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.
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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.