HomeMy Public PortalAbout09-16-1968 4_)
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 AND LIGHT PLANT, SEPTEMBER 16, 1968 -
The Common Council of the City of Richmond, Indiana, serving as a committee
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,
Monday, September 16, 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:
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III Councilman Elstro made a motion that the minutes of August 5, 1968 be
amended to read that the Richmond Power & Light pay 60% and the employees
pay 40% of the group life insurance, seconded by Councilman Stigleman and
on unanimous voice vote was carried.
Councilman Frank Marino Made a motion the minutes of the previous meeting
stand as read, seconded by Councilman Elstro and on Unanimous voice vote
was carried.
Mr. Irving Huffman of Richmond Power & Light substituted for General Manager,
C3 Mr. Earl Beck, who is on vacation.
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Councilman Blackwood questioned Mr. Huffman about the fifty-one nameplates
for $75.00, and what they were for. Mr. Huffman stated they were identi-
fication plates to identify different switch gears.
Councilman Blackwood questioned Mr. Huffman on the different prices of coal.
Mr. Huffman stated they used several different types of coal for the different
heats that were needed.
Councilman Hilligoss asked the Committee if Councilmen would receive a copy
of the Pension Contract. Councilman Geier, the Chairman, stated that he
would see that the Councilmen get a copy of the Pension Contract.
III Councilman Frank Marino made a motion that the following be approved, seconded
by Councilman Blackwood and on unanimous voice vote was carried.
Approve the following:
Bills in the amount of $ 165,640.76
1 Payroll $ 59,733.06
Transfers from Cash Operating Fund: .
Cash Reserve Fund S 108,501.30
Depreciation Reserve Fund 36,000.00
Utility Bond. Fund 23,530.21
Councilman Stigleman made a motion that Iv'r. Beck be given the go-ahead sign
for investment of the cash reserve fund, seconded by Councilman Elstro and
on unanimous voice vote was carried.
September 12, 1968
A. E. Beck
General Manager
After the Fund Transfers are made next Monday night there will be an amount
III of $105,000.00 available for investment in the "Cash Reserve Fund" .
The best investment at this time would be the "5 5/8% U.S. Treasury Notes"
selling at 100/2/32, to yield 5.553% and maturing May, 1969.
On approval of the above we will place our order with the Second National
Bank of Richmond.
Councilman Frank Marino recommended to the Committee that a meeting be
called to discuss new generators and other business. Mr. Geier stated
that this meeting would be held when Mr. Beck returns from vacation.
R.P. 8 L. Minutes 9-16-68
There being 'no further business on motion duly made, seconded and carried,
the meeting adjourned.
/s/ Jerry Geier, Chairman
ATTEST: Harold W. Ryan, City Clerk T.,,-