HomeMy Public PortalAbout08-18-1969 �, MINUTES OF THE MEETING 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, AUGUST 18, 1969
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 in the Council Chambers in the Municipal Bldg. in said
City, August 18, 1969, at the hour of 7:00 o'clock p.m. Councilman P.
Marino presiding with the following members present: Messrs. Elstro,
Geier, Henn, F. Marino, Paust and Stigleman. Absent: Blackwood and Henn.
The following business was had to-wit:
Mr. Geier moved that the previous meeting's minutes be approved, seconded
by Mr. Stigleman and on unanimous voice vote the motion was carried.
Mr. Geier moved that the following be approved and paid, seconded by Mr.
Stigleman and on unanimous voice vote the motion was carried.
Approve the following:
Bills in the amount of $211,484.32
Interest Coupons on Revenue Bonds 2,796.25
1 Payroll 62,718.99
Transfer from Cash Operating Fund to:
Cash Reserve Fund $ 60,938.15
Depreciation Reserve Fund 36,000.00
Utility Bond Fund 23,030.21
Chairman of the Board Philip Marino announced that he would call a
special meeting cf the Board sometime during the week of August 25th to
discuss the Black and Veatch report, exact date to be decided later.
Mr. Beck read the_ following letter:
July 13, 1969
Finance Committee
Gentlemen:
On August 15, 1969 we will receive $76,560.00 interest on our
Depreciation Reserve Fund and Consumers Deposit Fund Investments. With
this amount added to our present cash balance and the monthly cash
transfer of $36,000.00, we will have a balance of $251,448.78 in the
Depreciation Reserve Fund Cash Account.
After considering our cash needs for the next few months, I find
that we can safely invest $100,000.00 of the above amount in short term
U. S. Treasury Notes, maturing December 22, 1969.
On your approval I will place our order with the Second National
Bank of Richmond.
Yours truly,
/s/ Delmer Cox,
Gen. Office Manager
Mr. Stigleman moved that the Board concur in the request, seconded by
Mr. Geier and on unanimous voice vote the motion was carried.
Mr. Beck recommended that the Board accept the Westinghouse Electric
Supply bid for the substation transformers, at $28,782.00, as the lowest
and best bid. He explained that the low bid from the H. K. Porter Co. ,
Pittsburgh, was not submitted in the proper form and was therefore
illegal; and that the next lowest bid from I-T-E was not the best equip-
ment and the company did not submit a list of users after it was asked
to do so. Mr. Frank Marino moved the Board accept the Westinghouse bid,
seconded by Mr. Elstro and on unanimous voice vote the motion was carried.
There being no further business on motion duly made, seconded and carried,
the meeting adjourned.
/s/ Philip Marino, Chairman
Attest: /s/ Lotte Hoskins, City Clerk