HomeMy Public PortalAbout08-02-1965 1 3 7
MINUTES OF THE COMMON COUNCIL OF THE CITY OF
RICHMOND, INDIANA,. SERVING AS A COi1ITTEE IN
CHARGE OF THE OPERATION OF THE RICHMOND POWER
AND LIGHT PLANT MONDAY, AUGUST 2, 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 `'ouncil Chambers in the City Hall in said City, Monday, August 2,
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 and Yount. Councilman Paust being absent. The following
business was had to-wit:
Councilman Henn moved the following correction be made to the minutes of the
previous meeting. The section in reference to the Indiana-Michigan put into
contract form for review and further study (the proposed new purchase price
plan) be changed and read the new inter-connection contract. Councilman Yount
seconded this motion and on voice vote was carried.
There being no further corrections, Councilman Yount moved the minutes be approved
as corrected, seconded by Councilman Henn and on voice vote was carried.
Councilman Yount stated that he had reviewed the claims and questioned Anderson
Ice and Coal Company claim in the amount of $60.00. Mr. Beck stated that tickets
are purchased from this company to supply ice for the drinking water that is
used on the line trudks. Councilman Yount recommended that the General Manager
study the possibilities of making purchase of an ice making machine which could
save money and be more convenient. Councilman Yount moved the following claims
be allowed and paid, seconded by Councilman Youngflesh and on voice vote was
carried.
.Approve the following:
Bills in the amount of $105,661.07
2 Payrolls 88,177.76
Payment of Int., Coupons-1953 Revenue Bonds 3,442.50
Mr. Beck presented the following:
July 27, 1965
E.C.Henn
John Hilligoss Finance Committee
Paul L.Backmeyer
There is now available for investment in the Cash Reserve Fund an amount of
$130,000.00.
The best investment for us at the present time would be Treasury Bills maturing
on December 23rd of this year, to yield 3.81%.
Also, on August 13th we have an amount of $1,802,000.00 in U.S.Treasury Notes
maturing. Of this total, $1,747,000.00 is in the Depreciation Reserve Fund,
and $55,000.00 is in the Consumers ' Deposit Fund. The Treasury Dept. will
soon announce an e phange offering for these securities.
Since subscriptions for exchange offerings have to be sent in immediately, the
Finance Committee should be authorized at the next meeting on August 2nd to re-
invest this money, provided the exchange offering is to our advantage. If not,
the Committee should be authorized to reinvest in whatever securities produce
the best yield.
/s/ E.S.Porter, Office Manager
August 2, 1965
A.E.Beck
General Manager Subject of $1,802,000.00
3 7/8% U.S.Treasury Notes
Pursant to our letter of July 27, 1965 in regard to the above 3 7/8% Treasury
Notes, the Government has offered to exchange these notes for 4% Notes matur-
ing February 15, 1967. These notes are offered at a discount of 99.85, to
yield about 4.10%.
The subscription books open today and close Wednesday, August 4th.
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R. P. & L.
This matter was taken up with the Finance Committee and approved. In order to be
sure that our subscription is received by the 4th, the Second National Bank has
been instructed by letter to forward our subscription today.
/s/ E.S.Porter, Office Manager.
Councilman Hilligoss moved the General Manager be authorized to invest the sum
of $130,000.00 from the Cash Reserve Fund into Treasury Bills maturing December
23rd, 1965. . Councilman Yount seconded this motion and on voice vote was unanimous-
ly carried.
Councilman Yount moved the General Manager be authorized to exchange 3 7/8%
Treasury Notes maturing August 13, 1965 in the amount of $1,802,000.00 for 4%
Notes maturing February 15, 1967 at a discount price of 99.85, to yield about
4.10%, with stipulation that this amount of money will not be needed until
February 15, 1967. This motion was seconded by Councilman Marino and on voice
vote was unanimously carried.
Mr. Stanton Gedvillas, County-City Plan Director gave an outline of his study _
for a suitable site for the proposed new building for the dorm-town light office.
No action was taken at this time on this, but this body did unanimously consent
to meet at the Service Building August 9th, 1965..
There being no further business presented, on motion duly made, seconded and
carried the meeting adjourned. '�V�
Charles Youngtl sh, Chairman
Attest:
Athe J. Reeg, i y Cleii