HomeMy Public PortalAbout11-01-1965 14 7
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 1, 1965.
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 net in regular session in the
Council Chambers in the City Hall in said City, Monday, November 1, 1965 at the hour
of 7:00 o'clock p.m. Councilman Youngflesh presiding with the following members be-
ing present: Messrs. Backmeyer, Bell, Henn, Hilligoss, Hollingsworth, Marino, Paust
and Yount. The following business was had to-wit:
Councilman Bell moved the minutes of the previous meeting be dispensed with, seconded
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by Councilman Marino and on voice vote was unanimously carried.
Councilman Marino moved the following claims be allowed and paid, seconded by Council-
man Hollingsworth and on voice vote was carried.
APPROVE THE FOLLOWING
Bills in the amount of • $85,841.93
Payment of Int.Coupons-1953 Revenue Bonds 182.50
Two Payrolls 88,351.35
Mr. Beck stated that every two years the Lamp Contract is up for renewal and this is
the date in which a new contract is awarded. It is the practice of that of passing
the contract around to the various wholesalers in the City that can qualify. It is
now the turn of the Miller Brothers Hardware Company to have the contract for two
years. Mr. Beck stated that he had gone over the figures submitted and found the
same not to be out of line on prices and would entertain a motion to award the Lamp
Contract to the Miller Brothers Hardware Company for two years.
Councilman Marino moved the Lamp Contract be accepted as submitted by the Miller Bros.
Hardware Co. for a period of two years. Councilman Yount seconded this motion and
on voice vote was unana_mously carried.
Mr.Beck reported that he had made a careful study of the need for a Van Type Pick-
up Truck for the Electrical Maintenance Department and recommended that for the best
interest of this department this type should be purchased.
Councilman Marino moved that Mr. Beck send out invitation to various dealers to
submit bids on a Van Type Truck and said bids to be received at the next regular
meeting. Councilman Bell seconded this motion and on voice vote was unanimously
carried.
Mr. Beck presented the following:
October 28, 1965
A.E.Beck
General Manager
We have the following investments which mature on November 15, 1965.
Depreciation Fund:
U.S.Treasury Notes 4% $1,200,000.00
U.S.Treasury Notes 3 100,000.00
Total $1,300,000.00
Consumers' Deposit Fund
U.S.Treasury Notes 4% 5,000.00
Grand Total $1,305,000.00
We have received word today that the U.S.Treasury will offer a new note, bearing
IIIinterest at 44 %, maturing in eighteen months, or on May 15, 1967. These notes will
be offered at a discount price of $99.83 on $100.00, making a yield of 4.37% on the
new notes.
The Second National Bank will advise us when the subscription books will be open.
Both of the above issues of 32% and 4% notes, which we hold, are eligible for
exchange for the new 44% notes. Is soon as this exchange is officially approved,
we will make arrangements to give the Second National Bank written authorization to
make this exchange for us.
/s/ E.S.Porter
Office Manager
iI 4
11/1/65 cont.
Councilman Henn,reported that the Finance Committee had made study of the above
investments and recommended that the $1,305,000.00 be invested as above set out.
Councilman Yount moved that the General Manager be authorized to invest the
$1,305,000.00 as above set out, and further that this sum of money will not be
needed until the 15th day of May, 1967. This motion was seconded by Councilman Henn
and on voice vote was unanimously carried.
Councilman Backmeyer reported that his committee on the sale of the land owned by
the Richmond Power and Light on U.S. #27 South, would appreciate the City _attorney
expediting the proper documents to make sale of this property at an early date.
There being no further business presented, on motion duly made, seconded and
carried the meeting adjourned.
akevIl e
Charles 0. Youn;rsh, C. i man
Attest oao
1th/J. Reeg, C' Clerk
Councilmen Hollingsworth & Marino on the Claims.