HomeMy Public PortalAbout02-21-1972 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, FEBRUARY 21 , 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 February 21 , 1972 at the hour of 7:00 p.m. in the Council Chambers of
the Municipal Building in 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:
Dr. Shields moved to amend the minutes of the previous meeting as follows:
Kurdy's Chevrolet bid on Item I to read $1 ,238.98; total $3,276.69. Warfield
Item 2, $5,420.95; total : $3,763.49. Mr. Merchanthouse seconded the motion
and on unanimous voice vote the motion was carried. Dr. Shields moved to
approve the minutes as amended, seconded by Mr. Merchanthouse and on unanimous
voice vote the motion was carried.
Mr. Williams moved to allow payment of bills, progressive payments, and trans-
fers from Cash Operating Fund as follows:
APPROVE THE FOLLOWING:
Bills in the amount of $256,943.77
Interest Coupons 34,940.79
1 Payroll 60,023.03
PROGRESSIVE PAYMENTS ON:
Control and Instrument Equip. $ 2,884.28
Electrical Construction 10,170.00
TRANSFER FROM CASH OPERATING FUND TO:
Utility Bond Fund $ 62,207.43
Utility Bond Reserve Fund 40,000.00
Depreciation Reserve Fund 57,000.00
Mr. Brown seconded the motion to pay bills, progressive payments, and transfers
from Cash Operating Fund, and on unanimous voice vote the motion was carried.
Mr. Huffman recommended the Board award the bid for Item I, 1972 truck with
standard cab, to the lowest and best bid of Kurdy's Chevrolet for $3,276.69.
Mr. Stigleman moved the Board accept the bid as recommended, seconded by Mr.
Marino, and on unanimous voice vote the motion was carried.
Mr. Huffman recommended the Board award the contract for Item 2, 1972 truck with
walk-in body, to the lowest and best bid of Warfield GMC Trucks for $3,763.49.
Mr. Stigleman moved the Board approve the re;ommendation, seconded by Dr. Shields
and on unanimous voice vote the motion was carried.
Mr. Huffman read the following letter:
February 15, 1972
TO: I. A. HUFFMAN, GENERAL MANAGER
FROM: D. COX, OFFICE MANAGER
Mr. Huffman,
We have cash available for investment in the following Special Funds.
Construction Fund $800,000.00
Bond Reserve Fund 80,000.00
Depreciation Reserve Fund 500,000.00 _
I recommend we purchase U. S. Treasury Bills as listed:
Construction Fund - U.S. Treasury Bills, maturing August 10, 1972,
yield 3.46% $800,000.00
Bond Reserve Fund - U.S. Treasury Bills, maturing January 31 , 1973,
yield 3.84% $80,000.00
Depreciation Reserve Fund - U.S. Treasury Bills, maturing January 31 ,
1973, yield 3.84% $500,000.00
Light Plant Minutes
February 21 , 1972
Page 2
(Investment letter continued)
If Council approves, I will instruct the Wayne County Treasurer
to purchase the above U. S. Treasury Bills.
COPIES TO: FINANCE COMMITTEE
Ransom Stigleman
Philip Marino
Thomas Shields
Mr. Huffman recommended the Board approve the investments except for the
$800,000.00 item because the money will be needed before August 10, 1972
maturity date for payment to GE for the turbine generator. He recommended
the Board authorize buying of 60-day Treasury Bills at the best interest
rate available with this amount instead. Mr. Stigleman moved the Board
approve the investments as recommended, seconded by Mr. Williams, and on
unanimous voice vote the motion was carried.
Mr. Marino asked that the entire Board receive copies of the finance report,
instead of only members of the Finance Committee.
Mr. Huffman recommended the Board allow taking of bids March 6, 1972 for a
car to replace a 1967 Chevy II which had been totaled in an accident.
Mr. Merchanthouse moved the Board follow the recommendation, seconded by
Dr. Shields, 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