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HomeMy Public PortalAbout01-16-1967 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, JANUAR':16," 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, i•n .regular session in the Council Chambers in the City Building in said City, Monday, January 16, :1967'."at .the -hour o-f.7:00.::o'clock. p.m. (est)-. . . Councilman Backmeyer presiding with the following members being present: Messts. Bell, Henn, Hilli- goss5,• Hollingsworth, Marino,- Paust., Young.flesh 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 Hilligoss and on voice. .vote was. carried. Councilman Hollingsworth moved the claims and transfers- of fund be allowed and paid as follows, seconded by Councilman Paust: Approve the following: Bills in the amount of $176,647.68 Bonds and Interest on 1953 Revenue Bonds 87,338.75 1 - Payroll 46,747.81 Transfers from Cash Operating Fund to: Depreciation Reserve Fund 36,000.00 Cash Reserve Fund 62,972.44 Utility Bond• Fund 24,366..46 Chairman Backmeyer set Monday, January 23, 1967 at the hour of 7:00 o'clock p.m. in the Service Building at the Whitewater Valley Station as a date and time for a meeting of this body to discuss business matters. - Mr. Beck read the following: January 11, 1967 A. E. Beck General Manager After the transfer to the Cash Reserve Fund, there will be available for investment in the above fund an amount of $135,000.00. We believe the best buy at the present time would be U.S. Treasury bills, maturing December 31, 1967, present yield 4.68%. This has been approved by the Finance Committee and should be officially approved at the next council meeting /s/ E. :S....Porter . .. Office Manager Councilman Marino moved the General Manager be authorized to invest the sum of $135,000.00 in U.S. Treasury Bills, maturing December 31, 1967. Councilman Bell seconded this motion and on voice vote was carried. Councilman Yount reported that the interest on the investments of monies of the Richmond Power and Light had returned $217,000.00, an inc rease of $46,000.00. Mr. Beck presented the tabulation of bids that were opened January 3, 1967 for car for the Commercial Department.. Bidder Make & Model Net Delivery. Raper Plymouth, Inca Valiant 6-Cylinder $1,883.78 45 days 3030 E. Main Street 2-Door Sedan Kurdys' Chevrolet, Inc. Chevy II 100 2-Door 1,800.00 4 weeks Nat'l. Rd. East-P.O. Box 152 Sedan Fred First,Inc. Ford Falcon 1,867.02 4 weeks ' 800 So. 5th Street 2-Door Sedan Mr. Beck stated that after careful study and consideration he recommended the bid of the Kurdys' Chevrolet, Inc. R.P.&L. MINUTES 1/16/67- cont. Councilman Marino moved this body concur in the recommendation of the General, Manager seconded by Councilman Youngflesh and on voice vote was carried. , Mr. Beck presented the tabulation of bids that were opened January 3, 1967 for 1967 truck. Bidder - . Make: & Model Less Trade-In Net Delivery Warfield GMC GMC 6-Cylinder EM5640V $1,450.50 $3,984.00 60 days 3715 Nat'l. Rd: West Kurdys' Chevrolet, Inc. Chevrolet CS51403III 2,057.50 3;144.95 = -'4- to 6 weeks Nat'l Rd. East _, . . Mr. Beck stated that after careful study and consideration he recommended the bid of the Kurdys' Chevrolet, Inc. Councilman Youngflesh moved this body concur in the ' recommendation of the General Manager, seconded by Councilman Paust and on voice vote was carried. . Mr. Beck explained the reason that other car dealers couldn't bid for the truck. Mr. Beck presented the tabulation of the bids that. were opened. January 3, 1967 for furnishing Utility Body withAerial Ladder. Bidder Make & Model Amount Delivery Delphi Body Works Utility Body with $ 6,546.00 90 to 120 days Box 30 35' Aerial Ladder Delphi, Indiana Stahl Metal Prod. Inc. n9,027.00 75 days 4750 W. 160th Street Cleveland, 35, Ohio Mc-Cabe Powers Body Co. ii10,089.00 120 to 150 days III 8900 -Frost Avenue St. Louis, Missouri 63134 Cannon Eng. & Equip. Co. " 9,602.00 90 to 120 days P.O.Box 624 Franklin, Mich. Seastrom, Inc. Municipal Div. " 7,699.00 6 weeks 2351 Kentucky Ave. Indianapolis, Ind. Mr. Beck stated after careful study and consideration he recommended the bid of the Cannon Eng. and Equipment Company. Councilman Yount moved this body concur in the recommendation of the General Manager, seconded by Councilman Youngflesh and on voice vote was carried. Mr. Beck reviewed the 1966 operation of the Richmond Power and Light which was a good and usual year in the history of said Plant. The records showed the following: KWH's Sold was 15.16% over 1965 KWH's Generated & Purchased was 14.60% over 1965 III Operating -Revenue was 9.63% over 1965 Net Income was 26.83% over 1965 Contribution to Civil City was 26.83% over 1965 Depreciation Fund - Cash & Investment was 14.46% over 1965 Interest on investment(' was 19.48% over 1965 Earnings Reinvested in Business - Net Worth was 7.10% over 1965 , Equity - Percent Ownership Ratio of net worth to total assets showed 77.44% ' � ~ R.9.&L. minutes 1/l�/67 cont. . . � � The increase lu customers served such as residential, commercial,* industrial, and others showed a net gain-of 387. ' . Investment per dollar of sales showed $3.79 � Mr. Beck statedthat in his opinion that the year 1987 would not show such onnd gains. Be based this ntatemeut on the National figures that he had studied that' are available at this time. ` ^ Chairman Backmeyer in behalf of the members of Council presented past Cbairfhao Bllligoas a plague complimenting bino on the leadership extended in the year 1968 . os �Cbalrman of-the Richmond Power and Light Committee. Connoilman`Billigoso accepted the plaque and thanked all members of Council for the splendid co-operation in making the job easier for him. ` There being no further boalnmun on omtloo duly made, seconded and carried the meeting adjourned. _ do X;4 «*NX�+.N,.�1�XXX ` ` .` ' ` � ' � � ' ' ' . ^ ` ' � '