[tidy error]
The Kentucky Association of Counties Leasing Trust held a Board of Trustees meeting at 2:30 p.m. on Wednesday, December 17, 2025. This meeting was held at the KACo offices located at 400 Englewood Drive in Frankfort, Kentucky and via video teleconference pursuant to proper notice given in accordance with KRS 61.826 and KRS 65.312(3).
The following Trustees were present: Chair Amy Chandler, Warren County Attorney (via video teleconference); Vice-chair Gary Moore, Boone County Judge/Executive; Bill Bartleman, McCracken County Commissioner (via video teleconference); Matt Wireman, Magoffin County Judge/Executive; and Mark McKenzie, Johnson County Judge/Executive (via video teleconference).
Others participating included: Jim Henderson, Executive Director; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Lonnie Campbell, Assistant Director of Financing Services; Kelly Mittler, Leasing Officer; B.J. White, Accounts Receivables Officer; Rich Ornstein, Staff Attorney; Marie Skinner, Accounting Manager; Alyssa Rogers, Staff Accountant; Mark Franklin, Board Counsel, Dinsmore & Shohl, LLP (via video teleconference); Keith Brock and R. J. Palmer, Senior Vice Presidents, Compass Municipal Advisors, LLC; Todd Rosenbaum and Braxton Dewey, Cherry Bekaert, LLP (both via video teleconference); Sean Curry, Green County PVA and KACo 1st Vice President; Shellie Hampton, Director of Government Affairs; Jennifer Burnett, Chief Innovation Officer; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chair Chandler called the meeting to order at 2:30 p.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the October 22, 2025, meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated statement of financial position as of November 30, 2025; statements of activities and changes in net assets for the period July 1, 2025 through November 30, 2025; cash transactions for November 2025; and the FY 2025/26 PAF budget for the period July 1, 2025 through November 30, 2025.
Ms. Basham presented and discussed the investment report. There were no security transactions for the month of November 2025. The board received a full listing of the Fund's investments electronically prior to the meeting.
Motion made by Bill Bartleman, seconded by Gary Moore, to acknowledge receipt of the financial and investment reports as presented. Motion carried.
Ms. Basham presented the Fund's investment policy for the board's annual review. She recommended no changes at this time.
Ms. Basham presented and discussed the audited financial statement, including the executive summary, for period ending June 30, 2025, as prepared by Cherry Bekaert. The auditors issued an unqualified opinion with no findings or recommendations.
Motion made by Matt Wireman, seconded by Gary Moore, to accept the audit as presented. Motion carried.
Chair Chandler requested approval of the following meeting schedule for 2026: Jan. 28, Feb. 25 at 2:30 p.m., April 22, June 24 at 2:30 p.m., July 22, Sept. 23, Oct. 21, and Dec. 16 at 2:30 p.m. All meetings will be held at 1 p.m., unless otherwise noted, via video teleconference in accordance with KRS 61.826; that the primary location of the teleconference where the public will be allowed to attend will be at the offices of the Kentucky Association of Counties, 400 Englewood Drive, Frankfort, Kentucky.
Motion made by Bill Bartleman, seconded by Mark McKenzie, to adopt the schedule of meetings for 2026 as presented; that all meetings will be held via video teleconference in accordance with KRS 61.826; that the primary location of the teleconference where the public will be allowed to attend, unless otherwise noted on the schedule, will be at the offices of the Kentucky Association of Counties, 400 Englewood Drive, Frankfort, Kentucky. Motion carried.
Mr. Campbell presented and discussed the lease activity for the months of October and November. He said that as a result of the Federal Reserve lowering the target rate range by 25 basis points to 3.5% - 3.75% on December 10, the internal loan rate has been reduced to 4.5% on new loans. Ms. White provided an update on the loans paid off during the same month.
Motion made by Mark McKenzie, seconded by Matt Wireman, to adjourn the meeting at 3:07 p.m. Motion carried.
