HomeMy Public PortalAbout06-05-1978 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, JUKE 5, 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 June 5, 1978 at the hour of 7:00 p.m. in the Municipal Building of
4 said City. - Mr. Ahaus presided with the following members present: Messrs.
5 Elstro, Williams, Austerman, Merchanthouse, Mills, Carter, Paust and Welch.
6 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 Welch moved to approve the following bills and investments, seconded
13 by Councilman Carter and on unanimous voice vote the motion was carried.
14
15 APPROVE THE FOLLOWING:
16 Bills in the amount of $. 1,322,828.59
17 Bonds and Interest Coupons 16.25
18 1 Payroll 83,900.64
19
20 INVESTMENTS PURCHASED:
21 *Cash Operating Fund $ 1,341,947.93
22 **Cash Reserve Fund 67,532.47
23 ***Cash Reserve Fund 68,875.83
24 ***Depreciation Reserve Fund 32,092.65
25 ****Depreciation Reserve Fund 2,147,521.27
26 *Bond Sinking Fund 68,052.07
27 *****Bond Reserve Fund 183,731.19
28
29 *Short term investments, yielding from 6.5% to 6. 75%
30 **.D. maturing 1/2/79, yielding 5.5%
31 ***C.D. maturing 1/5/79, yielding 7.5%
32 ****Treasury notes maturing 1/3/79, yielding 7. 75%
33 *****C.D. maturing in 1 year, yielding 6.5%;
34
35 Chairman Ahaus announced two (2) committee assignments as follows: Policy
36 & Planning - study wholesale rate tracking versus need for near future and long
37 term rate increases. Specifically whether its needed, how is it implemented,
38 ramifications as to what it does to rates, and possible time tables. Employee
39 Relations Committee - review with management RP&L public realtion policies
40 toward public, customers and employee. Make recommendations for deficiencies
41 if any.
42
43 - Councilman Austerman set Thursday at 7:00 p.m. at RP&L as the date and time for
44 the Policy and Planning Committee.
45
46 Councilman Mills noted that all future requests. from Councilmen for the Street
47 Light Committee should be in writing and he will furnish a written answer.
48 These requests will be kept in book form at RP&L.
49
50 General Manager Irving Huffman reported the I&M rate case has been filed before
51 the Federal Energy Regulatory Commission. It -is necessary at this time for RP&L
52 to file their intervention and the Commission will then have thirty (30) days in
53 which to art. I&M's Cook Unit II is scheduled to go commercial June 15 and they
54 have requested the action be as close to this date as possible. RP&L, in their
55 agreement with I&M, negotiated as a part of the agreement, not to ask for any
56 longer period of time than a one (1) day suspension. If I&M's filing is in agreement
57 with the negotiated agreement, RP&L will go by the one (1) day filing. In the
58 filing, the proposed contract RP&L would be served under would be the new proposed
59 interchange contract. The benefit to this is that at the present we get hurt if.
60 one of our units trip off the line and we establish a demand with them. Our
61 present contract does not allow us emergency power; therefore, we get tabbed a
62 very high demand for the one (1) month period as we have to pay according to that
63 demand charge. The intercharge contract makes provisions for emergency outages.
64 The rate increase is for twenty-seven percent (27%) which is a very sizable
65 increase. RP&L has a good handle on all their expenses except purchase power and
66 coal costs.
RP&L Minutes Cont.
June 5, 1978
Page 2
1 Mr. Huffman stated RP&L is working toward a conservation program to adopt locally
2 which would be beneficial to consumers. This is dove-tailing with the request
3 for funds which might be available for an energy-audit approach for the City.
4 If this audit is not approved, RP&L will go ahead with a conservation program.
5 This will be for both commercial and residential ,users. The target date for this
6 program is October 1. This will be a voluntary program on existing homes but
7 new construction and remodeling should be made to meet standards. Chairman
8 Ahaus stated the Planning and Policy Committee should follow this. program.
9 working with management.
10
11 There being no further business on motion duly made, seconded and passed, the
12 meeting was adjourned.
13
14 Rick Ahaus
15 Chairman
16
17 ATTEST: JoEllen Trimble
18 City Clerk