HomeMy Public PortalAbout07-06-1965 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.
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 in said City, Tuesday, July 6,
1965 at the hour of 7:00 o'clock p.m. (est). Councilman Yount presiding with
the following members being present: Messrs. Backmeyer, Bell, Henn, Hilligoss,
Hollingsworth, Marino and Paust. Councilman Youngflesh being absent. The
following business was had to-wit:
Councilman Hilligoss moved the minutes of the previous meeting be dispensed with,
seconded by Councilman Backmeyer and on voice vote was carried.
Councilman Marino moved the following claims be allowed and paid, seconded by
Councilman Hilligoss and on voice vote was carried.
APPROVED THE FOLLOWING:
Bills in the amount of $104,324.54
2 - Payrolls 84,886.30
Payment of 1953 Revenue Bonds and Interest 33,466.25
Mr. Beck stated that the bids taken for new transformers were still under study
and should be ready for the next meeting.
Mr. Beck presented proof of publication of notice printed June 24, 1965 in the
RichmondPalladium-Item, a newspaper of general circulation in the City of
Richmond, Indiana, that sealed proposals would be received on the date of July
6, 1965, for furnishing One (1) 1965 car per specifications and One (1) 1965
Truck per specifications. Mr. Kemper, City Attorney examined the proof of
publication and fouiad the, same to be correct and in order.
Councilman Hilligoss moved the proof of publication be received and filed, second-
ed by Councilman Bell and on voice vote was carried. _
The following bid was received, opened and read aloud for One (1) New 1965 Model
6 cylinder, 4-door sedan:
Fred First, Inc. 1 - 1965 Ford Falcon 6 cylinder,4-door $1809.64
Trade-in allowance on 1959 Rambler 200.00 •
1600.64 Del.
Mr. Fred Nottingham, Owner of Fred First, Inc. was in attendance and explained
that this car would have to be ordered within the next two or three days from the
factory. The manufacturing of 1965 models are being discontinued.
Councilman Henn moved the General Manager be authorized to make purchase of this
car provided that it met with the specifications, seconded by Councilman Backmeyyr
and on voice vote was carried.
The following bid was received, opened and read aloud for One (1) New 1965 Model,
6 cylinder truck with Van type body:
Fred First, Inc. 1 - 1965 Ford Econoline Super Van E-16,
6 cylinder truck $2,167.77
Less allowance on- 1950 International
"Metro" truck 120.00
$2,047.77 Del.
Mr. Nottingham also explained that the same condidtions exists for the truck
as the car.
Councilman Henn moved the General Manager beauthorized to make purchase of the
truck provided the specifications are met with. This motion was seconded by
Councilman Backmeyer and on voice vote was carried.
•
Mr. Beck presented the following:
June 30, 1965
A.E.Beck,General Manager
We will have $200,000.00 available for investment next week, from the
Depreciation Reserve Fund.
R.P.& L. 7/6/65 cont.
The best investment at the present time is a U.S.Treasury Bond, 3 3/4% matur-
ing in May 1966. These are quoted at 99.29 and yield 3.86%.
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
200,000.00 from the Depreciation Reserve Fund into U.S.Treasury Bond at 3 3/4%,
maturing in May 1966, with stipulation that this amount of money will not be
needed until May 1966. Councilman Henn seconded this motion and on voice vote was
unanimously carried.
Mr. Beck reported that he had made a preliminary study of the new interconnection
proposal of the Indiana-Michigan•Electric Company. :An outlined study was given on
the costs of both the Johnson Street °tation and the Whitewater Valley Station
combined with the Indiana-Michigan Electric Company. The total cost in the month
of May, 1965 amounted to 8.64 mills per KWH by using all three sources of current
production. The- study showed that current can be generated for 6 mills per KWH
at Whitewater Valley Station and can be purchased from Indiana-Michigan for
8.75 mills per KWH. The net cost would be 6.8 mills per KWH. The costs of gener-
ating current at'the 2 local stations and purchasing from the Indiana-Michigan
for 8.75 mills per KWH would be an average of 7.65 mills per KWH. These figures
shows that it would cost approx. 25,000.00 monthly to operate the Johnson Street
Station in excess of using only the Whitewater Valley Station and buying the
rest of the current needed. Mr. Beck stated that he was making further study into
the contract of the Indiana-Michigan Electric Company.
There being no further business submitted, on motion duly made, seconded and
carried the meeting adjourned.
62-&40 E-1
Charles O. Yount,Chair Pro-teM
Attest:
Ather•J. Reeg, y Clerk
HILLIGOSS AND MARINO ON THE LIGHT PLANT CLAIMS