The URL can be used to link to this page

Home My Public Portal About12-20-1965 MINUTES OF THE METING 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. The Common Council of the City of Richmond, Indiana serving as a. committee in charge of the ooe:ration of the Richmond Power and Light Plant met in regular session in the Council Chambers in the City Hall in said City, Monday, December 20, 1965 at the hour of 7:00 o'clock p.m. (est). Councilman Youngflesh presiding with the following members being present: Messrs Backmeyer, Bell, Hilligoss, Hollingsworth, Marino, Paujtt and Yount. Councilman Henn Ewing absent. The following business was had to wit: Councilman Hollingsworth moved the minutes of the previous meeting be dispensed with, seconded by Councilman Yount and on voice vote was unanimously carried. Councilman Backmeyer moved the following claims be allowed and paid, seconded by Councilman Hollingsworth and on voice vote was unanimously carried. Approved the following Bills in the amount $230,188.07 Payment of Int. Coupons 1953 Revenue Bonds 30.00 Transfers from Cash Operating Fund to: Utility Bond Fund 21. ,920.62 Cash Reserve Fund 71,328.77 Depreciation Reserve Fund 36,000.00 Mr. Beck presented the tabulation of bids for 69 KV Substation Structure and Equip- ment. Equipment Bidder Quoted Price Delivery Richmond Electric Hi-Voltage-Joslyn $20,500.00 26 weeks General Electric Supply Southern States 18,427.50 22 weeks 18,335.36 10 days Graybar, Indianapolis Royal Electric 20,580.00 24 weeks 20,477.60 10 days Graybar, Indianapolis Delta Star 16,000.00 20 weeks Westinghouse, Inc. Westinghouse 20,674.00 25weeks Mr. Beck stated that he had contacted the Graybar of Indianapolis, Indiana about the low bid of $16,000.00. The information given was that a mistake had-been made on the steel, but they would honor the bid. Mr. Beck said the specifications had been met in this bid and would recommend the bid be awarded to the Graybar, of Indianapolis.in the sum of $16;000.00 Councilman Hilligoss moved this body concur in the recommendation of Mr. Beck, seconded by Councilman Marino and on voice vote wasunanimously carried. Mr. Beck submitted the tabulation of bids for a Van Type Truck for the Line Depart- ment. Bidder Make & Model Price Delivery Kurdy's Chevrolet Chevrolet $ 1,997.27. 30 days Warfield's G.M.C. 2,089.00 3 weeks Fred Firsts, Inc. Ford- - 2,174.00, 30 days Mr. Beck stated Kurdy's bid did not meet the specifications and he would recommend the bid-of Warfield's for a G.M.C. Truck in the sum of $2,089.00 be accepted. lir Councilman Yount moved this body concur in the recommendation of Mr. Beck, second- ed by Councilman Mari no and on voice vote was unanimously carried. Mr. Beck presented the following proposed budget for the Richmond Power and Light for year 1966. Account Number Operation Budget for 1966 1. Steam Power Generation $ 583,000.00 2. Transmission & Distribution 230,000.00 3. Consumption 40,000.00 4. Commercial 165,000.00 b General 350,000.00 7. Depreciation Reserve • 15,000.00 8. Taxes - Gross Income 100,000.00 8 A. Taxes c F.I.C.A. 48,000.00 8-B. Taxes - Employment .600.00 8-C. Taxes - Sales 57,000.00 III10-A. Interest - Revenue Bonds 98,000.00 10-B. principal - Revenue Bonds 200,000.8'0 - 11. Interconnection 485,000.00 12. Fuel Stock Account 1,100,000.00 13. Merchandise Stock Account 175,000.00 Total $3,646,600.00 J cY. a a,P, ' Councilman Marino moved this body approve the 1966 proposed budget for