[tidy error]
The Kentucky Association of Counties Leasing Trust held a special Board of Trustees meeting at the KACo offices located at 400 Englewood Drive in Frankfort, Ky. and via video teleconference, in accordance with proper notice given in accordance with KRS 61.823, 61.826, 65.312(3) and 2020 Ky. Acts ch. 73 sec. 1(8)(b), at 8:00 a.m. on Thursday, September 16, 2021.
The roll was called. The following Trustees participated via video conference: 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: Temple Juett, Director of Insurance and Business; Grant Satterly, Director of Financing Services; Jim Henderson, Executive Director/CEO; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Lonnie Campbell, Assistant Director of Financial Services; Kelly Mittler, Finance Officer; B. J. White, Accounts Receivable Officer; Roger Peterman, Board Counsel; R. J. Palmer and Keith Brock, Compass Municipal Advisors, LLC; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chair Perry called the meeting to order at 8:07 a.m.
Motion made by Bill Bartleman, seconded by Reagan Taylor, to approve the minutes of August 19, 2021 meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated financial statement for period July 1, 2021 - August 31, 2021, cash transactions for August 2021, and FY 2021/22 PAF budget for period July 1, 2021 - August 31, 2021.
Motion made by Reagan Taylor, seconded by Gary Moore, to acknowledge receipt of the financial reports. Motion carried.
Mr. Satterly presented and discussed the investment report for month ended August 31, 2021. There were no investment transactions for the month of August.
Motion made by Reagan Taylor, seconded by Bill Bartleman, to acknowledge receipt of the investment report as presented. Motion carried.
Mr. Satterly presented and discussed the lease activity report for FY 2021/22 and list of leases closed in the internal loan program.
Mr. Satterly presented and discussed the lease activity report for FY 2021/22 and list of leases closed in the internal loan program. He reported that Clay County is late on a lease payment that was due June 1st in one of the 2017 KACoFC bond pool issues. He reminded the board that for the past several years, due to a misalignment between the bond payment date and the Clay County lease payment date, CoLT has advanced approximately $520,000 dollars to pay the bondholders when the bond payment is due on February 1st and is then reimbursed by the trustee when the county makes its lease payment on June 1st. In the past, this had not been a problem. However, since the county has not made its lease payment yet, CoLT has not been reimbursed. He reported that staff and Compass are working with the county to obtain the payment, possibly through the county's ARPA allocation.
The next meeting is scheduled for October 21st at a special time at 8 a.m. instead of 9 a.m. in person at the KACo offices and by video conference in accordance with KRS 61.823, 61.826, 65.312(3) and 2020 Ky. Acts ch. 73 sec. 1(8)(b).
Motion made by Gary Moore, seconded by Reagan Taylor, to adjourn the meeting at 8:22 a.m. Motion carried.
