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A
Right
I
want
to
call
to
order
the
sixth
meeting
of
the
interim
joint
committee
on
economic
development
and
Workforce
investment
want
to
welcome
everyone
here
for
our
final
meeting
of
the
2022
interim
as
a
president.
We
don't
have
any
plans
to
meet
in
December
at
this
time.
I'm
going
to
ask
Sasha
to
please
call
the
roll
Senator.
B
C
A
President,
we
don't
have
a
quorum
to
be
able
to
adopt
the
minutes
from
last
month,
so
we
are
going
to
jump
into
our
agenda.
We
have
a
rather
ambitious
one
today,
so
we're
going
to
hop
right
into
it
when
I
ask
folks
to
be
mindful
of
the
time
as
we
go
on,
but
at
this
time
I
would
like
to
ask
cabinet
for
economic
development,
secretary
Jeff
Knoll.
If
he'll
please
come
forward.
A
E
You
know
one
of
the
areas
that
I
wanted
to
implement
when
I
came
to
the
cabinet
was
perhaps
looking
at
what
we
do
a
wee
bit
differently.
In
my
humble
opinion,
what
we
do
not
only
is
to
help
create
jobs,
investment
all
those
great
things,
but
at
the
end
of
the
day,
it's
pretty
simple.
Our
job
is
to
help
create
stable
jobs,
to
help
make
sure
that
all
kentuckians
have
what
they
need
with
that
stable
job.
E
To
be
able
to
be
comfortable
to
be
able
to
look
to
the
Future
and
to
have
optimism
that
they're
going
to
have
a
brighter
future
for
their
children,
and
so
we
look
at
what
we
do
at
the
cabinet.
In
that
perspective,
what
are
we
doing
to
help
individual
residents
in
the
state
of
Kentucky
through
our
daily
activities,
foreign?
E
We
wanted
to
put
this
slide
together,
because
I
just
presented
last
week
or
two
weeks
ago
to
the
Kentucky
Association
of
economic
developers.
We
have
to
make
it
very
clear
that
our
role
and
our
success
can
only
be
achieved
by
working
with
all
of
the
Local
Economic
developers
throughout
the
state
of
Kentucky
working
with
the
elected
officials
and
all
the
communities
throughout
the
state.
E
I
mean
this
is
a
collaborative
effort
and
we
feel
very
strongly
that
our
role
is
to
be
part
of
that
Collective
collaborative
team
of
economic
developers
throughout
and
also
we
have
to
realize
from
a
professionalism
perspective.
We
don't
make
policy,
we
don't
really
create
programs
per
se.
Nor
do
we
make
decisions
that
have
an
impact
on
laws
or
regulations
that
that
that
role
is
for
others.
E
Our
job
is
to
take
the
structure
in
which
we
are
provided
and
work
together
in
terms
of
using
that
structure,
using
the
tools
that
are
provided
to
us
to
go
out
and
do
everything
from
working
on
site
preparations
to
looking
at
the
environment
in
which
we're
operating
looking
at
Workforce
issues
name
it.
We
have
to
basically
be
collaborative
within
that
structure
and,
at
the
end
of
the
day,
I
believe
very
strongly
that
all
of
us
have
to
embrace
that
accountability
in
in
Economic.
E
Development
I
truly
believe
that
if
we
all
see
a
shared
opportunity
out
there,
we
have
to
realize
it
takes
shared
responsibilities
to
get
there
and
I
don't
know
of
a
successful
project
or
a
successful
company,
that's
being
expanded
or
relocating.
Where
there's
not
roles
that
had
to
be
played
by
the
local
community
by
the
state
by
Workforce
providers
by
even
Community
leaders
and
I.
Think
by
understanding
that
shared
responsibility,
we
actually
have
a
better
opportunity
of
creating
the
shared
opportunities
that
all
of
us
seek
for.
Our
great
state.
E
Leadership
is
very
important
for
me
and
I
just
wanted
to
share
our
leadership
team.
We
always
had
it,
but
I
wanted
to
actually
formally
name
that
and
I
won't
go
through
the
names
and
representatives
here
but
important
for
me
to
have.
