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HomeMy Public PortalAbout06-20-1966 .k.. 8 i MINUTES OF THE MEETING OF COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA SERVING AS A COMMITTEE IN CHARGE OF THE OPERATION OF THE RICHMOND POWER AND LIGHT PLANT, JUNE 20, 1966 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 in regular session in the Council Chambers in the City Building in said City, Monday, June 20, 1966 at the hour of 7:00 o'clock a.m. (est). Councilman Backmeyer presiding with the following members being present: Messrs. Bell, Henn, Hollingsworth, Marino, Paust and Youngflesh. Council- man Hilligoss and Yount being absent. The following business was had to wit: Councilman Marino moved the reading of the minutes of the previous meeting be dispensed with, seconded by Councilman Paust and on voice vote was carried. Councilman Marino moved the following claims be allowed and paid, seconded by Councilman Paust and on voice vote was unanimously carried. Approve the following: Bills in the amount of $175,404.39 1 Payroll 44,246.79 Transfers from. Cash Operating Fund to: Utility Bond Fund $ 24,670.62 - Cash Reserve Fund 85,668.48 Depreciation Reserve Fund 36,000.00 Mr. Beck presented the following and requested authorization to make the investments as set out: June 17, 1966 A. E. Beck General Manager The cash balance in the Depreciation Fund as of May 31st is $148,898.54. After the next Council meeting on June 20th another $36,000.00 will be transferred to this account, making a total of $184,898.54 at that time. We recommend that $150,000.00 of this amount be invested in 44. U.S. Treasury notes maturing in May 1967, presently quoted at 99.14, to yield 4.89%. Also, the cash balance in the C ash Reserve Fund as of May 31st is $98,233.26. An amount of one-half of the Net Income for May will amount to $85,668.48, making a total of $183,901.74. We recommend that $183,000.00 of this amount be invested in U.S. Treasury Bills, maturing December 15, 1966, present yield 4.60%. On approval of the above, we will place our order with the Second National Bank. /s/ E. S. Porter Office Manager ESP:jet Councilman Youngflesh moved the General Manager be authorized to make the above invest- ment, seconded by Councilman Paust and on voice vote was carried. Mr. Beck presented a prepared C.A.T.V. Pole Attachment Agreement whiich is being used by other utilities in the Indiana and Ohio area. After discussion on the Agreement, Council- man Youngflesh moved the approval of the C.A.T.V. Pole Attachment Agreement, provided that if there are any changes required they can be made at a later date through mutual agree- ment of both the City and the applicant. Councilman Marino seconded this motion and on voice vote was carried. Councilman Bell moved the following be added to the present Wage and Benefit Agreement of IIIthe employees and the Richmond Power and Light Plant. 1. That the Utility allow each employee participating in the Group Hospitalization Insurance Plan the sum of $4.00 each pay period toward the payment of their premium Bor this insurance, effective July 1, 1966. 2. That the Utility pay 50% of an educational course approved by management after employee has successfully completed the course to the satisfaction of management, effective July 1, 1966. 8` _ - R.P. & L. minutes 6/20/66 cont. - Page 2 _ - 0. That all employees on the payroll on and after July 1, 1966 excluding City Officials, shall receive an increase of an average of 5% in their base hourly rate or monthly salary, in accordance with the schedule of classification as determined and approved by all members of the Board of Directors of the Richmond Power and Light, effective July 1, 1966. . Councilman Henn seconded the motion of Councilman Bell and on voice vote was carried. Mr. Beck requested authorization to enter into a contract with Magaw Company in the sum of 9,982.00 to provide labor and material to pave the black top of a road and area west of the Service Building of the Richmond Power and Light Plant. This amount is in the 1966 budget. Councilman Youngflesh moved the request of the General Manager be granted, seconded by Councilman Marino and on voice vote was carried. The next regular meeting will be held on Tuewday, July 5th, 1966 due to Monday being a holiday, July l.th. There being no further business presented on motion duly made, seconded and carried the meeting adjourned. . 11111411 aul Bac yer, Chair pro-tem Attests jr ��_ 5�► Athe. J. ,Reeg, Ci C erk Councilmen Marino and Y .nt on the Light Plant claims for July, 1966.