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The Kentucky Association of Counties Finance Corporation held a special Board of Directors' meeting, pursuant to proper notice given in accordance with KRS 61.823, immediately following the KACo Leasing Trust Board meeting on Tuesday, June 25, 2019 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Directors were present: Chair Amy Milliken, Warren Co. Attorney (via phone); Vice-Chair Bill Bartleman, McCracken Co. Commissioner; Tommy Turner, LaRue Co. Judge/Executive; Sue Carole Perry, Shelby Co. Clerk; and Gary Moore, Boone Co. Judge/Executive.
Others present were: Grant Satterly, Director of Financial Services; Jim Henderson, Executive Director/CEO; Sue Blakeman, Assistant Director; Lonnie Campbell, Assistant Director; Kelly Mittler, Finance Officer; B. J. White, Accounts Receivable Officer; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Rich Ornstein, Staff Attorney; R. J. Palmer, Compass Municipal Advisors, LLC; Daniel Briscoe, Counsel, Dinsmore & Shohl, LLP; Roger Recktenwald, Director of Infrastructure Planning & IT; and Sonya Chesser, Executive Assistant/Events Manager.
Chair Milliken called the meeting to order at 1:53 p.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the May 23, 2019 meeting as presented. Motion carried.
Mr. Satterly presented a resolution of the KACo Finance Corporation approving participants in the program relating to the issuance and sale of its financing program revenue bonds. The participants include: Allen County Economic Development for $3,500,000 for an economic development project; County of Ballard for $350,000 for refinancing; Bell County Extension District for $1,000,000 for construction and equipping of new building; County of Bourbon for $2,600,000 for park land; Campbell County Library District for $1,200,000 for refinancing; County of Carter for $1,500,000 for roads, equipment and refinancing; Hardin County Extension District for $950,000 for the completion of construction project; City of Mt. Vernon for $1,500,000 for refinancing; County of Rockcastle for $4,000,000 for refinancing; Todd County Extension District for $1,250,000 for construction and equipping of new building; Warren County Extension District for $575,000 for pay off construction loan for new building; and Woodford County Library District for $6,000,000 for construction and equipping of new building. Mr. Palmer noted that the City of Mt. Vernon will require up to $3 million rather than $1,500,000.
Motion made by Bill Bartleman, seconded by Sue Carole Perry, to approve the Participation Resolution as amended. Motion carried.
Mr. Satterly presented and discussed the 2019 Series C Bond Resolution for approval.
Motion made by Gary Moore, seconded by Bill Bartleman, to approve the 2019 Series C Bond Resolution as presented. Motion carried.
Mr. Satterly, providing a program update, said Series B was a successful bond sale.
The next scheduled board meeting will be held July 25th upon adjournment of the KACo Leasing Trust board meeting.
Motion made by Bill Bartleman, seconded by Tommy Turner, to adjourn the meeting at 1:58 p.m. Motion carried.
