HomeMy Public PortalAbout05-06-1974 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, MAY 6, 1974
The Common Council of the City of Richmond, Indiana, met in regular session
May 6, 1974, at the hour of 7:00 p.m. in the Council Chambers in the
Municipal Building in said City serving as a committee in charge of the
operation of the Richmond Power & Light Plant. Mr. Merchanthouse presided
with the following members present: Messrs. Brown, Cornett, Elstro, Geier,
Marino, Mills, Shields and Williams. Absent: None. The following busi-
ness was had to-wit:
Mr. Mills moved to approve the minutes of the previous meeting, seconded
by Dr. Shields and on unanimous voice vote the motion was carried.
Mr. Brown moved to approve the bills, seconded by Mr. Williams and on
unanimous voice vote the motion was carried.
APPROVE THE FOLLOWING:
Bills in the amount of $308,321 .05
Interest Coupons 147.50
2 Payrolls 126,495.72
PROGRESSIVE PAYMENTS
Black & Veatch Resident Engineer $ 2,520.00
Purchase of land for Rich Rd. Substation 12,160.00
INVESTMENTS PURCHASED
*Cash Operating Fund $250,000.00
**Cash Reserve Fund 60,000.00
**Depreciation Reserve Fund 40,000.00
*C.D. 's Maturing 7/22/74
$100,000.00 yielding 9 1/4% interest
$150,000.00 yielding 10% interest
**C.D. 's Maturing 12/30/74
Yielding 8% interest.
Mr. Merchanthouse Chairman of the Board, set a meeting for May 13, 1974
at 7:00 p.m. at Richmond Power & Light.
General Manager, Irving Huffman, reported he was in Washington attending
the Indiana & Michigan rate case hearing during the last meeting. A
decision will probably not be handed down until late this year, Mr.
Huffman stated. This could mean 15 months of possible overcharge refunds
which is costing us $50,000.00 monthly in overcharges for purchased cur-
rent from I & M.
Our efforts to sell local current have again been blocked by American
Electric's refusal to transmit local current even at a cost.
Mr. Geier moved to authorize Mr. Huffman to advertise for bids to be taken
June 3rd for transmission line hardware to run from the new Rich Road
substation to the Whitewater Valley station, seconded by Mr. Mills and on
unanimous voice vote the motion was carried.
Dr. Shields moved to authorize dedication subject to approval from Irving
Huffman of 30 feet of the substation site north of Reid Hospital at the
Oak Drive U.S. 27 intersection, seconded by Mr. Mills and on a call of the
roll the following was recorded: Ayes; Cornett, Mills, and Shields. Noes;
Brown, Elstro, Geier, Marino, Williams and Merchanthouse. The vote being
six (6) to three (3) against the motion.
There being no further business on motion duly made, seconded and passed,
the meeting was adjourned.
Greg Merchanthouse
Chairman
ATTEST: Margaret Mellen
City Clerk