HomeMy Public PortalAbout04-15-1968 59
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
RICHNOND POWER AND LIGHT PLANT, APRIL 15, 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, April 15, 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, P. Marino, F. Marino, Paust and Stigleman. Absent:
Hilligoss® The following business was had to-wit:
Councilman Frank Marino moved the Minutes stand as read, seconded by Councilman Elstro
IIIand on unanimous voice vote was carried.
Councilman Elstro moved the following be approved, seconded by Councilman Frank Marino
and on unanimous voice vote was carried.
Approve the following:
Bills in the amount of $175,580.39
Interest Coupons 1953 Rev. Bonds 30.00
1 Payroll 52,315.78
ININ Transfer from Cash Operating Fund to:
.
Cash Reserve Fund 71,928.73
Depreciation Reserve Fund 36,000.00
a Utility Bond Fund 23,740.06
Mr. Irvin Huffman, who was representing Mr. Beck who was ill, explained the replacement
of communication equipment to the Board. Mr. Huffman advised the Board that due.to. age
of the communication equipment, part of it is inoperative and they are seeking cost factors
for replacing it and will present bids to the Board.
Mr. Huffman told the Board that the increase in telephone billing would effect them as
follows:
II-
Old base price - $348.35
III
New price - $567.15
Mr. Huffman also advised the Board that they are attending a meeting in Fort Wayne, Indiana
to discuss the interconnection substation east of the city.
Mr. Huffman also presented the following letter:
A. E. Beck April 11, 1968
General Manager
After transfers are made next Monday night, there will be an amount of $160,000.00
in the Cash Reserve Fund available for investment.
The best investments available at the present time to mature in this year are U.S.
Treasury Notes maturing December 31, 1968, yield 5.30%.
On approval of the above, we will place our order with the Second National Bank.
/s/ E. S. Porter
Councilman Stigleman moved these investments be made, seconded by Councilman Elstro and
on unanimous voice vote was carried.
IIIThere being no further business presented on motion duly made, seconded and carried, the
meeting adjourned.
/s/ Jerry Geier, Chairman
Attest: /s/ Harold W. Ryan, City Clerk