HomeMy Public PortalAbout08-07-1967 S; r
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, AUGUST 7, 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, August 79 ,1967 at the
hour of 7:00 o'clock p.m. (est). Councilman Backmeyer presiding with-the following
members being present: Messils. Bell, Henn, Hollingsworth, Marino, Paust, Youngflesh
and Yount. Councilman Hilligoss absent. The following business was had to-wniit:
111 Councilman Hollingsworth moved the minutes of the previous meeting be approved
III without being read aloud, seconded by Councilman Marino and on voice vote was
carried.
Councilman Bell moved the following claims be allowed and paid, seconded by Council-
man Hollingsworth and on voice vote was carried.
Approve the following:
Bills in the amount of $163,080.48
r,\) Payment of Interest Coupons & 1953 Revenue Bonds 20,233.75
C l 2 Payrolls 103,565.38
Councilman Backmeyer reported that he and Councilman Paust and Mr. Beck met with the
Richmond Area Chamber of Commerce board and reviewed the progress that had been made
on the Sanderson-Porter report.
July 28, 1967
Mr. Beck presented and read the following:
A. E. Beck
General Manager
The U.S. Treasury Dept. is offering through subscription a new Treasury mote
maturing in 15 months, or on November 15, 1968. These notes will bear interest at
5i% and will also carry a discount price of 99.94, to yield about 5.3%.
We now have $940,000.00 in U.S. Treasury Securities, 5-% and 4 7/8%, which
mature on August 15th. These are divided as follows:
Depreciation Reserve Fund $722,000.00
Cash Reserve Fund 218,000.00
We can invest all of the $722,000.00 in the Depreciation Fund and $130,000.00
of the Cash Reserve Fund, making a total of $852,000.00, which would be invested
in the new notes. A careful check of the Cash Reserve Fund shows that this can be
accomplished without jeopardizing the amount of cash needed on December 31st of
this year for the city dividend.
The above investment should be approved at the next regular meeting.
/s/ E. S. Porter
General Office Manager
Councilman Youngflesh moved the General Manager be authorized to invest $852,000.00
into U.S. Treasury Notes maturing November 15, 1968 and further there will not be
need for this amount until November 15, 1968. Councilman Yount seconded this motion
and on voice vote was unanimously carried.
Mr. Beck requested authorization to spend $425.00 for the recreation budget which
includes basket ball, bowling and horse shoe entrance fees. Councilman Marino moved
the General Manager be authorized to spend $425.00 for the recreation budget, seconded
by Councilman Youngflesh and on voice vote was carried.
Councilman Marino asked the status on the petition for street lighting on North "J"
Street between 10th and 12th Streets. Councilman Backmeyer stated„..that he would
investigate the matter.
3
R.P. & L. minutes 8/7/67 cont.
Mr. Beck discussed the employment of legal representation for Federal Power
investigation of I & M rates for interconnection. It was thought by some
members of Council that the fee of counsel was somewhat out of line. Council-
man Henn moved more study should be given to this matter, and if action is
needed before the next regular meeting, there should be a special meeting called
to take whatever action is deemed necessary ,to give authority to Mr. Beck to
expend money for counsel. Councilman Marino seconded this motion and on voice
vote was carried 8-0.
There being no further business on motion duly made, seconded, and carried, the ,
meeting adjourned. Adak 4'74 .57
.
ul ac meyer, Chai an
Attests �' opt,/
111
A er J. Reeg, Ci Cler y
Councilmen Bell and Hollingsworth on the Light Plant Claims for August, 1967.
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