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The Kentucky Association of Counties Leasing Trust held a Board of Trustees meeting at 9:30 a.m. on Thursday, October 26, 2023. This meeting was held via video teleconference with all Directors and others present virtually, in pursuant to proper notice given in accordance with KRS 61.826 and KRS 65.312(3).
The roll was called. The following Trustees participated: Chair Amy Milliken, Warren Co. Attorney; Vice-Chair Gary Moore, Boone Co. Judge/Executive; Bill Bartleman, McCracken Co. Commissioner; Matt Wireman, Magoffin Co. Judge/Executive; and Tabatha Clemons, Grant Co. Clerk.
Others present included: Temple Juett, Director of Business and Insurance; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Grant Satterly, Director of Financing Services; Lonnie Campbell, Assistant Director of Financing Services; Kelly Mittler, Leasing Officer; B. J White, Accounts Receivable Officer; Rich Ornstein, Attorney; Marie Skinner, Accounting Manager; Alyssa Rogers, Staff Accountant; R. J. Palmer, Compass Municipal Advisors, LLC; Roger Peterman and Liz Younger, Dinsmore & Shohl, LLP; and Sonya Chesser, Executive Assistant to CEO/Director of Administration Services.
Chair Milliken called the meeting to order at 11:01 a.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the September 21, 2023 meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: the consolidated financial statement as of September 30, 2023; statement of activities for the month ended September 30, 2023; cash transactions for September 2023; and the FY 2023/24 PAF budget for period July 1, 2023 - September 30, 2023.
Motion made by Tabatha Clemons, seconded by Matt Wireman, to acknowledge receipt of the financial reports as presented. Motion carried.
Mr. Satterly presented the investment report and noted there were no investment transactions for the month of September. The board received a full listing of the Program's investments electronically prior to the meeting.
Motion made by Bill Bartleman, seconded by Gary Moore, to acknowledge receipt of the investment report. Motion carried.
Mr. Satterly presented and discussed the lease activity for FY 2023/24.
Mr. Satterly discussed a specialized lending product with Magnolia Bank to offer vehicle loans through Bachman Auto Group. This product differs from the traditional bank loan program because KACo will serve as the trustee instead of U.S. Bank. He recommended approval of the alternate lease program. Mr. Peterman said Dinsmore has reduced their fee in half in support of this program from the traditional loan program. Chair Milliken asked for a schedule of fees associated with this program as the board did not receive that information. The board concurred in the need to see the fee schedule including other entities requiring fees.
Motion made by Gary Moore, seconded by Tabatha Clemons, to table the issue until additional information is provided to the board concerning this matter and to call a special meeting should action be required prior to the next scheduled meeting. Motion carried.
The next scheduled board meeting is Nov. 30 at 11 a.m.
Motion made by Tabatha Clemons, seconded by Bill Bartleman, to adjourn the meeting at 11:17 a.m. Motion carried.
