HomeMy Public PortalAbout05-06-1968 60
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 6, 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 6, 1968, at the hour
of 7:00 o'clock P.M. (EST) . Councilman Geier presiding with the following mbmers
being presen.t: 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 reas, seconded by Councilman Elstro
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 $157,099.14
Interest Coupons - 1953 Revenue Bonds 272.50
1 Payroll 52,460.22
Councilman Hilligoss wanted to know the progress being made on the new interconnection
substation. Mr. Beck stated they had taken a survey and it would take about two years
for completion.
Mr. Beck presented the following letter:
April 26, 1968
A. E. Beck .
General Manager
We received a call from Prescott, Merrill, Turben & Co. , Cincinnati, offering to
sell us $2,000.00 of our Revenue Bonds at a price of 82.50. These are 3% bonds matur-
ing in 1979.
The savings would be as follows:
Discount $350.00
Interest to January 1, 1979 640.00
Total $990.00
The yield would amount to 5.6%.
The above 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 this be approved, seconded by Councilman Henn and`'on' unani-
mous voice vote was carried.
Mr. Beck also presented the following letter:
May 2, 1968
A. E. Beck '
General Manager
The government is offering a new issue of U.S. Treasury Notes dated May 15, 1968
maturing August 15, 1969, at an interest rate of 6%.
We have $2,417,000.00 in Treasury Notes 4-3/4% maturing May 15, 1968 which can
be reinvested in the new 6% notes.
This has been approved by the Finance Committee and should be officially approved
at the next Council Meeting. This money will not be needed before the maturity date
of the new notes.
/s/ E. S. Porter
General Officer Manager
Councilman Stigleman moved this be approved, seconded by Coucilman Henn and on unani-
mous voice vote was carried.
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R.P. & L. Minutes 5-6-68
Mr. Beck told the Board that the .railroad has filed for a possible 15$ per ton increase
in hauling their coal which world mean an increase to the local utility of $25,478.00.
Mr. Beck told the Board that the Whitewater Valley Generating Station will be shut
down for seven to ten days beginning May 20, 1968, for generator maintenance. Mr.
Beck stated that during the shut down, maintenance current will be purchased from
Indiana & Michigan Electric Company, under the term of the City' s ten year purchase
agreement.
Chairman Jerry Geier appointed Councilman Ransom Stigleman and Councilman Kenneth
111 Paust to serve on the five-member pension committee for the employees of the Light
Plant. Mr. Beck and two employees, Charles Whitesell and Robert Drifmeyer, are the
other members. The purpose of the committee is to study a possible review of the plan.
There being no further business on motion duly made, seconded and carried, the meeting
adjourned.
/s/ Jerry Geier, Chairman
`Q Attest: /s/ Harold W. Ryan, City Clerk
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