HomeMy Public PortalAbout02-04-1974 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, FEBRUARY 4, 1974
The Common Council of the City of Richmond, Indiana, met in regular
session February 4, 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. Merchant-
house presided with the following members present: Messrs: Brown,
Cornett, Elstro, Geier, Marino, Mills and Williams. Dr. Shields was
absent. The following business was had to-wit:
Mr. Geier moved to approve the minutes of the previous meeting, seconded
by Mr. Brown and on unanimous voice vote the motion was carried.
Mr. Elstro 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 $ 257,013.87
Interest Coupons 74,632.50
1 Payroll 62,800.96
PROGRESSIVE PAYMENTS ON:
Black & Veatch Resident Engineer 2,430.00
INVESTMENTS PURCHASED
*Cash Operating Fund $ 500,000.00
**Utility Bond Reserve Fund 129,024.40
*C.D. 's Maturing in 90 days yielding
9 1/4% interest.
**C.D. 's Maturing in 1 year yielding
7 1/2% interest.
General Manager Irving Huffman requested authorization to purchase 2.4
acres of ground from Industires Inc. at a cost of $5,000.00 per acre.
The ground is needed to construct a substation.
Mr. Marino moved to authorize Richmond Power & Light to purchase 2.4
acres from Industries Inc. at a cost of $5,000.00 per acre, seconded
by Mr..Cornett and on unanimous voice vote the motion was carried.
Mr. Huffman stated the new substation was needed because industries in
the area will be using more electricity and the new 258 acre industrial
park will require more power.
Mr. Huffman reported the Federal Power Commission would like to use any
excess coal-fired electric generation in the midwest to relieve the oil
shortage in the northeast.
Negotiations are underway to sell some locally-generated power to Brain-
tree, Mass. and Edison Company of New York.
Mr. Huffman's testimony will begin February 8th on the rate case.
A 2.1 per cent freight increase became effective February 1 , 1974, Mr.
Huffman stated. Based on a projection of using 250,000 tons in 1974
this would be an increase of $20,000.00 for the year.
There being no further business on motion duly made, seconded and passed,
the meeting was adjourned.
Greg Merchanthouse
Chairman
ATTEST: Margaret Mellen
City Clerk