HomeMy Public PortalAbout11-05-1979 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER
F LIGHT PLANT, NOVEMBER 5, 1979
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 November 5, 1979 at the hour of 7:00 p.m. in the Municipal Building
4 of said City. Chairman Ahaus presided with the following members present:
5 Messrs. Elstro, Williams, Austerman, Whitesell, Mills, Carter, Paust and Welch.
6 Absent: None. The following business was had, to-wit:
7
III 8 Councilman Williams moved to approve the minutes of the previous meeting as
9 presented, seconded by Councilman Mills and on unanimous voice vote the motion
10 was carried.
11
12 Councilman Carter moved to approve the following bills, transfers and invest-
13 ments, 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 $1,232,873.69
18 Bands and interest coupons 48.75
19 1 Payroll . 97,105.01
20
21 TRANSFERS FROM CASH OPERATING FUND TO:
22 Depreciation Reserve Fund 12,627.50
23
24 INVESTMENTS PURCHASED:
25 * Cash Operating Fund 650,000.00
26 ** Depreciation Reserve Fund 150,193.25
27 *** Depreciation Reserve Fund 447,937.31
28 ** Consumers Deposit Fund 100,000.03
29 ** Bond Reserve Fund 312,278.12
30 ** Cash Reserve Fund 71,686.85
31
32 * Short term U.S. Treasury notes (repurchase agreement) ,
III33 yielding 11.0 and 11.375% interest
34 ** U.S. Treasury notes (repurchase agreement) , maturing 10/22/80,
35 _ : yielding 10% interest
36 *** C.D. 's maturing 10/22/80, yielding 10.0% interest
37
38 Councilman Carter stated he has talked with Delmar Cox regarding investment
39 policies and the details of what he buys and how he buys them and Councilman
40 Carter is satisfied he is following the policy set down for him. He is invest-
41 ing the Honey as quickly as he can usually on_the same day. He does buy C.D.s
42 in the local banks wherever possible. RP$L does pay gross income tax on the
43 interest income when they buy C.D.s but not on treasury bills or notes. They
44 have to equate the rate of percentage from the C.D. It has to be slightly
45 more than the treasury bills or notes because of the pay out of gross income
46 tax. The present rate is 1.45% on the annual income, which is being phased
47 down each year over five (5) or six (6) years.
48
49 General Manager Irving Huffman stated he has requested repurchase agreements
50 be included on the report sheets. If there is anything any Councilman wants
51 added to the list, he should report this to Mr. Huffman so it will appear on
52 the agenda.
53
54 There being no further business on motion duly made, seconded and passed the
55 meeting was adjourned.
56
III 57 Rick Ahaus
58 Chairman
59
60 ATTEST: JoEllen Trimble
61 City Clerk