HomeMy Public PortalAbout09-18-1967 c,r
Q.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, SEPTEMBER 18, 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 saidCity, Monday,
September 18, 1967 at the hour of 7:00 o'clock p.m. (est). Councilman Backmeyer
presiding with the fallowing members being present: , Messrs. Bell, Henn, :Hilligoss,
Hollingsworth, Marino, Paust, Youngflesh and Yount. The following business was had
to-wit:
III Councilman Yount moved the minutes of the previous meeting be approved without being
read aloud, seconded by Councilman Youngflesh and on voice vote was carried.
Councilman Hollingsworth moved the following claims be approved, seconded by Councilman
Paust, and on voice vote was carried:
Approve the following:
Bills in the amount of $143,427.55
Interest Coupons - 1953 Revenue Bonds 1,840.00
71
CQ 1 - Payroll 51,619.98
Transfers from Cash Operating Fund to:
Cash Reserve Fund 80,317.97
Utility Bond Fund ' .,- 24,102.92
Depreciation=Reserve Fund 36,000.00
Chairman Backmeyer announced that Mr. Irving Huffman was sitting in this meeting for
Mr. A.E. Beck who is on vacation.
Mr. Huffman Presented and read the following:
A. E. Beck
IIIGeneral Manager
After the fund transfers are made next Monday night, there will be an amount of
$235,000 available in the Cash Reserve Fund.
1 - It will be necessary to invest this mondy in investments that mature by the end
of this year, in order to have money available for the city dividend.
The best investment. ,at the present time would be U.S. Treasury Bills, maturing
December 31, 1967, present yield 4.17%.
This purchase..should be approved at the next regular meeting of Council:
/s/ E. S. Porter
General Office Manager
Mr. Huffman recommended the purchase of the U.S. Treasury Bills. Councilman Young-
flesh moved the General Manager be authorized to make investment of $235,000.00 of
the Cash Reserve Fund into U.S. Treasury Bills maturing December 31, 1967. This
motion was secondedby Councilman Bell and on voice vote was unanimously carried.
Mr. Huffman reported that the recently purchased 212 customers from the Public Service
Indiana would be the Richmond Power and Light customers as of October 18, 1967.
IIIThe Federal Power Commission has set the date of February 6, 1968 in Washington,
D.C. on the- I-M rates.
There being no further business presented, on motion duly made, seconded and carried
the-meeting adjourned.
Paul Backmeyer, Chairman
Attest:
Athe J. Reeg, Ci C er
Councilmen Marino and Paust on the claims for October, 1967.