HomeMy Public PortalAbout09-17-1979 PROCEEDINGS OF THE COMMON COUNCIL OF THE.
CITY OF RICHMOND, INDIANA, .SERVING AS ABOARD
IN CHARGE OF THE -OPERATION OF THE RICHMOND POWER &
LIGHT PLANT, SEPTEMBER 17, 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 September 17, 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:
III5 Messrs. Elstro, Williams, Austerman, Whitesell, Mills, Carter, Paust and
6 Welch. Absent: None. The following business was had, to-wit:
7
8 Councilman Williams moved to approve the minutes of the previous meeting,
9 as prepared, seconded by Councilman Mills and on unanimous voice vote, the
10 motion was carried.
11
12 Councilman Carter moved to approve the following bills, transfers and
13 investments as presented, seconded by Councilman Welch and on unanimous voice
14 vote, the motion was carried:
15
16 APPROVE THE FOLLOWING:
17 Bills in the amount of 507,459.99
18 Bonds and Interest Coupons 2,891.25
19 1 Payroll 92,179.47
20
21 TRANSFERS FROM-THF -CASH'"OPERATING FUND- TO:
22 Cash Reserve Fund (August & September) 128,058.34
23 Utility Bond. Sinking Fund (August & September) 136,376.68
24 Depreciation Reserve Fund -0-
25
26 INVESTMENTS PURCHASED _
27 * Cash Reserve Fund 128,058.34
28 * Bond Sinking Fund 136,376.68
29
III30 * C.D.'S maturing 1/4/80, yielding 10.5% interest
31
32 Chairman Ahaus announced the next Executive meeting will be held Monday, •
33, September 24, 1979 at 7:00 p.m. at RP&L.
34
35 General Manager Irving Huffman reported they did- meet with the American Electric
36 Power people in New York andpresented our case to them, and they presentedtheir
37 desire to negotiate the rate increase they have pending before the Federal Power
38 Commission. They feel they can negotiate a settlement prior to a decision of the
39 Commission. They do have the right to go ahead and do ''pancaking" of increases,
40 which, they have done before, which is to go ahead and have a rate increase before
41 they even have the first one settled. Mr. Huffman thinks they realize there are
42 some hazards to this but might be to their advantage to settle this. He thinks
. 43 we are probably in a good position. We will be paying them,just for reserve
44 capacity instead of demand charges', which in turn would release our units to
45 operate.
46
47 Regarding the fuel clause adjustment, Mr. Huffman reported there is nothing new,
48 just a little larger than normal increase the next three months, mostly due to
49 I&M factoring, and our projections. Nuclear is cheaper than coal fired power,
50 but if those units are out again, the cost of fuel will go up drastically. The
51 cost of fuel to us has gone up very slightly. The cost to us has come mainly
52 from the railroad, and they now have a fuel clause adjustment factor in their
53 bills to us. We do not have enough figures yet to see what we will have the
54 , next quarter. We have been buying coal at what we figure is a really good price.
III 55
56 There being no further business on motion duly made, seconded and passed, the
57 ' meeting was adjourned.
58
59 Rick Ahaus
60 Chairman
61
62 ATTEST: Nancy V. Beach
63 1st Deputy City Clerk