HomeMy Public PortalAbout11-04-1968 Ku
MINUTES OF THE MEETING OF THE COMMON COUNCIL
OF THE CITY OF RICHMOND, INDIANA SERVING AS A
COiiITTEE IN CHARGE OF THE OPERATION OF THE
RICHMOND POWER & LIGHT PLANT, NOVEMBER 4, 1968
The Common Council of the City of Richmond, Indiana, serving as a com-
mittee in charge of the operation of the Richmond Power and Light Plant
met in regular session in the Council Chambers in the City Building in
said City, November 4, 1968 at the hour of 7:00 o'clock P.M. (EST).
Councilman Geier presiding with the following members being present:
Messrs. Blackwood, Elstro, Henn, Hilligoss, F. Marino, P. Marino, Paust,
and Stigleman. The following business was had to-wit:
Councilman F. Marino moved that the minutes of the previous meeting
stand as read, seconded by Councilman Stigleman 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 $ 103,689.87
Interest Coupons - 1953 Revenue Bonds 1,040.00
1 Payroll 56,066.69
Ti.ansfer from Cash Operating to:
Employees' Pension Deposit Fund $ 25,000.00
Councilman Geier announced there would be a Board meeting Tuesday, Nov. 12,
at 7:00 o'clock P.M.
Mr. Earl Beck of RP&L presented the tabulation of bids on two new cars.
Mr. Beck recommended that Kurdy's bid on a 1969 4-door sedan in the amount
of $1725.69 be accepted. Councilman F. Marino moved this recommendation
be granted, seconded by Councilman Elstro and on unanimous voice vote was
carried. Mr. Beck also recommended that Kurdy's bid on a 1969 2-door
sedan in the amount of $1702.91 be accepted. Councilman Stigleman moved
this recommendation be accepted, seconded by Councilman P. Marino and on
unanimous voice vote was carried.
Mr. Beck presented the following letters:
October 25, 1968
A.E. Beck
General Manager
The government is offering to exchange U.S. Treasury Notes 54%
maturing November 15, 1968 for an issue of 5 5/8% Notes, maturing. in
18 months or on May 15, 1970. These notes will be issued at a discount
price of 99.85 so that the actual yield will be 5.73%.
We have an amount of $722,000.00 in the 54% notes in the Depreciation
Reserve Fund which are available for exchange.
This should be approved at the next regular Council Meeting.
/s/ E.S. Porter
Gen. Office Manager
October 25, 1968
J. Malcolm Parshall,
City County Treasurer
The Richmond Power and Light has an opportunity to exchange
$722,000.00 worth of U.S. Treasury Notes. This exchange will involve
an improved yeild from 5.25% to 5.73% and change the maturity date from
15 November 1968, to 15 May, 1970.
Cfl
RP&L Minutes 11-4-68
It is the opinion of the Finance Committee that this depreciation
reserve fund will not be needed for a period of eighteen months and,
therefore, approve the afore mentioned exchange. The Finance Committee
will recommend final approval of this exchange at the 4 November 1968
Board Meeting.
/s/ R. Stigleman,
Chairman, Finance Committee
Councilman Stigleman moved this exchange be made, seconded by Council-
man Elstro and on unanimous voice vote was carried. '
Mr. Beck asked for authorization to prepare specifications for the
purchase of a fork-lift truck. Councilman P. Marino moved this be
allowed, seconded by Councilman Stigleman and on unanimous voice vote
was carried.
Mr. Beck stated that a meeting would be set up to explain and discuss
the Light Plant Budget for the year 1969.
There being no further business on motion duly made, seconded and carried,
the meeting adjourned.
/s/ Jerry Geier, Chairman
Attest: Virginia Cook, Acting City Clerk