HomeMy Public PortalAbout01-19-1959 264
MINUTES OF THE MEETING OF COMMON COUNCIL
OF' THE CITY OF RI CHMOND, IND IANA , SERVING
AS A COMMITTEE IN CHARGE' OF THE OPERATION
OF THE MUNICIPAL ELECTRIC LIGHTING & POWER •
PLANT.
MONDAY , JANUARY• 19, 1959
REGULAR SESSION CALLED TO OIPDER AT 7: 00 PM IN THE COUNCIL CHAMBERS)
IN CITY HALL WITH COUNCILMAN CRUM PRESIDING. COUNCILMAN V I V I AN ABSENT.
:--COUNCILMAN
FOLLOWING BUSINESS WAS HAD, TO—WIT;
GOUNCI LMAN MARINO MOVED THE READING OF THE MINUTES OF THE PREVI O-US
MEETING BL DI SPEN-SED WITH . SECONDED BY COUNCILMAN- S'ALZARULO . UNANI—
MOUS VOICE VOTE .
COUNCILMAN' SALZARULO MOVED THE bI L-L-SI IN THE AMOUNT OF $35 ,860.9-31
BE APPROVED AND PAID . SECONDED BY -COUNCILMAN SM I THMEYER . I UNANIMOUS
VOICE VOTE . .
I ° I
MR .' BECK ANNOUNCED THAT THEI ANNUAL MEET-I NG OF THE COMMITTEE OF 100
WOULD BEI HELD AT EARLTHAM COLLEGET ON FEBRUARY 3 , 1959, AT 6 :30 PM . ' • I
° HE WENT ON TO EXPLAIN L THAT THE $300.00 MEMBERSHIP 'FEE PAID' EACH I -
YEAR ENTITLED THE MEL&PP TO FIVE MEMBERS IN THE COMMITTEE OF 100
AND INVIITED MEWBIERS OF COUNCI-L TO ATTEND THE ANNUAL -MEETING .
MR . BECK TOLD THE COMMITTEE THAT THE SECOND NATIONAL' BANK 11AD PUR-1
CHASED 880,000.00 WORTH OF MEL&PP REVENUE BONDS AND WERE WILLING TO
SELL )THEM. AS THE CASH OPE'R!ATJING FUND HAD IN FT 8130,000.00, HE
ASKED PERM_ISSI-ON TO PURCHASE SAND BOND'S IN THEE" AMOUNT OF $25,000.00.
HE SAID" THIS WOULD MEAN A TOTIAL SAVINGS OF $ IO,804.00-$1 ,034.00` FOR I .
-DIISCOU'N`T AND 89,750.00 IN (INTEREST. COUNCIILMAN MARINO MOVED MkR. OEbk
BE AUTHORIZED TO PURCHASE 825 ,000.00 WcrRITH OF MEL&PP REVENUE BONDS.
SECONDED BY COUNCILMAN E ASTMAN . UNANIMOUS VOICE VOTE .
COUNCILMAN MARINO MOVED THAT MR . BECK- BE AUTHORIZED TO PUR'C`HASE FROOM '
THE DEPRECIATION FUND , $ 100,000.00' IN TREASURY CERTIFICATES YEILDING
J - 3.49% INTEIREST AND DUE MAY 15, 1960. SECONDED BY COUINC ILWOMEN HOSKINS .
UNANIMOUS VOICE VOTE. - -
MR . BECK WENT OVER VARIOUS PORTION'S OF THE ANNUAL REPORT OFI THE MEL&PP
AND SAID THAT ALTHOUGH 1958 WAS A RECORD YEAR FOR GENERATION , IN-COME I2
(NET) DROPPED DUE TO INCREASED OPERATING COST-S .
JJ . J I
I N'CLUBED IN THE BILLS WER THE FOLLOWING TRANSFER ; 1
829,217.08 FROM CASH OPERA'TI NG FUND TO UTILITY BOND FUND
36 ,000.00 FROM CASH OPERATING FUND TO -DEP . RESERVE FUND—CASH
34,570.35 FROM CA-S-HI OPERATING FUND TO CASH RESERVE FUND
THERE BEING NO FURTHER BUSINESS , THE MEETING ADJO'URNEDo I
'
PRESIDENT
ATTEST ; C/t��'� C124'
CLERK