HomeMy Public PortalAbout11-06-1967 ,J
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 6, 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 Building in said City, Monday,
November 6, 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, Faust, Youngflesh and Yount. Councilman Marino
being absent. The following business was had to-wit:
Councilman Hilligoss moved the minutes of the previous meeting be approved
without being read aloud, seconded by Councilman Bell and on voice vote was
carried.
Councilman Yount moved the following be allowed and paid, seconded by Council-
man Youngflesh and on voice vote was carried.
Approve the following:
Bills in the amount of $115,848.36
Interest Coupons - 1953 Revenue Bonds 90.00
1 - Payroll 51,104.73
Mr. Beck reported on the meeting held with the P.S.C. of Indiana October 18,
1967. There will be another meeting set in December, 1967.
Councilman Yount moved that the General Manager and Mr. Keller decide if there
is need of the appearance of a representative at the hearing of the Federal
Power Commission concerning charges made against the rates charged by the
Indiana-Michigan to utilities. Councilman Hilligoss seconded this motion and
on voice vote was carried.
Chairman Backmeyer stated that a meeting would be held November 13th at the
hour of 7:00 p.m. in the Service Building of the Light Plant.
Mr. Beck presented and read the following:
October 26, 1967
A. E. Beck
General Manager
The U.S. Treasury Dept. is offering through subscription a new Treasury
Note maturing in 15 months or on February 15, 1969. These notes will bear
interest at 5 5/8%.
We now have $548,000.00 in U.S, Treasury Securities, 4 7/8% which mature
on Nov. 15, 1967. These are divided as follows:
Depreciation Reserve Fund $400,000.00
Cash Reserve Fund $148,000.00
We can invest all of the $400,000 in the Depreciation Fund. However, to
meet the cash requirement for the City dividend,. December 31st, the $148,000
U.S. Treasury Notes in the Cash Reserve Fund should be liquidated the due date,
November 15, 1967.
The above investment should be approved at the next regular meeting.
/e/ E. S. Porter
General Office Manager
Councilman Youngflesh moved the General Manager be authorized to invest the
sum of $400,000.00 from the Depreciation Reserve Fund into U.S. Treasury
Securities which will mature February 15, 1969 and further there isn't need
for this amount until said date. Councilman Hilligoss seconded this motion
and on voice vote was unanimously carried.
Mr. Beck reported that he is working on the Light Plant budget which should be
ready in December, 1967.
There being no further business on motion dul made, seconded and carried the
meeting adjourned. ���
aul Backmeyer, Chairman `j
Attest: L.,
At r J. Reeg, ity Clerk QQQ
Councilmen Marino and- oust on the November claims.