HomeMy Public PortalAbout05-03-1965 MINUTES OF THE MEETING OF THE COrMON COUNCIL
OF THE CITY OF RICHMOND, INDIANA, SERVING AS
A COMMITTEE IN CHARGE OF THE OPERATION OF THE
RICHMOND POAER AND LIGHT.
The Common Council of the City of Richmond, Indiana, serving as a committee in
charge of the operation of the Richmond Power and Light met in regular session
in the Council Chambers in the City Hall, Monday, May 3, 1965 at the hour of
7:00 o'clock p1m. (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 Herd moved that reading of the minutes of the previous meeting be
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dispensed with, seconded by Councilman Hilligoss and on voice vote was carried.
Councilman Her moved the following bills be allowed and paid, seconded by
Councilman Hilligoss and on voice vote was carried.
APPROVED THE following:
Bills in the amount of: $ 81,901.16
3 Payrolls: $126,124.12
AUTHORIZED April 19, 1965
Purchase of U.S.Treasury Notes from Depreciation Reserve
Fund: $100,000.00 + accured Int. $1,734.81 = $101,734.81.
Mr. Beck presented proof of publication of notice printed in the Richmond
palladium-Item a newspaper of general circulation in the City of Richmond, Indiana
on the dates of April 8th and 15th, 1965, that sealed bids would be received
until the hour of 7:00 o'clock p.m. (est), May 3rd, 1965, for Four (4) Outdoor
Type Distribution Substation Transformers for the Richmond Power and Light.
Mr. Kemper examined the proof of publication and found the same to be in
order and correct. Councilman Marino moved the proof of publication be filed,
seconded by Councilman Yount and on voice vote was carried.
IIIMonday, May 3rd, 1965 and the hour 7:00 o'clock p.m. (est) being the date and
time designated for opening And reading aloud the bids received. Mr. Beck
opened and read aloud the following bids received:
. Total bid on L Transformers
Moloney Electric Co.,Indpls,Ind. $42,400.00
Allis Chalmers, Ind ls.,Ind. 41,436.00
Westinghouse Electric Co.,Muncie,Ind. 41,436.00
Wagner Electric Corp., St.Euuis,Mo 41,204.00
Pennys Transformer Div.,Indpls,Ind. 41;400.00
Standard Transformer Co.,Warren,Ohio 40,000.00
General Electric Co.,Dayton,Ohio 41,436.00
Alternate bid 39,532.00
Councilman Marino moved the bids be referred to Mr. Beck for tabulation and
recommendation. This motion was seconded by Councilman Paust and on voice vote
was carried.
Mr. Beck presented the following letter:
April 29, 1965
Mr. A.E.Beck, General Manager
Tt- now have in the depreciation Reserve Fund an,amount of $200,000.00 in
U.S.Treasury Notes, 3 7/8% maturing May 15, 1965.
We received information this A.M. to the effect that the Treasury Department
will offer to the holders of these notes, an exchange for a 4% note maturing in
15 months, on August 15, 1966. These are to be offered at a discount price of
III $99.85, making a yield of about 4.12%. The subscription books are to be open
next Monday, May 3rd and close Wednesday, May 5th.
This exchange has been taken up and approved by the Finance Committee.
/s/E.S.Porter,Office Manager
Councilman Henn moved that the General Manager be authorized to exchange the $200,000.00
in U.S.Treasury Notes,3`37/:%, maturing May 15, 1965, for U.:S.Treasury Notes,
4%, maturing August 15, 1966, and further that this sum of $200,000.00 will not
be needed for the next 15 months. Councilman Marino seconded this motion and
on voice vote was unanimously carried.
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Mr. Beck presented the following letter:
May 3, 1965
Mr. :A.E.Beck, General Manager
We have received notice of the maturity of 6100,000.00 in U.S.Treasury
Bills in the Depreciation Reserve Fund.
These Bills matured on ,April 30th and the Second National Bank called us
today stating that they were crediting our account for this, amount.
These funds are now available for investment. A check of the market today
shods the best investment at this time is a 4% Treasury Note maturing in August
1966, quoted at 99.31, yield 4.03%.
On approval of the above, we will place our order with the Second National Bank.
/s/E.S.Porter,Office Manager
Councilman Yount moved the General Manager be authorized to purchase the U.S.
Treasury Notes as above set out and further that this amount of money will not
be needed until <August 1966. Councilman Hilligoss seconded this motion and on
voice vote was unanimously carried. -
Mr. Beck presented an outline of the need of the purchase of two (2) new Sub-
station Transformers that will be needed to extend the 69 KV Line to a new
sub-station to be located on the Gravel Pit ?load. These two new transformers
would replace the present transformers located at the Williamsburg Sub-station,
and the two present transformers at the Williamsburg Sub-station would be re-
located at the new location on the Gravel Pit Road. The increase in demand by
industry in the northwest section of the City is the reason for the need to
increase the sub-station output.
Councilman Yount moved the General Manager be authorized to prepare the speci-
fications necessary and advertise for bids for two (2) new Sub-station Trans-
formers. Councilman Hollingsworth seconded this motion and on voice vote was
unanimously carried.
Mr. Beck reported that the Hoosier Engineering Company has done a fine job on
the installation of the new 69 KV Line that extends to the northwest section of
the City. This company could be retained to extend the 69 KV Line to the new
sub-station on,the Gravel Pit Road. It was recommended by Mr. Beck that the
Hoosier Engineering Company be retained to install the new 69 KV Line and that
the Light Plant purchase the materials necessary to build this new Line.
Councilman Hollingsworth moved the General Manager be authorized to retain the
Hoosier Engineering Company to build the new 69 KV Line..and also the General
Manager be authorized to prepare the advertising to receive bids for the
materials May 17, 1965. Councilman Marino seconded this motion and on voice
vote was unanimously carried.
Councilman Yount moved the Black and Veatch report be accepted and that copies
be made available to anyone interested in the report and further that the
General Manager negotiate with the Indiana Michigan Electric Company for a
more favorable contract. This motion was seconded by Councilman Backmeyer
and on voice vote was unanimously carried.
There being no further business presented, on motion duly made seconded and
carried the meeting adjourned.
04124
( -e24,1_,ci /C2,1,4
Charles O.Youngf e ,Choi
Attest:
Ath '- J. Reeg, ty Clerk
Councilmen Henn and Yount on the Light Plant Bills.