
43 General Manager Irving Huffman stated work has been done with Arnold Leas in trying
44 to get his coal gasification project off the ground. He is experiencing some finan-
45 cing difficulties as coal gasification projects are generally the old normal way
46 of going at a coal gasification project which causes the inherent problem of the
47 clean. up of the gas. Mr. Leas process is different in that it comes from a refinery
48 type principle, which makes it difficult to attract the Department of Energy to fund
49 his process, because it is a new type technique and Mr. Leas comes from Columbia
50 City, Indiana, and does not have the'.contacts needed. Representatives from Richmond
51 attended a meeting today with one of the Federal lending .agencies trying to help Mr.
52 Leas. Assistance will be given to help get his presentation to the Department of
53 Energy where he can try to receive some funding for his process. Mr. Leas process
54 could dispose of waste, eliminate materials, produce alcohol and other things. Mr.
III55 Huffman stated he hopes Mr. Leas is successful and hopes his project can be located
56 here in Richmond.
57
58 Mr. Huffman stated.RP L comes under the Public Utilities Regulatory Protection Act
59 in that we have over 500 million kilowatt sales. There is certain data need not
60 be collected for a couple of years because less than 750 million kilowatt sales.
61 The PSCI expects RPIL to show why the rate structure should not be redesigned when
62 any new rate cases come up. Mr. Huffman asked RPjL's attorney along with the
63 Engineering Staff to attend the meeting with the PSCI to get preknowledge of what
•
RPTL Minutes Cont.
November 19, 1979
Page 2
1 is to be expected. Mr. Huffman also asked a consultant, who-previously worked
2 for PSCI as chief rate man, to attend the meeting for information purposes as
3 he may be employed to make a cost of service study.
4
5 There being no further business on motion duly made, seconded and passed the
6 meeting was adjourned.
7
8 Rick Ahaus
9 Chairman
10
11 ATTEST: JoEllen Trimble
12 City Clerk •