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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 9:00 a.m. on Wednesday, August 28, 2019 at the Galt House Hotel in Louisville, 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; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Temple Juett, Director of Insurance; Keith Brock and R. J. Palmer, Compass Municipal Advisors, LLC; Roger Peterman, Liz Younger, Daniel Briscoe and Mark Franklin, Dinsmore & Shohl, LLP; Temple Juett, Director of Insurance; and Sonya Chesser, Executive Assistant/Events Manager.
Chair Perry called the meeting to order at 9:12 a.m.
Motion made by Bill Bartleman, seconded by Amy Milliken, to approve the minutes of the July 25, 2019 meeting as presented. Motion carried.
Mr. Satterly presented and discussed the following operational reports: check detail and deposit detail for July 2019; transactions by account as of July 31, 2019; and FY 2019/20 PAF budget for period July 1 - July 31, 2019.
Motion made by Gary Moore, seconded by Bill Bartleman, to approve the operational reports as presented. Motion carried.
Mr. Satterly presented a list of invoices to be paid totaling $47,333.05.
Motion made by Tommy Turner, seconded by Amy Milliken, to approve payments of the invoices totaling $47,333.05. Motion carried.
Mr. Satterly presented and discussed the draft financial statement as of June 30, 2019 and July 31, 2019.
Mr. Satterly requested approval to lower the rate in the internal loan pool program from 4.9% to 3.99%.
Motion made Tommy Turner, seconded by Amy Milliken, to authorize lowering the rate of the internal pool program to 3.99%. Motion carried.
Mr. Satterly presented and discussed the investment report summary as of July 31, 2019 including the security position changes for the month of July 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.
Motion made by Bill Bartleman, seconded by Tommy Turner, to recess at 9:44 a.m. Motion carried.
Motion made by Bill Bartleman, seconded by Tommy Turner, to return to the meeting at 10:20 a.m. Motion carried.
Mr. Satterly provided a historical overview of CoLT and the KACo Finance Corporation. He also provided the board with copies of applications and lease documents as it relates to each of the programs.
The next scheduled board meeting will be held September 26th at 9:00 a.m.
Motion made by Gary Moore, seconded by Amy Milliken, to adjourn the meeting at 11:51 a.m. Motion carried.
