The Kentucky Association of Counties Leasing Trust held a Board of Trustees' meeting at 9:00 a.m. on Thursday, March 22, 2012 at 400 Englewood Drive in Frankfort, Kentucky.
The following Trustees were present: Chair Sue Carole Perry, Shelby Co. Clerk; Vice-Chair Mike Foster, Christian Co. Attorney; Lynn Lane, Ballard Co. Clerk; Randy Stevens, Trimble Co. Judge/Executive; and Jim Townsend, Webster Co. Judge/Executive.
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, Board Counsel; Scott Martin, Director of Member Services; and Sonya Chesser, Executive Secretary.
Chair Perry called the meeting to order at 9:09 a.m.
Motion made by Lynn Lane, seconded by Mike Foster, to approve the minutes of February 23, 2012 meeting as presented. Motion carried.
Ms. Blakeman presented and discussed the following operational reports: check detail; deposit detail; transactions by account as of February 29, 2012; and PAF budget for period July 1, 2011 through February 29, 2012.
Motion made by Jim Townsend, seconded by Lynn Lane, to approve the operational reports as presented. Motion carried.
Mr. Satterly presented a list of the March payments totaling $81,880.87.
Motion made by Jim Townsend, seconded by Lynn Lane, to approve the list of payments totaling $81,880.87. Motion carried.
Ms. Jones presented and discussed the responses received from the reissued request for proposal for accounting services. She said staff took a more aggressive approach to solicit more firms to apply. Five proposals were received.
Motion made by Mike Foster, seconded by Lynn Lane, for staff to review and interview the firms that they deem appropriate and make a recommendation to the board at its next meeting and the reasons for their recommendation. Motion carried.
The board asked that Mr. Larry Davis, CoLT's current accountant, be included in interviewing the candidates.
Mr. Satterly presented and discussed the parity ratio computation reports for Series 1989, 1999, 2001, 2002, 2004, 2007A, 2007B, 2008A1 and 2008A2 as of February 29, 2012.
Mr. Satterly presented and discussed the lease activity for FY 2011/12 as well as the closed and pending lease activity for the past 30 days. He said lease activity continues to increase. He provided an update on the lease activity with Morgan County after storms ravaged several county-owned properties on March 2.
Mr. Satterly provided an update on the refinancing of all 330 some outstanding loans in CoLT's trust pools through US Bank. He said the working group has had multiple meetings with another one scheduled for next Friday. He said all parties are expected to sign on within a few days. The first tier of the refinancings will go into the new bond pool program with hopes of getting an AA- rating. He said Fifth Third Bank and US Bank have expressed interest in becoming financial partners to refinance the loans.
Ms. Jones presented and discussed the operating account and bond status as of December 31, 2011 and summary of income and expenditures for period July through December 2011.
The next scheduled board meeting will be held April 26th at 9:00 a.m.
Motion made by Lynn Lane, seconded by Jim Townsend, to adjourn the meeting at 9:34 a.m. Motion carried.
