HomeMy Public PortalAbout07-06-1976 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS
A COMMITTEE IN CHARGE OF THE OPERATION OF THE
RICHMOND POWER &__,LIGHT PLANT, JULY 6, 1976
1 The Common Council of the City of Richmond, Indiana, serving as a
2 committee in charge of the Richmond Power & Light Plant, met in regular
3 session July 6, 1976, at the hour of 7:00 P.M. in .the'Muni.cipal Building
4 of said City. Mr. Ahaus presided with the following members present:
5 Messrs. Austerman, Carter, Cornett, Elstro, Merchanthouse, Mills, Taust,
6 and Williams. Absent: None. The following business was had, to-wit:
7
8 Mr. Paust moved to approve the minutes of the previous meeting, seconded
9 by Mr. Elstro and on unanimous voice vote the motion was carried.
10
11 Mr. Carter moved approval of the following bills and investments purchased, _
12 seconded by Mr. Cornett and on unanimous voice vote the motion was carried:
13
14 APPROVE THE FOLLOWING
15 Bills in the amount of $ 241,677.70
16 Interest Coupons . . . 107,525.00
17 1 Payroll 72,065.43
18
19 INVESTMENTS PURCHASED
20 *Depreciation Reserve Fund $ 91,000.00
21 *Cash Reserve Fund 60,000.00
22
23 *C.D. 's Maturing in 1 year, yielding 6 3/4%
24 .
25 Mr. Ahaus announced there will be an Executive Meeting on July 12th at
26 RP&L which will be a meeting with Bill Leininger of Ernst & Ernst.
27 Before this meeting committee members will receive a status report from
28 Mr. Ahaus.
29
30 Mr. Irving Huffman, General Manager, gave an I&M rate case report. They
31 have filed a retail rate increase. Present rate will be in effect until
32 the end of the year, and as a result, -we are not affected immediately.
33 All other municipal electric systems will have the proposed increase go
34 into effect thirty (30) days after acceptance, subject to a refund. RP&L
35 . will not have to pay wholesale rate until after the first of the year.
36 I&M has applied for an emergency petition which may be approved the
37 latter part of August for around sixteen percent (16%) . I&M advises
38 they want to submit a proposed contract to RP&L. I&M is negotiating rate
39 increases with REMCs and have settled one (1) group. The Conway, Arkansas
40 case is now being considered by the Federal Power Commission. A company
41 cannot sell wholesale to one (1) group of customers, much less than retail,
42 without some justification. This has caused the Federal Power Commission
43 to do one of the major things it should be doing which is looking after
44 the public's interest. Our rate case is complex and long. We have been
45 on top of the case since the beginning. We have had excellent consultants
46 guiding us. Mr. Huffman stated he would be happy to explain RP&L's position
47 to any interested party who wants to learn about our case. Mr. Huffman
48 stated that we have defrayed increases in some instances and it is established
49 with theCommission that over-charges are subject to refund.
50
51 There being no further business on motion duly made, seconded and passed
52 the meeting was adjourned.
53
54 Rick Ahaus
55 Chairman
56
57 A'r1'hST: JoRl len Trimble
58 City Clerk