HomeMy Public PortalAbout05-15-1972 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, MAY 15, 1972
The Common Council of the City of Richmond, Indiana, met in regular session May 15,
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, Cornett, Marino, Merchanthouse, Mills, Shields, Stigleman and Williams.
Absent: None. The following business was had to-wit:
III Mr. Marino moved to approve the minutes of the previous meeting, seconded by Mr.
Stigleman, and on unanimous voice vote the motion was carried.
Mr. Brown moved to pay bills and progressive payments and make transfers, seconded
by Mr. Merchanthouse, and on unanimous voice vote the motion was carried.
APPROVE THE FOLLOWING:
Bills in the amount of $287,844.21
Interest Coupons 135.00
1 Payroll 59,228.73
PROGRESSIVE PAYMENTS ON:
Steam Generator $ 71 ,555.40
Mechanical Construction 225,699.05
Electrical Construction 27,450.00
Plant Electrical Construction 6,210.00
TRANSFER FROM CASH OPERATING FUND TO:
Utility Bond Fund $ 62,207.42
Utility Bond Reserve Fund 40,000.00
Depreciation Reserve Fund 57,000.00
Mr. Huffman read the following letter:
III Richmond Power & Light
May 11 , 1972
TO: I. A. HUFFMAN, GENERAL MANAGER
FROM: DELMER COX, GENERAL OFFICE MANAGER
Mr. Huffman:
On May 15, 1972 we will have the following amount of cash available
for investment.
Bond Reserve Fund $ 127,780.94
Depreciation Reserve Fund $1 ,741 ,000.00
I recommend we purchase 4-3/4% U.S. Treasury Notes maturing May 15,
1973 and selling at a price to yield 4.54%. Purchases to be as follows:
Bond Reserve Fund $125,000.00 plus accrued interest.
Depreciation Reserve Fund $1 ,740,000.00 plus accrued interest.
With Council 's approval I will send instructions to the Wayne County
Treasurer to order the above securities.
Copies to all Councilmen
111 Mr. Stigleman moved the Board approve the investments as recommended, seconded by
Mr. Mills, and on inanimous voice vote the motion was carried.
Mr. Huffman recommended the Board accept the lowest and best bid on the truck, sub-
mitted by Kurdy's Chevrolet, Inc. for $2,789.00. Mr. Stigleman moved the Board award
the bid as recommended, seconded by Mr. Williams, and on unanimous voice vote the motion
was carried.
Mr. Huffman reported that Richmond Power & Light has submitted its prefiled testimony
in front of the Public Service Commission and has had it accepted. The public
counselor will present his testimony on May 25.
Light Plant Minutes
May 15, 1972
Page 2
City Attorney Wynegar recommended the Board, during Council meeting, amend the
Declaratory Resolution which asks the Judge of the Wayne Circuit to appoint
appraisers for the service building, to include a piece of property at the corner
of North 15th and "J" Street. Mr. Marino said he thought Redevelopment should
tell the Board what the land is to be used for. Mr. Huffman said that Richmond
Power & Light has no plans for the land. Dr. Shields moved the Board follow the
City Attorney's recommendation, seconded by Mr. Stigleman and on unanimous voice
vote the motion was carried.
There being no further business on motion duly made, seconded and passed, the
meeting was adjourned.
H. J. Elstro, Jr. , Chairman
ATTEST: Lotte Hoskins, Clerk of the Board