The Kentucky Association of Counties Finance Corporation held a Board of Directors' meeting immediately following the KACo Leasing Trust Board meeting on Thursday, March 22, 2012 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Trustees were present: President Jim Townsend, Webster Co. Judge/Executive; Randy Stevens, Trimble Co. Judge/Executive; Sue Carole Perry, Shelby Co. Clerk; and Lynn Lane, Ballard Co. Clerk.
Others present were: Grant Satterly, Director of Financial Services; Denny Nunnelley, Executive Director/CEO; Sue Blakeman, Assistant Director; Lonnie Campbell, Senior Financial Analyst; Kelly Mittler, Leasing Officer; B. J. White, Accounts Receivable Officer; Carolyn Jones; Chief Financial Officer; Rich Ornstein, Attorney; Tim Sturgill, General Counsel; Roger Peterman, CoLT Board Counsel; Scott Martin, Director of Members Services; and Sonya Chesser, Executive Secretary.
President Townsend called the meeting to order at 9:35 a.m.
Motion made by Sue Carole Perry, seconded by Lynn Lane, to approve the minutes of the February 23, 2012 meeting as presented. Motion carried.
Mr. Satterly said the Corporation will play a major part in refinancing the 330 loans in the lease pool program. He said Standard & Poors issued revised criteria for the lease pools. He said a meeting with Standard & Poors will be held to determine the target to obtain AA- rating. He discussed the structure of refinancing of the pools by bank qualified issuers.
Mr. Satterly discussed Rockcastle County Fiscal Court's request for a $3 million taxable loan for the purchase of an industrial property.
Motion made by Lynn Lane, seconded by Sue Carole Perry, to adjourn the meeting at 9:46 a.m. Motion carried.
