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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 11/ 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.