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The Kentucky Association of Counties Leasing Trust held a Board of Trustees meeting at 1 p.m. on Wednesday, January 28, 2026. This meeting was via video teleconference pursuant to proper notice given in accordance with KRS 61.826 and KRS 65.312(3).
The following Trustees participated via video teleconference: Chair Amy Chandler, Warren County Attorney; Vice-chair Gary Moore, Boone County Judge/Executive; Bill Bartleman, McCracken County Commissioner; and Mark McKenzie, Johnson County Judge/Executive.
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; Alyssa Rogers, Staff Accountant; Mark Franklin, Board Counsel, Dinsmore & Shohl, LLP; Keith Brock and R. J. Palmer, Senior Vice Presidents, Compass Municipal Advisors, LLC; Jennifer Burnett, Chief Innovation Officer; Sydney Blodgett, Member Engagement Manager; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chair Chandler called the meeting to order at 1:05 p.m.
Mr. Henderson informed the board that Matt Wireman retired as Magoffin County Judge/Executive effective Dec. 31, 2025.
Chair Chandler accepted nominations for chair, vice chair and secretary.
Motion made by Mark McKenzie, seconded by Bill Bartleman, to re-elect Amy Chandler as chair, Gary Moore as vice chair, and Karen Basham as secretary. Motion carried.
Motion made by Gary Moore, seconded by Bill Bartleman, to approve the minutes of the December 17, 2025, meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated statement of financial position as of December 31, 2025; statements of activities and changes in net assets for the period July 1, 2025 through December 31, 2025; cash transactions for December 2025; and the FY 2025/26 PAF budget for the period July 1, 2025 through December 31, 2025.
Ms. Basham presented and discussed the investment report and security transactions for December 2025. The Board received a complete electronic listing of the Fund's investments prior to the meeting.
Motion made by Gary Moore, seconded by Bill Bartleman, to acknowledge receipt of the financial and investment reports and to ratify the security position changes as presented. Motion carried.
Mr. Campbell presented and discussed the lease activity for the month of December 2025. Ms. White provided an update on the loans paid off during the same month.
Ms. Basham informed the board that Perry County Fiscal Court had a $457,000 bond payment due in December to US Bank, which they did not make. The Fiscal Court had not submitted the paperwork to receive the coal severance funds, so they lacked the necessary funds. The Fiscal Court managed to come with $50,000. She said that nonpayment could impact the members participating in the bond pool program. Staff urged the Fiscal Court to file the proper paperwork to obtain the coal severance money. The Fiscal Court provided a resolution requesting such action. CoLT offered a three-month internal short-term loan of $400,000, with the Fiscal Court responsible for providing an additional $7,000. Once the coal severance funds are received, CoLT will use those to reimburse the loan. Ms. Basham said CoLT sent a payment of $400,000 directly to US Bank and the Fiscal Court paid the remaining $7,000. She noted that similar issues could occur again in the future.
Mr. Henderson stated that policy discussions concerning issues in loan underwriting like this will be addressed with the board soon.
The next meeting is Feb. 25, at 2:30 p.m.
Motion made by Mark McKenzie, seconded by Bill Bartleman to adjourn the meeting at 1:45 p.m. Motion carried.
