HomeMy Public PortalAbout06-17-1976 PROCEEDINGS OF THE. COMMON COUNCIL OF THE .
CITY. OF RICiU OND, I'NDIANA, SERVING AS
A CQMMI?TTEE: IN CHARGE: OF THE OPERATION OF THE
RFCH1OND POWER & LIGHT, JUNE 17, 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 June 17, 1976, at the hour of 7:00 P.M. in the Municipal Building
4 of said City. Mr. Ahaus presided with the following members present:.
5 Messrs. Carter, Cornett, Elstro, Merchanthouse, Mills, Paust and Williams.
6 Ahsent Me_s,•sr. Austerman. The following business was had, to-wilt:
7
8 Mr. Williams moved to approve the minutes of the previous meeting,
9 seconded by Mr. Mills and on unanimous voice vote the motion was carried.
10
11 Mr. Elstro moved approval of the following bills , transfers and invest-
12 ments purchased, seconded by Mr. Paust and on unanimous voice vote the
13 motion was carried.
14
15: APPROVE THE FOLLOWING:
16 Bills in the amount of $452,305.55
17 Interest Coupons None
18 1 Payroll 72 ,126.60
19
20 TRANSFERS FROM CASH OPERATING FUND TO
21 Depreciation Reserve Fund $91 ,000.00
22 Cash. Reserve Fund 60,000.00
2.3 Utility Oond Fund 68,341.65
24
25: INVESTMENTS PURCHASED
26 Cash Operating Fund • $101 ,365.24
2.7
28 C.D. 's Maturing in 60 days, yielding 5- 1/2%
29
30 Mr. . Ahaus thanked Mr. Mil is for filling in for him at .the previous meeting,
31 as he has attending the...33rd Annual National Conference of the American
32. Power Associ1at .ton in Anaheim., Calif. There.were 1500 -delegates:at. the
33_ 2_ days convention for governing boards. The title of the conference was
34 Energy - America's New Frontier. Discussion was centered around the lack
35 of energy and ability to generate it. America's energy picture is depen-
36 dent on foreign oil . There will be an energy crisis by 1990 as we will
37 have used all our resources. We will have to find new ways to produce
38 energy.which..will center around:coal or nuclear.
39
40 Mr. Ahaus finds that in public power arena, most utilities are involved
41 with all sorts of litigations which which utilize courts. The only way to
42 solve our problems: with I:&M is the way we do it.
43
44 There will be. an Executive meeting at RP&L Mon. , June 28th at 7:00 p.m.
45 0 .
46 Mr. Delmer Cox, in the absence. of General Manager, Irving Huffman , reported
47 that the Public Service Commission , has instructed all utilities in Indiana
48 that they have to change the method of paying their file-iseladsesadjustment in
49 rates. The base will be on cost of coal burned per kilowatt hour sale.
50 Utilities will be estimating three (3) month cost and each month thereafter
51 the es.ti:mated cost will be adjusted by the actual cost. Utilities will be
52 able to recover the cost quicker. The first charges based on the new rate
53 will have a tendency to show a lower fuel clause credit than we have now.
54 I&M will have to 'revise their billing to RP&L.
III 55
56 There being no further business , on motion duly,made, seconded and passed,
57 the meeting Ras adjourned.
58
59 Rick Ahaus
60 - Chairman
61
62 ATTEST: JoEllen Trimble
63 City Clerk.