HomeMy Public PortalAbout05-20-1968 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, MAY 20, 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, May 20, 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 Hilligoss moved the Minutes of-- the previous meeting stand as read, seconded
by Councilman Phil Marino and 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 $172,203.48
Interest Coupons - 1953 Revenue Bonds None
1 Payroll 51,774.21
Transfers from Cash Operating Fund to:
Utility Bond Fund 25,380.40
Depreciation Reserve Fund 36,000.00
Cash Reserve Fund 66,004.10
Mr. Beck presented the following letter to the Committee:
A. E. Beck May 15, 1968
General Manager
After the fund transfers are made and the interest received on investments is
ehtered, we will have an amount of $200,000.00 available for investment in the
Depreciation Reserve Fund.
The best investments at the present time would be U.S. Treasury Notes, 5-5/8%,
maturing in May, 1968, presently quoted at 99.20 to yield 6.02%.
This has been approved by the Finance Committee and should be officially approved
at the next Council Meeting.
/s/ E. S. Porter,
General Office Manager
Councilman Stigleman moved that Mr. Beck be given authority to invest in the Depre-
ciation Reserve Fund, seconded by Councilman Elstro and on unanimous voice vote was
carried.
Mr. Beck told the Committee that the local utility is joining with other municipally
operated utilities in the Sate to protest the proposed increase in coal freight rates.
Mr. Beck stated should the railroad proposal go through, it would cost the local
utility 13( per ton or $22,100.00 annually.
Mr. Beck asked the Committee for authority to sign a petition protesting coal freight
rate increase. Councilman Hilligoss moved this authority be given, seconded by
Councilman Frank Marino and on unanimous voice vote was carried.
Mr. Beck asked the Committee' s permission to prepare specifications and advertise
for a new line truck. He stated the one they had was a 1958 2-1/2 ton construction
truck and it has seen its best days. Councilman Blackwood moved that this permission
be given, seconded by Councilman Elstro and on unanimous voice vote was carried.
Mr. Beck stated that it was urgent that the Board of Directors meet with the Pension
Committee within the next week. A meeting was set with the Board of Directors and
Pension Committee for Monday night, May 27, 1968.
Mr. Beck told the Committee that L. Dean Spencer has been hired as a power sales
engineer. Mr. Beck stated that Spencer' s duties will be to call on industries and
assist them in their problems concerning use of electricity. He will start his
duties June 1, 1968.
There 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