HomeMy Public PortalAbout11-06-1961 27
MINUTES OF THE MEETING OF THE COMMON COUNCIL
SERVING AS A COMMITTEE IN CHARGE OF THE OPERATION
OF THE RICHMOND POWER AND LIGHT.
November 6 , 1961
Regular session was called to order by Chairman Marino at 7 :00 P.M.
in the Council Chambers in City Hall . Council-members Johnson &
Youngflesh were absent; the following business was had to-wit ;
Councilman J . Hoskins moved that the reading of the minutes of the
previous meeting be dispensed with, seconded by Councilman Yount,
unanimous voice vote.
Councilman Henn moved that the bills in the amount of $78 ,405 .65
Payrolls (2) - - - - . 69 ,603 .40
Interest on Revenue Bonds
• 2 ,016.25
Total $ 150 .025.30
•
be allowed and paid, seconded by Councilwoman C. Hoskins , unanimous
voice vote.
The Board of Directors approved the following transactions :
Purchase & Retire Revenue Bonds with Accrued Interest $9,396.60
Transfer from Cash Operating Fund to Utility Bond Fund 9,300 .00
General Manager Beck submitted a proposed budget for 1962 , for the
Richmond Power & Light. Councilman J. Hoskins moved that the proposal
be held over until the next meeting for study before adoption.
General Manager Beck suggested that the Light Plant Finance Committee
record the amount of reinvestment of Funds in the Light Plant minutes .
Councilman Smithmeyer moved to authorize the Light Plant to reinvest
1 ,902 ,000 .00' of Depreciation and Consumers Deposit Funds in short
11 term revenue bonds - (15 months) .
General Manager Beck reported that he has received a proposal from:
the Public Service Commission to sell 510 customers to the Richmond
Power & Light. The proposal was referred to City Attorney Cecere for
study. Beck suggested an early date for the Board of Directors to
discuss the proposal .
City Attorney Cecere reported he has received a memorandum from the
Task Force to Cities interested in. the Task Force program and would
discuss with the Board of Directors what further action concerning
the filing of claims to recover damages against bid-rigging is to
be taken.
There being no further business , the meeting adjourned. •
Frank Marino , Chairman
Attest : _
enn J . Cha man, Cl rk