[tidy error]
The Kentucky Association of Counties Leasing Trust held a Board of Trustees meeting at 1 p.m. on Wednesday, August 20, 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 roll was called. 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; and Matt Wireman, Magoffin 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; Rich Ornstein, Staff Attorney; Alyssa Rogers, Staff Accountant; Mark Franklin, Board Counsel, Dinsmore & Shohl, LLP; Keith Brock, Senior Vice President, Compass Municipal Advisors, LLC; Shellie Hampton, Director of Government Affairs; Jennifer Burnett, Director of Strategic Operations; Dan Smereck, Strategic Asset Alliance; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chair Chandler called the meeting to order at 1 p.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the July 23, 2025, meeting as presented. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated statement of financial position as of July 31, 2025; statements of activities and changes in net assets for the month ending July 31, 2025; cash transactions for July 2025; and the FY 2025/26 PAF budget for the period July 1 - 31, 2025.
Ms. Basham presented and discussed the investment report for the month of July 2025. There were no security transactions for the month of July. The board received a full listing of the Fund's investments electronically prior to the meeting.
Motion made by Gary Moore, seconded by Matt Wireman, to acknowledge receipt of the financial and investment reports as presented. Motion carried.
Mr. Smereck provided an overview of CoLT's asset allocations and recommended liquidating the individual equity holdings and reinvesting in fixed income and mutual funds.
Motion made by Gary Moore, seconded by Bill Bartleman, to accept Mr. Smereck's report and to authorize staff to implement the recommendations as deemed appropriate. Motion carried.
Mr. Campbell presented and discussed the lease activity for the month of July 2025.
The next meeting is scheduled for Sept. 24, at 2:30 p.m.
Motion made by Bill Bartleman, seconded by Matt Wireman, to adjourn the meeting at 1:29 p.m. Motion carried.
