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The Kentucky Association of Counties Leasing Trust held a Board of Trustees meeting at 2:30 p.m. on Wednesday, June 25, 2025. This meeting was held 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; Matt Wireman, Magoffin County Judge/ Executive; and Mark McKenzie, Johnson County Judge/Executive.
Others participating via video teleconference included: Jim Henderson, Executive Director/CEO; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Lonnie Campbell, Assistant Director of Financing Services; Kelly Mittler, Financing Officer; B. J. White, Accounts Receivable Officer; Rich Ornstein, Staff Attorney; Alyssa Rogers, Staff Accountant; Mark Franklin, Board Counsel, Dinsmore & Shohl, LLP; R. J. Palmer, Senior Vice President, Compass Municipal Advisors, LLC; Jennifer Burnett, Director of Strategic Operations; and Beth Pleasant, Administrative Specialist.
Chair Chandler called the meeting to order at 2:31 p.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the May 28, 2025, meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated statement of financial position as of April 30, 2025; cash transactions for May 2025; and the FY 2024/25 PAF budget for the period July 1, 2024 through May 31, 2025.
Ms. Basham presented and discussed the investment report for the month of May 2025. There were no security transactions for the month of May. The board received a full listing of the Fund's investments electronically.
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 and discussed the proposed draft budget for FY 2025/26 for the board's consideration.
Motion made by Matt Wireman, seconded by Bill Bartleman, to approve the FY 2025/26 budget as presented. Motion carried.
Ms. Basham presented and discussed the FY 2025/26 program administration agreement between KACo and the KACo Leasing Trust. The agreement is for a one-year term, beginning July 1, 2025 and ending June 30, 2026.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the FY 2025/26 program administration agreement as presented. Motion carried.
Mr. Campbell and Ms. White presented and discussed the lease activity for the month of June 2025.
Mr. Palmer, providing an update on the recent bond sale, said the 2025 Series A sold on June 10 totaling $4.9 million for three participants. He was pleased to report that the bill sold at 4.9%.
The next meeting is July 23, at 1 p.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to adjourn the meeting at 2:53 p.m. Motion carried.
