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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 Thursday, November 19, 2020 via teleconference.
The roll was called. The following Trustees participated via teleconference: Chair Sue Carole Perry, Shelby Co. Clerk; Gary Moore, Boone Co. Judge/Executive; Bill Bartleman, McCracken Co. Commissioner; Amy Milliken, Warren Co. Attorney; and Reagan Taylor, Madison Co. Judge/ Executive.
Others participating via teleconference included: Grant Satterly, Director of Financial Services; Jim Henderson, Executive Director/CEO; Lonnie Campbell, Assistant Director of Financial Services; Kelly Mittler, Finance Officer; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Rich Ornstein, Staff Attorney; Roger Peterman, Board Counsel; R. J. Palmer and Keith Brock, Compass Municipal Advisors, LLC; Jennifer Burnett, Director of Research; and Sonya Chesser, Chief Administrative Officer/Executive Assistant to CEO.
Chair Perry called the meeting to order at 9:10 a.m.
Motion made by Bill Bartleman, seconded by Reagan Taylor, to approve the minutes of October 21, 2020 meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: cash transactions for October 2020; check and deposit details for October 2020; FY 2020/21 PAF budget for period July 1, 2020 - October 31, 2020; and the consolidated financial statement for period ended October 31, 2020.
Motion made by Gary Moore, seconded by Amy Milliken, to acknowledge receipt of the financial reports. Motion carried.
Mr. Satterly presented and discussed the investment report as of October 31, 2020 including the security position changes for October. He provided his personal opinion concerning the market outlook for November.
Motion made by Amy Milliken, seconded by Bill Bartleman, to accept the investment report and to approve the security positions changes as presented. Motion carried.
Mr. Satterly presented and discussed the lease activity reports for FY 2020/21 including the leases closed in the internal loan program.
Motion made by Gary Moore, seconded by Bill Bartleman, to move the time of the Thursday, December 17th meeting from 9:00 a.m. to 9:10 a.m. Motion carried.
Motion made by Gary Moore, seconded by Bill Bartleman, to adjourn the meeting at 9:28 a.m. Motion carried.
