HomeMy Public PortalAbout04-17-1972 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, APRIL 17, 1972
The Common Council of the City of Richmond, Indiana, serving as a committee in charge
of the operation of the Richmond Power & Light Plant, met in regular session April 17,
1972, at the hour of 7:00 p.m. 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. Stigleman moved to approve the minutes of the previous meeting, seconded by Mr.
Marino, and on unanimous voice vote the motion was carried.
Mr. Huffman read the following letter:
TO: I. A. Huffman, General Manager
FROM: Delmer Cox, General Office Manager
Mr. Huffman:
We have $40,000.00 in the Bond Reserve Fund which is available for
investment.
I recommend we purchase $40,000.00 in U.S. Treasury Bills maturing
March 31 , 1973 and selling at an interest rate of 4.67%.
Upon Council 's approval , I will instruct the County Treasurer to pur-
chase asnany securities as the above funds will purchase.
Copies to: Finance Committee
Ransom Stigleman
Philip Marino
Thomas Shields
III Mr. Stigleman moved the Board approve the investments , seconded by Mr. Merchanthouse
and on unanimous voice vote the motion was carried.
Mr. Marino moved to pay bills, make transfers and progEssive payments, seconded by
Mr. Mills, and on unanimous voice vote the motion was carried.
APPROVE THE FOLLOWING:
Bills in the amount of $343,651 .38
Interest Coupons 1 ,241 .25
1 Payroll 60,699.98
TRANSFERS FROM CASH OPERATING FUND TO:
Utility Bond Fund $ 62,207.43
Utility Bond Reserve Fund 40,000.00
Depreciation Reserve Fund 57,000.00
PROGRESSIVE PAYMENTS ON:
Electrostatic Precipitators $ 64,455.20
Electrical Construction 25,335.00
Control & Instrumentation Equip. 69,657.70
Mr. Huffman recommended the Board accept the lowest and best bid from Westinghouse
Electric Supply of Muncie for network transformers at $12,274.00. Mr. Stigleman moved
the Board accept the bid as recommended, seconded by Mr. Brown, and on unanimous voice
vote the motion was carried.
III Mr. Huffman reported that the pre-hearing testimony for the rate increase has been sub-
mitted and that the hearing date has been set for May 10.
Mr. Huffman requested permission to advertise for bids for a pick-up truck to replace
a rented truck vhich is worn out, to be used by the Street Lighting Department. Mr.
Stigleman moved the Board authorize the truck purchase, seconded by Mr. Merchanthouse,
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, City Clerk