[tidy error]
The Kentucky Association of Counties Leasing Trust held a Board of Trustees' meeting, at 2:00 p.m. on Thursday, February 20, 2020 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Trustees were present: Chair Sue Carole Perry, Shelby Co. Clerk; Vice-Chair Amy Milliken, Warren Co. Attorney; Tommy Turner, LaRue Co. Judge/Executive; Gary Moore, Boone Co. Judge/Executive; and Bill Bartleman, McCracken Co. Commissioner.
Others present were: 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; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Rich Ornstein, Staff Attorney; R. J. Palmer, Compass Municipal Advisors, LLC; Elizabeth Younger, Board Counsel; and Sonya Chesser, Executive Assistant/Events Manager.
Chair Perry called the meeting to order at 2:10 p.m.
Motion made by Tommy Turner, seconded by Gary Moore, to approve the minutes of the January 23, 2020 meeting as presented. Motion carried.
Mr. Satterly presented a list of invoices to be paid for February totaling $26,350.32.
Motion made by Gary Moore, seconded by Tommy Turner, to approve payments of the invoices totaling $26,350.32. Motion carried.
Mr. Satterly presented and discussed the following operational reports: check detail and deposit detail for January 2020; transactions by account as of January 31, 2020; and FY 2019/20 PAF budget for period July 1, 2019 - January 31, 2020 He also presented and discussed the consolidated financial statement as of January 31, 2020.
Motion made by Amy Milliken, seconded by Gary Moore, to accept the financial reports. Motion carried.
Mr. Satterly presented and discussed the investment report as of January 31, 2020 including the security position changes for January and his personal view of the economic outlook for February.
Motion made by Tommy Turner, seconded by Bill Bartleman, to approve the security positions changes as presented. Motion carried.
Mr. Satterly presented and discussed the lease activity report for FY 2019/20 including the leases closed in the internal loan program. He said he is exploring various alternatives to expand the internal loan pool program.
The next scheduled meeting will be held March 26th at 9:00 a.m.
Motion made by Amy Milliken, seconded by Gary Moore, to adjourn the meeting at 2:27 p.m. Motion carried.
