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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 11/ 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. 26 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.