HomeMy Public PortalAbout12-19-1960 MINti 8 Ori '' C" in NINON
COUNCIL SERVING AS A COMMITTEE IN CHARGE
OF THE OPERATION OF THE RICHMOND POWER
AND LIGHT.
December 19, 1960
Regular session was called to order by Chairman J. Hoskins at 7:00 PM,
in the Council Chambers in City Hall. Councilman Salzarulo absent. The
following business was had to wit:
Councilman Marino,moved that the reading of the minutes of the previous
meeting be dispensed with, seconded by Councilman Johnson, unanimous voice
vote.
Councilman. Youpt, moved. that the bills in the amount of $160,668.26 be
allowed and paid, seconded by Councilman Youngflesh, unanimous voice vote.
The following transfers from Cash Operating Fund were included in the bills:
(1) $27,846.26 to Utility Bond Fund Cash
(2) $38,127.65 to Cash Reserve Fund
(3) $36,000.00 to Depreciation Reserve Fund
Chairman J. Hoskins, said that he wished to thank the Light Plant Committee
and General Manager Beck for the co-operation and help given him this year
in serving as Chairman of the Richmond Power and Light Board of Directors.
General Manager Beck, reported that the November peak load was up 1.38
and the KWH was off .01 % from November 1959.
General Manager Beck, reported that there would be a balance of $195,000.00
in the Cash Reserve Fund and $10,000.00 in the Consumers Deposit Fund at the
end of the year, and recommended that these Funds be invested in short term
securities, Councilman Marino, moved to approve the recommendation, seconded
by Councilman Smithmeyer, unanimous. voice vote.
Councilman Yount, moved to approve the recommendation of General Manager
Beck, that specifications be prepared for a new transformer to replace
9 transformers purchased in 1925, seconded by Councilman Henn, unanimous
voice vote. Mr. Beck explained the existing Reserve Transformer Bank to
the Committee and said the approximate 'cost of $50,000.00 for the replacement
of the old transfers had been set aside in the Depreciation Reserve Fund Fund.
Councilman Smithmeyer, moved to. have City Attorney Cecere draft legislation
for- presentation to the coming General Assembly for an amendment to present
statutes, which require municipal funds to be held in local depositories.
General Manager Beck, reported specifications for the new service building
would be completed some time in February 1961, by the Commonwealth Associates
Co.
There being no further business, the meeting.'adjourned.
Chairman
Attest: "/
Clerk