HomeMy Public PortalAbout001-2011 - Appoint Appraisors to appraise the value of Whitewater Valley Turbine #2.docBOARD OF DIRECTORS OF RICHMOND POWER & LIGHT
RESOLUTION NO. 1 -2011
A RESOLUTION OF THE BOARD OF DIRECTORS OF
RICHMOND POWER & LIGHT REQUESTING COMMON
COUNCIL OF THE CITY OF RICHMOND, INDIANA
APPOINT APPRAISORS TO APPRAISE THE VALUE OF
RICHMOND POWER & LIGHT WHITEWATER VALLEY
TURBINE #2
WHEREAS, the City of Richmond, Indiana owns and operates its own electric
utility, Richmond Power & Light Company (hereinafter "RP &L "), under the supervision
and control of the Board of Directors (hereinafter "Board ") of RP &L, under I.C. 8- 1.5 -3-
4; and
WHEREAS, Common Council of the City of Richmond, Indiana (the "Council "), is
the legislative body for RP &L; and
WHEREAS, under I.C. § 8- 1.5 -2 -4 et seq., a municipal legislative body may
determine to sell or otherwise dispose of nonsurplus municipally owned utility property;
and
WHEREAS, RP &L operates two coal fired turbines to generate electricity sold into
the wholesale market known as the Whitewater Valley Turbine #1 and Whitewater Valley
Turbine #2, respectively, which constitute nonsurplus property; and
WHEREAS, Whitewater Valley Turbine #1 is a 33 megawatt ( "MW ") unit and
Whitewater Valley 2 is a 66 MW unit; and
WHEREAS, potential future regulations and market conditions may adversely
impact RP &L's ability to cost - effectively operate its turbines as coal -fired generators for
the City's customers; and
WHEREAS, the Board, Council and RP &L are evaluating leasing or otherwise
transferring Whitewater Valley Turbine #2 to an entity that constructs a municipal solid
waste ( "MSW ") gasification facility that would power Whitewater Valley Turbine #2; and
WHEREAS, the Board wishes Council to appoint three appraisers to appraise the
value of Whitewater Valley Turbine #2.
NOW THEREFORE, BE IT RESOLVED that the Board of Directors for
Richmond Power & Light requests Common Council of the City of Richmond, Indiana, to
appoint three (3) appraisers who have the requisite education, technical knowledge and
skill to make a proper appraisal and valuation of Whitewater Valley Turbine #2, are
disinterested persons and are not residents or taxpayers of the municipality.
IT IS FURTHER RESOLVED that the Board of Directors of Richmond Power &
Light requests Council to require that the appraisers shall agree on a single report to be
provided to the Council establishing a single value for Whitewater Valley Turbine #2 using
appraisal methods consistent with industry practice.
IT IS FURTHER RESOLVED that the Board of Directors of Richmond Power & Light
that it requests Council to take all necessary action to insure that all requirements of
Indiana Code are met in the appointment of three appraisers for the appraisal and
valuation of Whitewater Valley Turbine #2.
Passed and Adopted this _ day of February, 2011, by the Board of Directors of
Richmond Power & Light.
BOARD OF DIRECTORS OF
RICHMOND POWER & LIGHT
S/S Bruce Wissel
Bruce Wissel, Chairman
RPL Board
S/S J. Clayton Miller
J. Clayton Miller, Vice- Chairman
RPL Board
S/S Jack Elstro
Jack Elstro, Member
S/S Kelley Cruse - Nicholson
Kelley Cruse - Nicholson, Member
S/S Bing Welch
Bing Welch, Member
S/S Larry Parker
Larry Parker, Member
Attest:
S/S Diana Pappin
Diana Pappin, Member
S/S Phil Quinn
Phil Quinn, Member
S/S Bob Goodwin
Bob Goodwin, Member
S/S Karen Chasteen
Karen Chasteen, Recording Secretary