HomeMy Public PortalAbout03-20-1978 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, MARCH 20, 1978
1 The Common Council of the City of Richmond, Indiana, serving as a board in charge
2 of the operation of the Richmond Power & Light Plant, met in regular session March
3 20, 1978 at the hour of 7:00 p.m. in the Municipal Building of said City. Council-
4 man Ahaus presided with the: following members present: Councilmen Elstro, Williams,
5 Austerman, Mills, Carter, Faust, and Welch. Absent: Merchanthouse. The
6 following business was had, to-wit:
7
8 Councilman Williams moved to approve the minutes of the previous meeting, seconded
9 by Councilman Mills and on unanimous voice vote the motion was carried.
10
11 Councilman Welch moved to approve the following bills, transfers and investments
12 purchased, seconded by Councilman Austerman and on unanimous voice ,vote the motion
13 was carried.
14
15 APPROVE THE FOLLOWING:.
16 Bills in the amount of $ 726,261.20
17 Bonds and Interest Coupons 800.00
18 1 Payroll 84,663.28
19
20 TRANSJn RS FROM CASH .OPERATING FUND TO:
21 Cash Reserve Fund $ 68,875.83
22 Depreciation Reserve Fund 91,000.00
23 Utility Bond Sinking Fund 68,052.08
24
25 INVESTMENTS PURCHASED:
26 * Cash Operating Fund $ 590,000.00
27 ** Cash Reserve Fund 68,875 .83
28 ** Bond Sinking Fund 68,052.08
29 *** Depreciation Reserve Fund 96 118.75
30 *** Cash Reserve Fund 63,606.25
31 **** Depreciation Reserve Fund III91 000.00
32 '
33 * Short term investments, yielding 5 5/8% and 6.4%
34 ** C.D.'s maturing 7/3/78, yielding 6.6%
35 **'* C .D.'s maturing in 1 year, yielding 7.25%
36 **** C.D.'s maturing in 1 year, yielding 6%
37
38 Chairman Ahaus announced an executive meeting Monday, March 27, 1978 at 7:00 p.m. at
39 RP&L. The discussion will be Leas' project with coal gasification and the coal
40 situation.
41
42 Mr. Delman Cox, Office Manager of RP&L, stated General Manager Irving Huffman is
43 in Washington with representatives from the Public Service. Company .of Indiana
44 meeting with Conrail, Penn Central and Amtrak concerning the lease costs on Line
45 633. The present lease cost is $1475 per mile and this lease expires March 31, 1978.
46 The subsidity agreement is with the Federal Railroad Administration and payments
47 will be retroactive to the original date of the contract.
48
49 Mr. Cox reported the present coal supply is 28,871 tons as of today. Based on the
50 current burn rate of 400 to 550 ton this would be equivalent to a 64 day supply.
51 Based on a normal 620 ton burn rate, this would be a little over a 46 day supply.
52 The lower burn rate is a combination of conservation efforts, purchases from I & M,
53 and warmer weather.
54
55 There being no further business on motion duly made, seconded and passed, the
56 meeting was adjourned.
57
58 Rick Ahaus
59 Chairman
60
61 ATTEST: JoEllen Trimble
62 City Clerk