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The Kentucky Association of Counties Leasing Trust held a special Board of Trustees' meeting, pursuant to proper notice given in accordance with KRS 61.823, at 10:00 a.m. on Thursday, November 21, 2019 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Trustees were present: Chair Sue Carole Perry, Shelby Co. Clerk; Vice-Chair Amy Milliken, Warren Co. Attorney; Tommy Turner, LaRue Co. Judge/Executive; Gary Moore, Boone Co. Judge/Executive; and Bill Bartleman, McCracken Co. Commissioner.
Others present were: Grant Satterly, Director of Financial Services; Jim Henderson, Executive Director/CEO; 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; Temple Juett, Director of Insurance; R. J. Palmer, Compass Municipal Advisors, LLC; and Sonya Chesser, Executive Assistant/Events Manager.
Chair Perry called the meeting to order at 10:29 a.m.
Motion made by Tommy Turner, seconded by Bill Bartleman, to approve the minutes of the October 23, 2019 meeting as submitted. Motion carried.
Mr. Satterly presented and discussed the following operational reports: check detail and deposit detail for October 2019; transactions by account as of October 31, 2019; and FY 2019/20 PAF budget for period July 1, 2019 - October 31, 2019. He also presented and discussed the consolidated financial statement as of October 31, 2019.
Motion made by Gary Moore, seconded by Tommy Turner, to acknowledge receipt of the operational reports and financial statement as presented. Motion carried.
The board received a list of invoices to be paid for November totaling $25,409.48.
Motion made by Amy Milliken, seconded by Gary Moore, to approve payments of the invoices totaling $25,409.48. Motion carried.
Mr. Satterly presented and discussed the investment report as of October 31, 2019 including the security position changes for the month of October and his personal view of the economic outlook.
Motion made by Tommy Turner, seconded by Amy Milliken, to approve the security positions changes as presented. Motion carried.
Mr. Satterly presented and discussed the lease activity report for FY 2019/20 including the leases closed in the internal loan program.
The next regularly scheduled board meeting will be held December 19th at 9:00 a.m.
Motion made by Tommy Turner, seconded by Amy Milliken to adjourn the meeting at 10:50 a.m. Motion carried.
