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%
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R.9.&L. minutes 1/l�/67 cont.
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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
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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.
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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.
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There being no further boalnmun on omtloo duly made, seconded and carried the
meeting adjourned. _
do X;4
«*NX�+.N,.�1�XXX
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