Thursday, February 28, 2019

The Kentucky Association of Counties Leasing Trust held a Board of Trustees' meeting, at 9:00 a.m. on Thursday, February 28, 2019 at 400 Englewood Drive in Frankfort, Kentucky.

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, Deputy Director; Sue Blakeman, Assistant Director; Lonnie Campbell, Assistant Director; Kelly Mittler, Finance Officer; B. J. White, Accounts Receivable Officer; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; R. J. Palmer, Compass Municipal Advisors, LLC; Elizabeth Younger, Board Counsel, Dinsmore & Shohl, LLP; Roger Recktenwald, Director of Infrastructure & IT Planning; Jesse Penn, Customer Support Specialist; and Sonya Chesser, Executive Secretary.

Chair Perry called the meeting to order at 9:05 a.m.

Motion made by Tommy Turner, seconded by Amy Milliken, to approve the minutes of the January 24, 2019 meeting as presented. Motion carried.

Ms. Blakeman presented and discussed the following operational reports: check detail and deposit detail for January 2019; transactions by account as of January 31, 2019; and FY 2017/18 PAF budget for period July 1, 2018 - January 31, 2019.

Motion made by Tommy Turner, seconded by Bill Bartleman, to approve the operational reports as presented.  Motion carried.

Ms. Blakeman presented a list of invoices to be paid for February 2019 totaling $28,384.89.

Motion made by Tommy Turner, seconded by Gary Moore, to approve payments of the invoices totaling $28,384.89. Motion carried.

Mr. Satterly presented and discussed the financial statement as of January 31, 2019. He said the 1989 issue has been dissolved and paid off as of February 1.

Mr. Satterly presented and discussed the board counsel agreement between CoLT and Dinsmore & Shohl, LLP for a term to begin upon execution by both parties and terminating June 30, 2021.  This Agreement may be extended for up to two (2) additional three (3) year periods.

Motion made by Tommy Turner, seconded by Bill Bartleman, to approve the agreement between CoLT and Dinsmore & Shohl, LLP as presented. Motion carried.

Mr. Satterly presented and discussed the investment report summary as of January 31, 2019 including the security position changes for the month of January and his personal view of the economic outlook for February 2019.

Motion made by Gary Moore, seconded by Amy Milliken, to approve the security position changes as presented.  Motion carried.

Mr. Satterly presented and discussed the lease activity report for FY 2018/19 including the leases closed in the internal loan program.

Mr. Satterly provided an update on the Down Payment Assistance program. He said the program has had five rate locks this month for a total of 184 homeowners since its inception.

Mr. Satterly provided an update on KACo's new Insured Cash Sweep investment program. He said the first customer signed up this past Friday receiving an overnight rate of 1.7%.

The next scheduled board meeting will be held March 28th at 9:00 a.m.

Motion made by Amy, seconded by Gary Moore, to adjourn the meeting at 9:50 a.m.  Motion carried.