HomeMy Public PortalAbout06-03-1968 65
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, JUNE 3, 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, June 3, 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 Frank Marino moved the Minutes stand as read, seconded by Councilman Stigleman
IIIand on unanimous voice vote was carried.
Councilman Elstro moved the following be approved, seconded by Councilman Hilligoss and on
unanimous voice vote was carried.
Approve the following:
Bills in the amount of $89,585.43
Interest Coupons - 1953 Revenue Bonds 75.00
1 Payroll 52,257.20
Councilman Frank Marino moved to authorize the Pension Committee to study various pension
plans and present them to the Board as a whole, seconded by Councilman Hilligoss and on
unanimous voice vote was carried.
Mr. Earl Beck asked the Board's permission to replace an addressograph machine as the one
they had been repaired several times and was in need of more repairs. The cost to replace
this machine was placed at $3,501.35 by Mr. Beck. Councilman Blackwood moved that Mr. Beck
be given authority to replace this machine, seconded by Councilman Phil Marino and on
unanimous voice vote was carried.
Mr. Jerry Geier, Chairman of the Board, explained to the Board that since 1945 dividends
returned on money invested in Light Plant Pension Plan had been used by the City to decrease
their contribution to the plan. This resulted in the City' s contribution 'beibg reduced to
2.99%. The City' s contribution should have been maintained at 5% to match contribution of
IIIemployees, therefore, the dividends returned should have been credited to the Pension Plan
as this was also earned on employees contribution. Therefore, Mr. Geier stated -he was
asking for a motion to set up a special plan in an amount of $144,946.77. which represents
the dividends used by the City, plus 3% interest compounded annually. This amount was to
be invested in Government Bonds at 6% interest. These monies were to be in the special
plan until possible use for the revised pension plan. Councilman Stigleman moved that
Mr. Beck be authorized to take this money from cash operating fund on a monthly basis so
as not to deplete the operating account all in one month. This is subject to approval of
the Finance Committee. This motion was seconded by Councilman Elstro and on unanimous
` voice vote was carried.
Their being no further business on motion duly made, seconded and carried, the meeting
adjourned.
/s/ Jerry Geier, Chairman
ATTEST: /s/ Harold W. Ryan, City Clerk