HomeMy Public PortalAbout07-17-1972 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, JULY 17, 1972
The Common Council of the City of Richmond, Indiana, met in regular session July 17,
1972, at the hour of 7:00 p.m. serving as a committee in charge of the operation of
the Richmond Power & Light Plant in the Council Chambers of the Municipal Building
of said City. Mr. Elstro presided with the following members present: Messrs. Brown,
Cornett, Marino, Merchanthouse, Mills, Shields, Stigleman and Williams. Absent: None.
The following business was had to-wit:
Mr. Marino moved to approve the minutes of the previous meeting, seconded by Mr. Mills,
and on unanimous voice vote the motion was carried.
Mr. Cornett moved to pay bills and approve transfers, seconded by Mr. Stigleman, and
on unanimous voice vote the motion was carried.
APPROVE THE FOLLOWING:
Bills in the amount of $335,891 .05
Interest Coupons 156,766.25
1 Payroll 60,492.46
TRANSFERS FROM CASH OPERATING FUND TO:
Utility Bond Fund $ 61 ,957.47
Utility Bond Reserve Fund 40,000.00
Depreciation Reserve Fund 57,000.00
Mr. Marino called a meeting of the Board for Tuesday, July 18, 1972, at the hour of
7:00 p.m. at the Service Building in order to meet with the wage committee.
Mr. Huffman read the following letter:
Richmond Power & Light
July 11 , 1972
IIITO: I. A. HUFFMAN, GENERAL MANAGER
FROM: DELMER COX, GENERAL OFFICE MANAGER
Mr. Huffman:
We have $85,000.00 in the Bond Reserve Fund which is available for
investment.
I recommend we purchase $85,000.00 U.S. Treasury Bills maturing June
30, 1973 and selling at an interest rate of 4.92%.
Upon Council 's approval , I will instruct the County Treasurer to pur-
chase as many securities as the above funds will purchase.
Copies to: All Councilmen
Mr. Stigleman moved to approve the investments, seconded by Mr. Marino, and on unani-
mous voice vote the motion was carried.
Mr. Huffman reported that the intervention by Richmond Power & Light in the Indiana-
Michigan proposed rate increase is in a suspended state. A petition to intervene has
been filed, and an extension has not yet been granted.
City Attorney Jane Wynegar reported that the Resolution asking the Circuit Court to
appoint appraisers for the "H" Street lot is in the hands of the Circuit Court.
There being no further business on motion duly made, seconded and passed, the meeting
was adjourned.
H. J. Elstro, Jr.
Chairman
ATTEST: Lotte Hoskins, City Clerk