HomeMy Public PortalAbout10-16-1972 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, OCTOBER 16, 1972
The Common Council of the City of Richmond, Indiana, met in regular session October
16, 1972 at the hour of 7:00 p.m. in the Council Chambers of the Municipal Building
of said City serving as a committee in charge of the operation of the Richmond Power
& Light Plant. Mr. Elstro presided with the following members present: Messrs.
Brown, Marino, Merchanthouse, Mills, Shields and Stigleman. Absent: Mr. Cornett and
Mr. Williams. The following buisness was had to-wit:
Dr. Shields moved to approve the minutes of the previous meeting, seconded by Mr.
Mills, and on unanimous voice vote the motion was carried.
Mr. Stigleman moved to approve bills, progressive payments and transfers from Cash
Operating Fund, seconded by Mr. Brown, and on unanimous voice vote the motion was
carried.
APPROVE THE FOLLOWING:
Bills in the amount of $294,489.95
Interest Coupons 150.00
1 Payroll 63,799.31
PROGRESSIVE PAYMENTS ON:
Black & Veatch REsident Engineers $ 4,275.00
TRANSFER FROM CASH OPERATING FUND TO:
Depreciation Reserve Fund $ 57,000.00
Utility Bond Fund 61,957.43
Utility Bond Reserve Fund 40,000.00
Dr. Shields asked if Black & Veatch are here for the construction of the new unit
and how long they will be here. Mr. Huffman replied that they were here and will
stay thirty days after start-up.
Mr. Huffman read the following letter:
October 16, 1972
TO: Mr. Irving A. Huffman
General Manager
Mr. Huffman,
The following Investments were made from the following Cash Funds:
Bond Reserve Fund Cash $75,879.67 - used to purchase $80,000.00 U.S.
Treasury Bills, maturing September 25, 1973 and yielding 5.4%.
Purchased through the First National Bank of Richmond, Indiana, on
October 4, 1972.
Delmer Cox
General Office Manager
Mr. Huffman requested the Board hire R.W. Beck & Associates to help Richmond Power
& Light get a new contract with Indiana & Michigan Electric Company. The present
ten year contract expires in 1975. Mr. Huffman stated that Richmond Power & Light
felt they had a bond fide contract, but that the Federal Power Commission has said
this is not relevant by favoring Indiana & Michigan Electric to date in its pending
rate increase request set for hearings in January. A hearing date in Indianapolis
is set for January 8, 1973. Mr. Marino moved the Board approve the hiring of R.W.
Beck & Associates, seconded by Mr. Stigleman and on unanimous voice vote the motion
was carried.
Mr. Huffman presented the Gaar Nursery contract for signature.
There being no further business on motion duly made, seconded and passed, the meeting
was adjourned.
H.J. Elstro, Jr.
Chairman
ATTEST: Virginia Cook
Acting City Clerk