HomeMy Public PortalAbout02-19-1968 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, FEBRUARY 19, 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,
February 19, 1968 at the hour of 7:00 o'clock P.M. (EST). Councilman Geier pre-
siding with the following members being present: MEssrs. Blackwood, Elstro, Hilli-
goss, Henn, Phil Marino, Frank Marino, Faust and Stigleman. The following business
was had to-wit:
, Councilman Hilligoss moved the following amendment be made to the Minutes of
February 5, 1968 that Mr. Earl Beck requested permission from the committee to
advertize for bids for two new cars. Councilman Geier seconded this motion and
on voice vote was carried.
The Minutes having been corrected, they were moved they stand as read by Frank
Marino and seconded by Elstro and on voice vote was carried.
Councilman Phil Marino made a motion the following claims be allowed and paid,
• seconded by Councilman Henn and carried by unanimous voice vote.
Approve the following:
Bills in the amount of $ 116,348.98
Interest Coupons 1,027.50
1 Payroll 53,178.31
•
Transfer from Cash Operating Fund to:
Depreciation Reserve Fund 36,000.00
Cash Reserve Fund 72,711.64
Utility Bond Fund 23,852.92
Mr. Beck presented and read aloud the following:
A. E. Beck February 16, 1968
General Manager
At a galled meeting at 5:00 P.M. on February 15th, the Finance Committee met
and approved the following investments.
•
1. Cash Reserve Fund
Cash balance January 31, 1968 $ 1,716.69
Transfer of 50% of Net Income
for January - 2' of $145,423.27 72,711.64
Interest due us on investments
February 15, 1968 2,656.00
$ 77,084.33
An amount of $75,000.00 of the above to be invested in U.S. Treasury Notes,
54% maturing in November 1968, quoted at 99:31, to yield 5.29%.
2. Depreciation Reserve Fund
Cash balance January 31, 1968 $ 47,051.63
Transfer at next meeting 2/19 36,000.00
Transfer from Operating Fund 100,000.00
Interest due us on investments
February 15, 1968 36,437.50
$ 219.489.13
An amount of $170,000.00 of the above to be invested in U.S. Treasury-Notes,
5-5/8% maturing in February 1968, quoted at 100.5, to yield 5.46%.
On approval of the above, we will place our order with the Second National
Bank.
/s/ E. S. Porter
Councilman Stigleman moved that Mr. Beck be authorized to make the above amend-
ments, seconded by Councilman Elstro and on unanimous voice vote was carried.
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R.P. & L. Minutes 2-19-68
Mr. Beck presented Proof of Publication of Notice to Bidders printed in the Richmond
Palladium-Item, a newspaper of general circulation in Richmond, Indiana, on the dates
of February 8 and 15, 1968. Said Publication stated that sealed proposals would be
received by the Common Council of the City of Richmond, Indiana serving as a committee
in charge of the operation of the Richmond Power and Light of said City, at the office
of the City Clerk in the City Building in Richmond, Indiana up to 7:00 P.M. February 10,
1968 and then will be publicly opened and read aloud for furnishing one (1) 1968 Model,
6-Cylinder, 2-Door Sedan, less allowance on '1963 Ford Falcon Tudor, and one (1) 1968
Model, 6-Cylinder, 2-Door Sedan, less allowance on, 1964 Chevrolet 4-Door. Mr. Cecere
examined the Proof of Publication and found the same to be correct and in order.
Councilman Hilligoss moved the Proof of Publication be received and filed, seconded
by Coup`cilman Stigleman and on voice vote was carried.
February 19, 1968 at the hour. of 7:00 being the date and time designated to open and
read aloud all proposals received, the following proposals were opened and read aloud:
Raper Plymouth, Inc. Richmond, Indiana
Fred First Ford, Inc. Richmond, Indiana
Councilman Frank Marino moved the proposals be referred to, Mr. Beck for tabulation
and recommendation, seconded by Councilman Stigleman and on voice vote was carried.
CMr. Beck asked permission from the committee to advertise for bids for a new bull-
re:) dozer as the old one they have is badly in need of replacement. Mr. Beck stated that
any repair bill on the old bulldozer would be too costly. Councilman Frank Marino
moved that Mr. Beck be given permission to advertise for bids on a new bulldozer,
seconded by Councilman Elstro and on voice vote was carried.
There being no further business on motion duly made, seconded and carried, the meeting
adjourned.
Jerry Geier, Chairman
Attest:
Harold W. Ryan, City Clerk