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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.