HomeMy Public PortalAbout09-07-1965 I40
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 7, 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 met in regular.
session in the Council Chambers in the City Hall, Tuesday, September 7, 1965 at
the hour of 7:00 o'clock p.m. (est). Councilman Youngflesh presiding with the
following members being present: Messrs. Backmeyer, Bell, Henn, Hilligoss,
Hollingsworth, Marino, Paust and Yount. The following business was had to-wit:
Councilman Marino moved' the minutes of the previous meeting• be dispensed with.
This motion was seconded by Councilman Hollingsworth and on voice vote was
unanimously carried.
Councilman Backmeyer moved the following claims be allowed and paid. 'This motion
was seconded by Councilman Bell and on voice vote was carried.
APPROVED THE FOLLOWING:
Bills in the amount of134,47 .05
Payment of interest,Coupons-1953
Revenue Bonds 645.00
Two Payrolls 90,503.27
Mr. Beck presented and read the following:
August 31, 1965
A.E.Beck
General Manager
There is now available in the Depreciation Reserve Fund an amount of
$100,000.00 which should be invested.
The best investments at the present time are 4% U.S.Treasury notes,
maturing in August 1966. These notes are quoted at 99.30 and will yield
4.06%.
On approval of the above we will place our order with the Second
National Bank.
~/s/ E.S.Porter
Office Manager
Councilman Marino moved the General Manager be authorized to invest the sum of
$100,000.00 from the Depreciation Reserve Fund into U.S.Treasury Notes, maturing
in August 1966: Councilman Yount seconded this motion and on voice vote was
unanimously carried.
Mr. Beck presented and read the following:
September 2, 1965
E.C.Henn,
John Hilligoss,
Paul Backmeyer
Finance Committee
With reference to our investment program which we planned several months
ago, we wish to advise that this has been completed up to this time with the
exchange and re-investment of 1,802,000.00 in U.S.Treasury Notes. These notes
matured August 13, 1965 and were exchanged for 4% Notes maturing February 15,
1967. This transaction has been completed and the new safe-keeping receipt
from the Continental Illinois National Bank and Trust Co. is in the custody of
the Second National Bank"and the County Treasurer, Mr. Parshall. We have a
duplicate on file in our office.
The next investments <will not mature until October 31, 1965 and also in
November and December 1965.
The amount of interest and discount received from the $1,802,000.00 in
notes was 037,230.95. .Also, six month's payments of interest were received in
August on other investments in the Depreciation and Consumer's Deposit Funds
maturing in February and August 1966.
This total amounted to $14,818.76. This made a grand total of $52,049.71
received in the month of August.
/s/ E.S.Porter,
Office Manager
1
Mr. B eck requested authorization to replace the 1961 Model Truck that is now being
used for a Trouble Truck. This truck has 48,108 miles and is in need of repair,
which will run into quite a sum of money.
Councilman Marino moved the General Manager be authorized to prepare specifications
for a new 1 ton truck and trade- in the 1961 truck and advertise for bids.
Mr. Beck presented a proposal for purchase of 3 acres of land owned by the Light
Plant on U.S.#27 South. This proposal was in the amount of ;n8,500.00 as sub-
mitted by Mr. Richard welligar representing A.L.and T.,Inc. a firm comprised
of three local businessmen who desires to build apartments on this land.
Councilman Yount moved the proposal be accepted on condition it meets with the
appraised value and also provided this area is rezoned from Limited Industrial
to 10D10 Residential. This motion was seconded by Councilman Hollingsworth. On
voice vote the motion was carried 8-1. Councilman Paust voting nay.
Mr. Beck reported that the Riley School cutover had been completed.
There being no further business presented, on motion duly made, seconded and
carried the meeting adjourned.
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14
Charles Younga6sh,Chp:i aa.n
Attest
.ether J. eeg, City erk
Councilman Backmeyer and Bell on the Light Plant claims.