HomeMy Public PortalAbout11-18-1968 MINUTES OF THE MEETING OF THE COMMON COUNCIL OF
THE CITY OF RICHMOND, INDIANA, SERVING AS A COM-
MITTEE IN CHARGE OF THE OPERATION OF THE RICHMOND
POWER & LIGHT PLANT, NOVEMBER 18, 1968
The Common Council of the City of Richmond, Indiana, serving as a com-
mittee in charge of the operation of the Richmond Power & Light Plant
met in regular session in the Council Chambers in the City Building in
said City, November 18, 1968, at the hour of 7:00 o'clock P.M. (EST) .
Councilman Geier presiding with the following members being present:
Messrs. Elstro, Henn, Hilligoss, F. Marino, P. Marino, Paust and Stigleman.
Absent: Blackwood. The following business was had to-wit:
Councilman Stigleman moved that the minutes of the previous meeting stand
as read, seconded by Councilman F. Marino and on unanimous voice vote was
carried.
Councilman Stigleman moved that the following be approved, seconded by
Councilman Paust and on unanimous voice vote was carried.
Approve the following:
Bills in the amount of $ 160,156.70
1 Payroll 56,545.79
Interest Coupons on Revenue Bonds 227.50
Transfer from Cash Operating Fund to:
Depreciation Reserve Fund $ 36,000.00
Cash Reserve Fund 49,146.60
Utility Bond Fund 21,530.21
Announcement was made of a meeting of the Light Plant Board for Monday,
evening, Nov. 25, at 7 p.m. at the Light Plant to discuss the budget.
Councilman Hilligoss asked whether or not the pension contract was in force,
Chairman Geier answered that it was. He said the amendments were not yet
finalized, and that the City Attorney had advised that a pension never be
closed to amendments.
Councilman Henn asked whether or not the employees want the pension plan,
and whether or not everyone must belong. Mr. Geier answered that the
employees do want the pension plan but that not everyone must belong.
Councilman Hilligoss wanted to know what percentage of their salary do
employees get at retriement? Mr. Earl Beck, Light Plant Manager, answered
that varied with the length of service, usually it is between 50% and 60%.
The formula used is 12% of salary times the number of years of service.
Mr. Beck read a letter from Delmer Cox, accountant, stating that after
fund transfers Monday, there would be $540,000.00 available for investment
in the Cash Reserve, which amount could be invested in U.S. Treasury Bills
that will mature December 26, 1968 and would be available for the City
Dividend. Councilman Stigleman moved that the Light Plant should place
the order with the Second National Bank for the Treasury Bills, seconded
by Councilman Elstro and on unanimous voice vote was carried.
Mr. Beck discussed future increase in operating costs of RP&L, due to
increase in wages and large increase in cost of coal. Most of the added
expense will be borne by industrial users of electricity.
Mr. Beck discussed the Yankee-Dixie Power Association proposal. Under the
proposal, Yankee-Dixie would supply low cost energy to utilities from
New England to Florida. Three 2-million kilowatt plants located in the
Appalachian coal fields would inter-connect the existing systems in 22
states, of which Indiana is one. It is estimated that Y-D could reduce
cost of electricity by 25% in high-usuage areas. It is run on a non-pr®t'it
basis and no federal funds are involved. Cost of membership to RP&L would
be $250.00 per year. We have a ten-year contract with Indiana-Michigan.
It is not yet known when the Y-D Project will be completed. Mr. Beck
said that could possibly be used as a bargaining lever with Indiana-Michigan,
He will attend a meeting of the Y-D Association to be held in French Lick,
Ind. , and will report back to the Board afterwards.
There being no further business on motion duly made, seconded and carried,
the meeting adjourned.
/s/ Jerry Geier, Chairman
ATTEST: Lo to Hoskins, City Clerk