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HomeMy Public PortalAbout09-19-1966 ^d 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, SEPTEMBER 19, 1966 The Common Council of the City of Richmond, Indiana serving as a committee in charge of the Richmond Power and Light Plant, met in regular session in the Council Chambers in the City Building, Monday, September 19, 1966 at the hour of 7:00 o'clock p.m. (est). Cou cilman Hilligoss presiding with the following members being present: Messrs. Back- meyer, Bell, Henn, Marino, Paust and Yount. Councilman Hollingsworth and Youngflesh being absent. The following business was had to-wit: Councilman N3rino moved the minutes of the previous meeting be approved without being read aloud, seconded by Councilman Yount and on voice vote was carried. Councilman Bell moved the following claims and transfers be allowed, seconded by Council- man Backmeyer and on voice vote was carried. Approve the following: Bills in the amount of $176,484.14 Payment of Interest Coupons - 1953 Revenue Bonds 481.25 1 - Payroll 47,405.4o Transfers from Cash Operating Fund to: Utility Bond Fund $ 24,670.63 Cash Reserve Fund 86,045.76 Depreciation Reserve Fund 36,000.00 Mr. Beck presented and read aloud the following: September 13, 1966 A. E. Beck General Manager IIIWe have on hand in the Depreciation Reserve Fund Cash an amount of $162,395.87 as of August 31st. We recommend that $162,000.00 of this amount be invested in U.S. Treasury Notes 4 7/8% maturing in August 1967, currently quoted at 99.10, to yield about 5.7%. Also, we will have in the Cash Reserve Fund after the next fund transfer, an amount of $90,929.03. We recommend that $88,000.00 of this amount also be invested in the same notes maturing in August 1967. A check of the Cash Reserve Fund shows that there will be ample funds to pay the City of Richmond dividend in January 1967 without the above amount. This will permit investing this amount of the Cash Reserve Fund for a longer period of time at a better rate of return than Treasury Bills. The above should be presented for approval at the next Council meeting. /s/ E. S. Porter Office Manager Cotncilman Backmeyer moved the General Manager be authorized to invest the amount of $162,000.00 from the Depreciation Reserve Fund into U.S. Treasury_ Notes, Maturing in August 1967 and the amount of $88,000.00 from the Cash Reserve Fund into U.S. Treasury Notes maturing August 1967. This motion was seconded by Councilman Bell and on voice vote was carried. Mr. Beck requested authorization to receive bids October 3, 1966 for Neutral Grounding IIIResistor and Automatic Circuit Reclosers. Councilman Yount moved the General Manager be authorized to receive bids for the above material, seconded by Councilman Bell and on voice vote was carried. Mr. Beck requested authorization to receive bids October 17, 1966 for Water Spray Fire Protection to be installed on transformers at Johnson Street Station, at an approximate cost of $8,500.00.: Mr. Peck outlined the need of this installation. Councilman Yount moved the General Manager be authorized to receive bids on the above installation, seconded by Councilman Paust and on voice vote was carried. -100 R-.P. & L. minutes 9/19/66 cont.- -- - Mr. Beck reported that-he had employed the services of a General Electric service man to make-an inspection of the turbines at the Whitewater Valley Station and the Johnson Street Station. Both stations were checked and found -that the inspections showed that the turbine could stay on the line until spring of 1967 then each will be dismantled for internal inspection. Mr. Beck reported that it has been brought to his attention that the records of the storage of coal at the Whitewater Generating Station showed that the coal in storage was exhausted. A physical survey shows that this isn't true. Mr. Beck recommended that a consultant firm be retained to make a complete survey of the present method of record keeping of the coal storage records. In his opinion for the best interest of the plant, if a survey showed that the present method isn't accurate, it would be money well spent to make a change for better records. The firm of Montebelt and Seifert Consulting Engineers can supply the personnel immediately to make the survey necessary and Mr. Beck recommended that they be retained. Councilman Yount moved the General Manager be authorized to retain the above Engineers to make the survey as requested, seconded by Councilman Paust and on voice vote was carried. - There being no further business presented 'moti ..ulY&.de, c need and carried the meeting'adjo ed. Aprj /V/ John Hill goss, man Attest: er J. eg ity Cl k Councilmen Youngflesh and Backmeyer on the October 1966 Light Plant claims.