HomeMy Public PortalAbout04-21-1975 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, APRIL 21 , 1975
1 The Common Council of the City of Richmond, Indiana, met in regular
2 session April 21 , 1975 at the hour of 7:00 p.m. in the Council Chambers
3 in the Municipal Building in said City serving as a committee in charge
4 of the operation of the Richmond Power & Light Plant. Mr. Brown pre-
y sided with the following members present: Messrs. Cornett, Elstro,
6 Geier, Hilton, Marino, Merchanthouse, Mills and Williams. Absent:
7 None. The following business was had to-wit:
8
9 Mr. Geier moved to approve the minutes of the previous meeting, seconded
10 by Mr. Mills and on unanimous voice vote the motion was carried.
11
12 Mr. Marino moved to approve the following bills , seconded by Mr. Mills
13 and on unanimous voice vote the motion was carried.
14
15 APPROVE THE FOLLOWING:
16 Bills in the amount of $ 649,235.12
17 Interest Coupons 2,060..00
18 1 Payroll 65,743.87
19
20 TRANSFER FROM CASH OPERATING FUND TO:
21 Depreciation Reserve Fund $ 91 ,000.00
22 Cash Reserve Fund 60,000.00
23 Utility Bond Fund 68,983.32
24
25 INVESTMENTS PURCHASED
26 Depreciation Reserve Fund $ 400,000.00
27
28 C.D. 's maturing 4/16/76
29 Yielding 6 1/2% interest
30
31 Chairman Brown asked Irving Huffman, General Manager, if the $60,000
32 per month payment due to the City in lieu of taxes would be the same
33 at the next transfer time.
34
35 Mr. Huffman said the utility did not transfer its bond and interest
36 payments for last October, November and December, but is now up to
37 date. He stated starting next month they would start doubling up on
38 the $60,000 payments due the City.
39
40 As far as the $60,000 per month due the City in 1976, Mr. Huffman said
41 he could forsee no problem unless the 15 percent rate increase is not
42 granted.
43
44 Mr. Marino reported progress is being made on use of the computer.
45
46 Mr. Huffman said a recent decision by the U.S. Circuit Court requires
47 the Federal Power Commission to consider a rate squeeze.
48
49
50 A decision is pending on the fuel clause policy in effect through Public
51 Service Commission rulings, Mr. Huffman added.
52
53 Chairman Brown set an executive meeting for April 28, 1975 at 7:00 p.m.
54 at the Richmond Power and Light offices.
55
56 There being no further business on motion duly made, seconded and passed,
57 the meeting was adjourned.
58
59 John Brown
60 Chairman
61 ATTEST: Margaret Mellen
62 City Clerk