[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 KRS 61.826 and 2020 Ky. Acts ch. 73 sec. 1(8)(b), at 8:00 a.m. on Thursday, May 20, 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; Karen Basham, Chief Financial Officer; Lonnie Campbell, Assistant Director of Financial Services; Kelly Mittler, Financing Officer; B. J. White, Accounts Receivable Officer; Tim Sturgill, General Counsel; Rich Ornstein, Staff Attorney; Roger Peterman, Board Counsel, Dinsmore; R. J. Palmer and Louis Ragusa, Compass Municipal Advisors, LLC; and Sonya Chesser, Executive Assistant to the CEO/Director of Administrative Services.
Chair Perry called the meeting to order at 8:01 a.m.
Motion made by Reagan Taylor, seconded by Bill Bartleman, to approve the minutes of April 15, 2021 meeting as presented. Motion carried.
Mr. Satterly presented a copy of the current board counsel agreement between CoLT and Dinsmore, which is to expire June 30, 2021. A memorandum of extension between CoLT and Dinsmore was presented to the board to extend the period for an additional three years commencing on July 1, 2021 and continuing through June 30, 2024.
Judge Taylor recommended, going forward, that the board not be put in a position to vote on a contract in which parties to the agreement are present.
Motion made by Gary Moore, seconded by Reagan Taylor, go into closed session to conduct a discussion or hearing which might lead the appointment, discipline or dismissal of an individual employee as authorized by KRS 61.810(1)(f) at 8:09 a.m. Motion carried.
Motion made by Bill Bartleman, seconded by Amy Milliken, to return to open session at 8:27 a.m. Motion carried. No action was taken in closed session.
Motion made by Reagan Taylor, seconded by Amy Milliken, to approve the memorandum of extension with Dinsmore for an additional three years. Motion carried.
Mr. Satterly presented an updated Internal Loan Pool Policy for the board's consideration. He said the policy will allow loans from the pool for terms up to sixty (60) months not seventy (70) months as stated in the policy.
Motion made by Amy Milliken, seconded by Bill Bartleman, to approve the Internal Loan Pool Policy changes. Motion carried.
Ms. Basham presented and discussed the following financial reports: consolidated financial statement for period ended Apr. 30, 2021; cash transactions for April 2021; and FY 2020/21 PAF budget for period July 1, 2020 - Apr. 30, 2021.
Motion made by Amy Milliken, seconded by Gary Moore, to acknowledge receipt of the financial reports. Motion carried.
Mr. Satterly presented the investment report including the investment transactions for the month of April 2021.
Motion made by Amy Milliken, seconded by Reagan Taylor, to acknowledge the investment report and ratify the investment transactions. Motion carried.
Mr. Satterly presented and discussed the lease activity report.
The next meeting is scheduled for June 17th 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 61.826 and 2020 Ky. Acts ch. 73 sec. 1 (8)(b).
Motion made by Amy Milliken, seconded by Reagan Taylor, to adjourn the meeting at 8:44 a.m. Motion carried.