the year 1966 of the Richmond Power and Light Plant. This motion was seconded by Councilman Bell and on voice vote was unanimously carried. Mr. Beck presented the following: December 7,1965 E. C. Henn John Hilligoss Paul Backmeyer Finance Committee Attached is a resume of the money which will be available for investment in the Cash Reserve Fund at the end of the month. • This analysis shows that there will be $130,000.00 available for investment on December 23rd and $100,000.00 on December 31st. The best investments as of this date are 4% U.S. Treasury Notes, maturing August 15, 1966, yield 4.6%. This however might change some between'now and the last of December. /s/ E.S. Porter Office Manager • December 7, 1965 CASH RESERVE FUND Cash on Hand • S 1,073.66 Treasury Bills Matured 11-30-65 460,000.00 Total cash as of 12-7-65 $ 461,073.66 Treasury bills Maturing 12-23-65 327,000.00 Cash we will have on hand 12-23-65 $ 788,073.66 • City dividend requirement 726,655.75 $ 61,417.91 - Plus arse-half of Net Income for the month of November fto be transferred at December 20th Council Meeting). 71,328.77 Cash balance 12-23-65 $ 132,746.68 Treasury bills Maturing on December 31, 1965 $ 100,000.00 . From the above figures, _you will note that we will have - available for investment on December 23rd an amount of $130,000.00. The $2,746.68 balance should. be held to pay any accrued interest on the new investments. 15e Also, $100,000.00 can be invested on December 31st, when the Treasury bills of that date mature. Councilman Marino moved the general manager be authorized to invest the sum of , $130,000.00 in new investments December 23, 1965 and further that the sum of 5100,000.00 be invested on December 31, 1965. Councilman Yount seconded this motion and on voice vote was unanimously carried. Chairman Youngflesh thanked all members for the splendid ,co-operation given the , past year. , There ,being no further business presented on motion duly made, seconded and carried. the meeting adjourned. , Charles 0. Youngflesh, Chairman Attest: er J. Reeg, Cf Clerk Councilmen Backmeyer and Paust on the Claims,for December. SUPPLEMENT 1966 BUDGET CONSTRUCTION TOTAL ACCT NUMBER DISBURSEMENTS APPROPRIATION BUDGET FOR 1964 FOR 1965 FOR 1966 14-1 Meters 19,579 12,500 17,500 14-2 Transformers 57,986 40,000 4o,000 14-3 Short Extensions 115,914 . 50,000 100,000 14-4 Sundry Equipment 15,154 25,000 20,000 14-5 Underground Equipment 23,978 15,000 15,000 14-6 Office Equipment - 10,000 5,000 14-10 Non-Operating Payroll 22,762 15,000 20,000 14-13 Cooling Tower Repair - 30,000 50,000 14-14 Coal Handling Equipment Repair - 6,000 - 14-15 13.8 KV Breakers - 10,000 - 14-23 Street Lighting 8,932 50,000 50,000 14-26 Johnson Street Station 473 10,000 10,000 14-27 Whitewater Valley Station 13,810 15,000 15,000 14-28 Distribution Substations 35,146 50,000 120,000 14-29 30 MVA Transformers - 120,000 - 14-30 69 KV 0.C.B. - 5,000 - 14-34 13.8 & 4.16 KV Lines 58,713 4o,000 50,000 ' 14-35 Tractor & Equipment - 7,500 9,000 14-36 Transformer Fire Protection - 4,500 10,000 14-37 69 KV Line & Breaker 7,256 80,000 68,000 14-38 Capacitors ' 6,370 50,000 110,000 14-39 Aerial Lift & Trucks 17,099 20,000 22,000 14-40 Blacktop Roadways & Storage Area 13,089 10,000 10,000 14-41 Service Building 13,029 5,000 5,000 14-42 41 MVA Transformers & 69 KV Breaker - 100,000 14-43 8th Street Office - - 10,000 • SUB TOTAL $429,290 $780,500 $756,500 • GRAND TOTAL $3,780,808.06 $4,277,100 $4,403,100