HomeMy Public PortalAbout07-03-1978 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, JULY 3, 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 July 3, 1978 at the hour of 7:00 p.m. in the Municipal Building of
4 said City. Councilman Paust presided in the absence of Chairman Ahaus with
5 the following members present: Messrs. Elstro, Williams, Austerman,
6 Merchanthouse, Mills, Carter, and Welch. Absent: Mr. Ahaus. The following
7 business was had, to-wit:
8
9 Councilman Austerman moved to approve the minutes of the previous meeting,
10 as prepared, seconded by Councilman Mills and on unanimous voice vote, the
11 motion was carried.
12
13 Councilman Welch moved the following bills, transfers and investments as
14 submitted be paid, seconded by Councilman Carter and on unanimous voice
15 vote, the motion was carried.
16 •
17 APPROVE THE FOLLOWING:
18 Bills in the amount of $ 878.647.50
19 Bonds and Interest Coupons -0-
20 1 Payroll ($84,050.38 + $1,017.42) 85,067.80
21
• 22 TRANSFERS FROM CASH OPERATING FUND TO:
23 Cash Reserve Fund
24 Depreciation Reserve fund
25 Utility Bond Sinking Fund
26
27 INVESTMENTS PURCHASED:
28 *Depreciation Reserve Fund $ 103,213.90
29 *Cash Reserve Fund 136,928.94
30 **Utility Bond Sinking Fund 68,052.07
31 32
***Cash Operating Fund 683,072.10
33 *C.D. 's maturing 1/5/79, yielding 7 1/2%
34 **C.D. 's maturing in 30 days, yielding 6 1/2%
35 ***Short term investments, yielding 5 to 6 3/4%
36
37 In answer to a question from Councilman Merchanthouse;
38 General Manager Irving Huffman stated the Bond Reserve Fund can only be used
39 for bonds. Any interest money goes into the fund which generates it. According
40 to the Bond Ordinances you are suppose to charge rates which will fund the
41 Depreciation Reserve Fund and pay your expenses and operate in a profitable
42 mode.'.
43
44 Councilman Mills stated Quaker Lighting on South 4th Street was discussed
45 briefly at the Executive Meeting. Mr. Rees is going to investigate and
46 make a report.
47
48 Councilman Welch gave a report on Lees Brothers Coal Gasification Pilot Plant.
• 49
50 Mr. Huffman further reported on Lees Brothers that the Federal Energy Commission
51 did not take samples from this plant that it had been hoped they would. The
52 unit did not meet OSHA standards. Mr. Lees stated there is a new avenue of
53 financing as there is money available which would cover eighty percent. (80%)-
54 of the project and, if the project should fail, it is a forgivable loan.
55
56 Mr. Huffman stated there is no automatic rate increase as a legal ad has to be
57 filed, the public has to be notified, and a public hearing has to be held for
58 any type of rate increase.
59
60 Mr. Huffman stated the Commission has received the additional information
61 requested on the I & M rate case, but they have not yet acted.
63 There being no further business on motion duly made, seconded and passed, the
64 meeting was adjourned..
65 Kenneth Paust
66 Chairman Pro-Tem
67 ATTEST: JoEllen Trimble
68 City Clerk