HomeMy Public PortalAbout02-06-1967 19
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 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, February b, 1967 at the
hour of 7:.00 O'clock p.m. (est). Ceouncilman Backmeyer presiding with the following
members being present: Messrs. Bell, Henn, Hilligoss, Hollingsworth, Marino, 'Faust,
Youngflesh.and :Yount.. : The following business: was .had to-wit:
Councilman Yount_ moved the.minutes:of the previous meeting be approved without being
read aloud,. .seconded.by Councilman Hollingsworth and on voice vote was carried. ' -
Councilman Marino moved the following be allowed and paid, seconded by Councilman
Faust .and:on voice' vote.:was carried.
Approve the following: _ - _ _
Bills in amount of : 'Y$142,927.70
Interest and Bonds on: 1953,Revenue Bonds 54,250.00
2. Payrolls . 96;950.25
Mr. Beck presented the following which was read aloud:
.January.26; 1967.
A. -E. Beck _ _
General Manager . . _ - ,We now have the following U.S. Treasury Notes which mature February 15, ,1967.
U.S Treasury Notes 3 5/8% $ 310,000.00
U.S. Treasury Notes. 4% 1.927,000.00.. i
Total . $2,237,000.00
An amount of $2,172,000.00 of the above is in the Depreciation Reserve Fund and
111 $65,000.00 is in the Consumers' Deposit Fund.
The U.S. Treasury is offering an exchange of the above for 4. 3/4% notes dated
February 15, 1967 and maturing May 15, 1968. These are offered at a discount which
will bring the yield to about 4.85%.
The- subscription books for the above are to be open one day:only, on Monday
January 30th. Our order should be placed immediately with the Second National Bank.
/s/ E. S. Porter
Office Manager
Mr. Beck reported this matter had been discussed with the Finance Committee and met
with their approvalto make the investment.
Councilman Youngflesh moved the General Manager be authorized to re-invest $2,237,000.00
into U.S. Treasury Notes, maturing May 15, 1968, with stipulation that this amount
won't be required from the date of investment to that of May 15, 1968. Councilman
Hollingsworth seconded this motion and on voice vote was carried.
Mr. Beck presented the following which was read aloud:
February 3, 1967
A. E. Beck
General Manager
We havelad an offer from a securities company in Indianapolis to sell us five of
our Revenue Bonds ($5,000.00).
These are 3% bonds maturing July 1, 1983. . The cost to us would be $887.50 per
bond plus one month's accrued interest for the month of January.
The savings would be as follows:
Total discount 5 x $112.50 $ 562.50
Interest for 16 yrs. 5 mo. Q 34% 2,667.71
Total Savings $3,230.21
This purchase has been approved by the Finance Committee and should be officially
approved at the- next Council Meeting.
/s/ E. S. Porter
Office Manager
R.P.&L. minutes 2/6/67 cont.
Councilman Youngflesh moved the General Manager be authorized to purchase the
Revenue Bonds as above set out. Councilman Hollingsworth seconded this motion
and on voice vote-was carried.
Mr. Beck reported:..that. the recent annexation of 50 acres, more or less, which is
known as the Buchhbltz Addition has presented a situation that involves the
purchase of approximately 25 customers nowbeing served by the R.E.M.C. A-
proposal for the purchase ,of_ customers-from the-R.E.M.C. .has. been prepared by the
CityAttorney. Mr. Beck requested permission to submit the prepared proposal for
purchase of customers from the R.E.M.C. Councilman Yount moved the General
Manager be authorized to submit the proposal to the R.E.M.C. Councilmann Marino
seconded this motion and on voice vote was carried. -
Mr. Beck reported that there is need to replace some vehicles in the Line Depar
ment, namelyy the 1955 Dodge V-8 and a 1963 Chevrolet. A chassis on a• 1961
model truck needs to be replaced. The specifications have been prepared_ for all
the equipment needed and now it is desired by Mr. Beck that authorization be
granted to advertise for bids to be accepted until the date of February- 20, 1967.
Councilman Marino moved the General Manager be authorized to advertise and receive
bids for the equipment which the specifications have been prepared for. . Council-
man Yount seconded this motion and on voice vote was carried. -
Mr. Beck.:reported_January 26, 1967 that 8 lineman, a car and the bucket type-track
were dispatched to Logansport, Indiana to give assistance in restoring electric
service which was disrupted due to a heavy snow storm. Richmond will be re-
imbursed for- this assistance. Mr. Beck also outlined the Mutual Aid Program for
Utilities.
In answer to Councilman Hilligoss' question on futureplans-for-underground service
to new sub divisions in the area of Richmond. Mr. Beck stated that a study of
Revision of Electric Heating Rates are just about complete and the same will be
presented" to this body for action. This same study includes the underground
service.
•
There being no further business on motion duly made, seconded and carried the
meeting- adjourned.
ZP-444,
'A1 n
Paul Backmeyer, Chairman
Attest: 1_,Ailla,_„10 _,104,11
'ther .J. Ree., Clerk
Councilmen Paust and Marino on the Light Plant Claims for February 1967.