HomeMy Public PortalAbout08-21-1978 PROCEEDINGS OF THE COMMON , COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS
A BOARD IN CHARGE OF THE OPERATION OF THE
RICHMOND POWER & LIGHT PLANT, AUGUST 21, 1978
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 August 21, 1978 at the hour of 7:00 p.m. in the Municipal Building
4 of said City. Councilman Ahaus presided with the following members present:
5 Messrs. Elstro, Williams, Austerman, Merchanthouse, Mills, Carter, Paust
6 and Welch. Absent: None. The following business was had, to-wit:
7
8 Councilman Williams moved to approve the minutes of the previous meeting, as
9 prepared seconded by Councilman Mills and on unanimous voice vote, the motion
10 was carried.
11
12 Councilman Austerman moved to table the approval of the bills as Councilmen
13 Welch and Carter were still reviewing them, seconded by Councilman Paust
14 and on unanimous voice vote, the motion was carried.
15
16 Chairman Ahaus noted the Executive Meeting will be Tuesday, August 29, 1978 at
17 7:00 p.m. at RP&L.
18
19 General Manager Irving Huffman reported he has received official notification
20 from the Federal Power Commission dated August 7 that I&M has been ordered
21 to make the refund on all overcharges. He has an appointment Thursday with
22 I&M officials to go over the amount and iron out any differences ahead of
23 time. The refund has to be made within thirty (30) days. The refunding of
24 money to customers is going to be a monumental task as there are 20,000
25 customers and 6,000 changes per year. The period of time covered is November
26 1974 to July 1978. This involves four (4) different year books and the
27 computer was not programmed to accumulate the kilowatt hour usage so this has
28 to be done by hand. RP&L will do everything possible to advise the people
29 who are entitled to refunds. This will be costly and will take time.
30
III31 Councilman Austerman moved to remove from the table the approval of the payment
32 of the bills, seconded by Councilman Paust and on unanimous voice vote, the
33 motion was carried.
34
35' Councilman Welch moved the following bills and investments be approved as
36 submitted, seconded by Councilman Carter and on unanimous voice vote, the
37 motion was carried:
38
39 APPROVE THE FOLLOWING:
40 Bills in the amount of $ 821,851.12
41 Bonds and Interest Coupons 5,197.50
42 Payroll 84,106.20
43
44 INVESTMENTS PURCHASED:
45 *Cash Operating Fund 250,000.00
46 **Cash Operating Fund 620,000.00
47 ***Depreciation Reserve Fund 1,608,002.17
48
49 *C.D. 's at various rates for short terms
50 **U.S . Treas. Notes, maturing 8/24/78, yielding 7.5%
51 ***U.S . Treas. Notes, maturing 7/31/80, yielding 8.5%
52
53 TRANSFER FROM CASH OPERATING FUND TO:
54 Cash Reserve Fund $ 67,105.92
55 Depreciation Reserve Fund 91,000.00
56 Utility Bond Sinking Fund 69,260.43
57
58 There being no further business on motion duly made, seconded and passed, the
59 meeting was adjourned.
60
61 Rick Ahaus
62 Chairman
63
64 ATTEST: JoEllen Trimble
65 City Clerk