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Home My Public Portal About05-17-1965 28 MINUTES OF THE iIEETING 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,Monday, May 17, 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 Bell moved the minutes of the previous meeting be dispensed with, seconded by Councilman Yount and on voice vote was carried. Councilman Yount moved the following claims be allowed and paid, seconded by Councilman Henn and on voice vote was carried. APPROVED THE FOLLOWING: Bills in the amount of: $132,620.08 Payment of Int. Coupons-1953 Revenue Bonds 135.00 APPROVED THE FOLLOWING TRANSFERS FROM CASH OPERATING FUND TO: Utility Bond Fund $ 25,420.62 Cash Reserve Fund 59,105.88 Depreciation Reserve Fund Regular $36,000.00 + $60,000.00 $ 96,000.00 AUTHORIZED MAY 3, 1965 Purchase of U.S.Treasury Notes - 4100000.00"1 Par Value Cost $99,968.75 Plus Accured Interest 872.93 $100,841.68 I4r. Beck presented the following: May 11, 1965 A.E.Beck, General Manager. The following funds will be available for investment after the fund transfers are made next week. From Depreciation Reserve Fund $160,000.00 From Cash Reserve Fund $100,000.00 A contact with the Second National Bank Trust Department shows that the best investments for us at the present time are as follows: Depreciation Reserve Fund-$160,000.00-U.S.Treasury Notes, 4%, maturing August 15, 1966, selling at par value. Cash Reserve Fend-$100,000.00-U.S.Treasury Bills, maturing December 31, 1965, yield 3.88%. On approval of the above, we will place our order with the Second National Bank. /s/ E.S.Porter, Office Manager Councilman Henn moved the General Manager be authorized to make investment of. ' $160,000.00 from the Depreciation Reserve Fund to U.S.Treasury Notes, 4%, maturing August 15, 1966, and further that there will be no need for this amount of $160,000.00 until the date of August 15, 1966. Councilman Yount seconded this motion and on voice vote was unanimously carried. Councilman Yount moved the General Manager be authorized to make investment of §C100,000.00 from the Cash Reserve Fund to U.S.Treasury Bills, maturing December 31, 1965, yield 3.88%. Councilman Marino seconded this motion and on voice vote was unanimously carried. Mr. Arthur Vivian, Chairman of the Board of Directors of the Committee of 100 Inc., of the City of Richmond, Indiana, appeared before the Board of Directors of the Richmond Power and Light Plant. Mr. Vivian gave an extensive outline of the feelings of the Committee of 100 Inc., on the need of a complete independent appraisal and survey of the power system of the City of Richmond, Indiana. Mr. Vivian also presented several alternatives that should be considered that were not included in the recent Black and Veatch report. At the close of ivlr. Vivian's talk he presented and read the following: 129 RICHMOND'S COi`fMITTEE OF 100, INC. THIS ACTION TAKEN AT REGULAR BOARD OF DIRECTORS MEETING ON WEDNESDAY,MAY 5,1965. Mr. Glen Phillips moved that the Board of Directors of the Committee of 100 urge the Board of Directors of the Richmond Power and Light Company to obtain a completely independent appraisal and survey of the power system of this commun- ity and covering all alternatives relative to the generation, distribution, and operation of the Richmond Power and Light Company, which report should be in addition to the Black and °eatch report; and further that this survey include a twenty-five year forcast relative to the industry locally and as it would relate to the Nation as a whole, and further, that this report shall cover all other pertinent information that might be necessary to the- growth and develop- ment of the community. The Board further added that it sincerely feels that it is essential to the community and that the Board of Directors of the Richmond Power and Light Company consider and make provision for a new and independent survey. The motion was seconded by Mr. Ross Harrington and was unanimously passed by all the Board members in attendance, namely: A.M.Vivian, F.W.Stidham, J.R.Harrington, H.G.Holthouse, J.O.Barnhart, C.G.DeBolt, Henry Jameson, Duane Kinyon, Charles Mueller, Glen Phillips, Norman Shute, Richard Terwilliger, Wilbur C. Thomas. Mr. Harrington then moved that Mr. Arthur Vivian be authorized'and empowered by this Board to appear before the Board of Directors of the Richmond Power and Light Company as soon as possible and to present to the Board this resol- ution and the Committee of 100's position on this matter. This motion was seconded by Mr. Lester Spencer and was unanimously approved. Councilman Youngflesh said this committee would take the above under advisement. Mr. Beck presented proof of publication, printed in the Richmond Palladium- Item, a newspaper of general circulation in the City of Richmond, Indiana, that bids would be received for furnishing materials for the 69 KV Highland Line which were listed as Group I-Poles, Group II-Wire and Cable, Group III-69 KV Insulators and Group IV-Hardware, and said notice stated that the date of May 17, 1965 at the hour of 7:00 o'clock p.m. (est) was fixed and designated as the date and time the bids would be received and opened. Mr. Kemper, City Attorney, examined the proof of publication and found the same to be correct , and in order. Councilman Marino moved the proof of publication be received and filed, seconded by Councilman Yount and on voice vote was carried. May 17, 1965 being the date designated to open and read aloud the bids received. The General Manager opened the following bids and read them aloud: R.G.Haley and Company, Toledo, Ohio Westinghouse Electric Supply, Muncie, Indiana Universal Electric Company, Richmond, Indiana Richmond Electric Company, Richmond, Indiana Cory, Crum and English Company, Indianapolis, Indiana General Electric Company, Indianapolis, Indiana Councilman Marino moved all of the bids received be referred to the General Manager for tabulations and recommendations, seconded by Councilman Yount and on voice vote was carried. Mr. Beck presented the following tabulations of bids received on May 3, 1965 for furnishing 4- 2500/3125 KV:A Power Transformers: Standard Transformers Co„. $40,000.00 Wagner Electric Corp. $41,204.00 Penna. Transformer Div. $41,400.00 Allis-Chalmers Mfg. Co. 41,436.00 Westinghouse Electric Supply $41,436.00 General Electric Company 041,436.00 $39,532.00 Alt. Bid Moloney Electric Co. $42,400.00 * No certified check or bid bond. Mr. Beck explainer) the formula that was used by he and the Engineering Dept. of the Richmond Power and Light to determine the best bid submitted. Mr. Beck stated that the bid of the Westinghouse Electric Supply was the lowest and 3O best bid submitted and recommended the purchase of the 4- 2500/3125 KVA , Transformers from the Westinghouse Electric Supply in the sum of $41,436.00. Councilman Yount moved the Committee co4cur in the recommendation of the General Manager, seconded by Councilman Marino and on voice vote was unanimously carried. Councilman Hilligoss suggested that each Councilman and the news medias be given a copy of the Richmond Power and Light Plant Agenda on Friday before the next regular meeting. Mr. Beck explained that he will oblige, but the notes on the bills and transfers will not be included in the agenda for reason that this data is not completely composed until the day of the meeting. There being no further business presented, on motion duly made, seconded and carried the meeting adjourned. Charles Youngfle Chair Attest: •Ath' J. Reeg, Cl BACK.MEYER AND HOLLINGSWORTH ON THE JUNE BILLS