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HomeMy Public PortalAbout11-21-1966 9? 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, NOVEMBER 21, 1966 The Common Council of the City of Richmond, Indiana serving as a comalittee 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, November 21, 1966 at the hour of 7:00 o'clock p.m. (est). Councilman Hilligoss presiding with the following members being present: Messrs. Backmeyer, Bell, Henn, Hollingsworth, Marino, Paust, Youngflesh and Yount.- The following business was had to-wit: Councilman Yount moved the minutes be approved without being read aloud, seconded by Councilman Bell and on voice vote was carried. 11/ Councilman Backmeyer moved the following claims and transfers be allowed and paid, seconded by Councilman Henn and on voice vote was carried. Approve the following: Bills in the amount of $151,861.34 Payment of Int. Coupons-1953 Revenue Bonds 180.00 1 - .Payroll 45,529.58 Transfers from Cash Operating Fund to: Cash Reserve Fund $ 61,524.58 Utility Bond Fund 24,670.63 Depreciation Reserve Fund ' 36,000.00 Mr. Beck reported that450 copies of letters have been prepared announcing the meeting tobe- held on the date ofDecember 13, 1966 in the Leland Ballroom. Thid is a public meeting with the Sanderson-Porter, Engineers. The letters are in form of an in- vitation to all that are considered to be interested in the report of said engineers. It is requested that each Council member sign 450 letters which will be delivered and picked-up and later sent out. Councilman Hilligoss announced that a meeting is to be held in the Service Building in 111 the Whitewater Valley Station, Monday, December 12, 1966 at the hour of 7:00 o'clock p.m. All Council members are urged to attend. Mr. Beck stated that there is available in the Depreciation Fund the sum of $100,000.00 - and he would like to have authorization to invest this sum in U.S. Treasury Notes, 4 7/8%, due November, - 1967, 99.17, to yield 5.53%. This matter has been discussed with the Finance Committee. Councilman Youngflesh moved the General Manager be authorized to invest the sum of $100,000.00 from- the Depreciation Fund into U.S. Treasury Notes due November, 1967, and further this amount of money will not be needed until the date of November, 1967. Councilman Hollingsworth seconded this motion and on voice vote was carried 9-0. Mr. Beck statedthat there is available in the Cash Reserve Fund the sum of $548,000.00 and he would like to have authorization to invest this sum in U.S. Treasury Bills, due December 29, 1966, to yield 4i%. This matter has been discussed with the Finance Committee. Councilman Henn moved the General Manager be authorized to invest the sum of $548,000.00 from-the-Cash- Reserve-Fund into U.S. Treasury Bills due December 29, 1966, Councilman Yount seconded this motion and on voice vote was carried 9-0. MR. Beck stated that there is available in the Cash Reserve Fund the sum of $148,000.00 ani he would like to have authorization to invest this sum in U.S. Treasury Notes, 4 7/8%, maturing November 1967,/to yield 5.53%. This matter has been discussed with the Finance Committee. 99.17 Councilman Yount moved the General Manager be authorized to invest the sum of $148,000.00 from the Cash Reserve Fund into U.S. Treasury Notes, maturing November, 1967, and further there will not be a need for this amount of money until November, 1967. Councilman Youngflesh seconded this motion and on voice vote was carried 9-0. Mr. Beck reported that plans and specifications were now prepared for the purchase of Spacer Cable in the amount of 7,725 feet. Mr. Beck requested that he be given authori- zation to advertise for bids to be, received on the date of December 19, 1966for this material. R.P. & L. minutes 11/21/66 cont. Page 2. . Councilman Yount moved the General Manager be authorized to advertise for the above material and bids be received December 19, 1966. Councilman Youngflesh seconded this motion and on voice vote was carried 9-0. • Mr. Beck reported that he is making a study on the. Residential Underground Dis- . tribution and should have a program prepared before the Spring of 1967. . There being no further business on motion duly Made, seconded and carried the meeting adjourned. • J H igo 1 , Aill III 0 t • iv Attests . Atfier J. Reeg, C ty Clerk r COUNCILMEN HENN AND HOL INGSWORTH ON THE LIGHT PLANT CLAIMS FOR DECEMBER.