HomeMy Public PortalAbout11-20-1967 41
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, NOVEMBER 20, 1967
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 Luildng in said City, Monday, November. 20, -1967 at the
hour of 7:00 o'clock p.m. (est).' Councilman'Backmeyer. presiding with the following
members being present: Messrs. Bell, Henn, Hilligoss, ' Hollingsworth, 'Marino, Paust,
Youngflesh and Yount. The following business was had to wit:
Councilman Yount moved the minutes of the previous meeting be approved without being
IIIread aloud, •seconded by: Councilman. Henn and on voice vote was carried.
Councilman Marino moved the following be approved seconded by Councilman Yount and
on• voice vote was -carried:
Approve the following: . .
Bills in the amount 'of $140,195.95
Interest'Coupons - 1953 'Revenue Bonds 231.25 '
1'-Payroll • - 52,145.44
CO Transfers from Cash Operating Fund to: ; •
= Cash Reserve Fund 56,663.61
rm - Utility-Bond Fund 24,102.91
Depreciation Reserve Fund 36;000.00 ' --
Mr. Beck presented and read the following:
November 17, 1967
A. E. Beck
General Manager
After the fund transfers are made next Monday night, there will be an amount
of $2805000.00 available for investment in the Cash Reserve Fund. An amount of $153,000.00
IIIof -the
above is from investments that matured on November 15th. The balance is from
cash on hand and the transfer of $56,663.61 which is one-half of the Net Income for
October.
Investment of this money should not extend any farther than December 31, 1967 due
. to cash needed for payment of the Civil City dividend. However, investment can be made
in U.S. Treasury bills, maturing December 31, 1967. The present yield.on these bills
is 3.75%. The earnings for this period of time on $280,000.00 would be about $1000.00.
On approval of the above we will place our order with the Second National Bank.
• /s/ .E. S. Porter •
General Office Manager
Councilman Youngflesh moved the General Manager bee -authorized to invest $280,000.00
of the Cash Reserve Fund into U.S, Treasury Bills maturing December 31, 1967., Councilman
Henn seconded this motion and on voice vote was carried 9-0.
Mr. Beck reported that the two year' contract with Miller Brothers Hardware Company for -
furnishing lamps will expire December 1, 1967. The Richmond Electric Company submitted
their contract for two years and Mr. Beck recommended the same be accepted. Councilman
Youngfllesh moved the contract of the Richmond Electric lamp contract for a period of two
years, seconded by Councilman Paust and on voice vote was carried 9-0.
Mr. Beck was given authorization to purchase a new car' for his use and pass the 1964
model that is in good condition on to Mr. Huffman. Bids will be taken on the new car
December 4, 1967. This authorization was authorized in form of a motion made by Council-
~- man Yount, seconded by Councilman Marino and carried on voice vote 9-0.
Mr. Beck reported that plans and specifications are prepared for 3 - 15 K.V. breakers
for the East Sub Station. Mr. Beck recommended that bids be taken December 4, 1967.
Councilman Yount moved that the committee concur in the recommendation of Mr. Beck to
take bids on said date, seconded by Councilman Hilligoss and on voice vote was carried
9-0.
R.P. & L. minutes 11/20/67 cont.
Mr. Beck requested that the plans and specifications for the new Light Plant office
be approved. Councilman Youngflesh moved the plans and specifications be approved,
seconded by Councilman Hilligoss. On the question, Councilman Marino stated that
he was against .rusbing this project through at this late date. There should be more
study made on the project. Chairman Backmeyer stated that this project has been
studied for the past six years and a decision should be made. On voice vote the
motion was carried 8-1. Councilman Marino voting nay.
Mr. Beck discussed four sites for the location of the new office building.' Each site
was discussed as to advantages and disadvantages. The most suitable site is the
location at 33 South 6th Street known as the Marka Tavern and the parking lot ad-
jacent to said tavern. The price for 33 South 6th Street is $35,000.00 and the
parking lot price is $17,500.00. These two combined making the price $52,500.00.
Councilman Youngflesh moved the General Manager be authorized to sign the agree-
ments to make purchase of the ground involved, seconded by Councilman Hilligoss and
on voice vote was carried 7-1. Councilman Marino voting nay. Councilman-Paust
abstaining his vote.
Mr. Beck stated that the plans and specifications now being approved, it is desired
that bids be taken to furnish labor and material to construct the new office building
on the date of December 18, 1967. Councilman Yount moved the bids be received for
the construction of the new office building December 18, 1967, seconded by Council-
man Youngflesh and on voice vote was carried 8-1. Councilman Marino voting nay.
There being no further business on motion duly made, seconded and carried the
meeting adjourned.
-u- —
Paul Backmeyer, Chairman .
Attest: / _ Q
7//
Atka r J. Reeg, ty Clerk
Councilmen Yount and Bell on the December Light Plant claims.