[tidy error]
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 9:10 a.m. on Thursday, August 27, 2020 at 400 Englewood Drive in Frankfort, Kentucky and 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; and Tommy Turner, LaRue Co. Judge/Executive.
Others participating via teleconference included: Grant Satterly, Director of Financial Services; Jim Henderson, Executive Director/CEO; Lonnie Campbell, Assistant Director; Kelly Mittler, Finance Officer; B. J. White, Accounts Receivable Officer; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Rich Ornstein, Staff Attorney; Roger Peterman, Board Counsel; Louis Ragusa, Compass Municipal Advisors, LLC; 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 Tommy Turner, seconded by Gary Moore, to approve the minutes of the July 23, 2020 as presented. Motion carried.
Mr. Satterly presented a list of invoices to be paid for August totaling $63,840.61.
Motion made by Bill Bartleman, seconded by Tommy Turner, to approve payments of the invoices totaling $63,840.61. Motion carried.
Mr. Satterly presented and discussed the following operational reports: check and deposit details for July 2020; transactions by account as of July 31, 2020; FY 2020/21 PAF budget for period July 1 - July 31, 2020; and the consolidated financial statement for period ended July 31, 2020.
Motion made by Gary Moore, seconded by Bill Bartleman, to acknowledge receipt of the operational and financial reports. Motion carried.
Mr. Satterly presented and discussed the investment report as of July 31, 2020 including the security position changes for July. He provided his personal opinion concerning the market outlook and future projections.
Motion made by Bill Bartleman, seconded by Tommy Turner, to approve the security positions changes as presented. Motion carried.
Mr. Satterly presented and discussed the lease activity reports for FY 2020/21 and FY 2019/20 including the leases closed in the internal loan program.
The next regularly scheduled board meeting will be held September 24th at 9:00 a.m.
Judge Moore recognized Judge Turner, who is retiring as LaRue Co. Judge/Executive on August 31st. Judge Turner said it's been honor and pleasure working with the CoLT Board and KACo staff and appreciates the support and services that KACo offers to the counties. He thanked Judge Moore for his leadership as KACo President and said KACo is a strong organization that has done tremendously. Squire Bartleman echoed those sentiments. Chair Perry acknowledged Judge Turner's longtime involvement with KACo and wished him well.
Motion made by Tommy Turner, seconded by Bill Bartleman, to adjourn the meeting at 9:39 a.m. Motion carried.