You
know
that
all
these
fine
professionals
are
really
who
I
Look
to
so
that
we
can
collaboratively
do
the
work
that
needs
to
be
done
at
the
cabinet
for
economic
development.
E
E
There's
a
lot
of
programs
on
here
and
a
lot
of
an
acronyms
and
some
of
which
have
begun
to
be
phased
out,
but
philosophically
I'm
going
to
describe
them.
This
way,
every
incentive
program
that
we
have,
thanks
to
your
all,
support
and
to
your
all's
guidance,
is
Performance
Based
for
the
most
part.
What
we
mean
by
that
is
when
an
incentive
is
provided.
E
Philosophically
again
I'm
a
big
believer
in
saying
what
is
our
core
Mission
and
how
do
we
structurally
look
at
doing
things
going
forward
and
I
believe
very
strongly
that
we
have
to
prioritize
our
core
Industries?
You
know
the
state
of
Kentucky
has
about
13.2
percent
of
its
employment
tied
to
manufacturing.
The
national
average
is
just
around
8
percent,
so
we
have
a
very
strong
manufacturing
Heritage
and
a
strong
manufacturing
base
in
our
state.
Agriculture
is
a
core
industry.
E
In
our
state,
Metals
is
absolutely
a
core
industry
and
in
a
moment,
I'll
talk
about
the
data
points
relative
to
automotive,
and
so
my
philosophy
and
our
philosophy
is:
let's
look
at
ways
in
which
those
core
Industries
are
operating.
How
can
we
best
support
them
with
our
efforts
and
then,
where
are
their
opportunities
by
extending
the
core
of
those
core
Industries?
We
have
in
the
state,
and
examples
can
be
disruptors
that
are
taking
place.
E
E
We
want
great
companies
and
we
want
companies
that
are
responsible
in
giving
back
to
the
communities
in
terms
of
where
they
operate,
and
we
believe
very
strongly
that
we
ought
to
be
attracting
companies
that
are
number
one
or
number
two
in
their
space
or
working
with
entrepreneurs
that
are
looking
at
a
great
new
idea
and
helping
to
support
them.
Be
because
that
Cadre
of
entrepreneurial
ship
ultimately
builds
that
strength
and
fabric
we
have
in
the
state
and
then
and
then
back
to
your
core.
E
E
Over
the
last
two
years,
we've
had
a
lot
of
success
and
a
lot
of
great
announcements.
32
000
jobs
announced
some
19
billion
dollars
of
Investments
that
have
been
made,
but
I
go
back
to
that's
just
a
scorecard.
The
impact
has
to
be
what
does
it
really
mean
for
all
kentuckians
and
how
do
we
help
make
sure
that
when
these
announcements
take
place
or
these
expansions
occur?
What
are
we
doing
to
help
those
companies
connect
with
the
workforce
providers,
the
schools,
the
community
college,
technical
education
providers?
E
We
have
to
focus
on
Workforce
and
connecting
businesses
to
the
workforce
opportunities
in
order
to
realize
the
real
purpose
of
our
efforts
to
help
bring
better
opportunities
for
all
kentuckians.
By
the
way,
it's
important
to
note
that
we
have
ranked,
in
the
top
three
by
site
selection
magazine
over
the
last
several
years
in
terms
of
per
capita
announcements
and
economic
activity
go
back
to
that
Spirit
of
winning.
We
should
be
proud
of
the
fact
that
we're
leading
this
country
in
terms
of
economic
activity,
expansion
of
jobs
Etc.
E
One
of
them
is
in
our
state.
We
have
two
out
of
every
three
counties
in
the
state
of
Kentucky
has
some
type
of
an
automotive
manufacturer
located
in
it,
and
so,
if
there's
going
to
be
this
great
big
transformation
in
the
automotive
sector
and
we
as
a
state
have
such
a
heavily
dependence,
a
good
dependence
upon
automobile
manufacturing,
we
need
to
make
sure
we're
leading
the
transformation
to
the
EV
industry
and
then
translate
that
into
the
opportunities
for
all
of
our
existing
companies.
E
Again
we're
leading
in
this
space.
You
can
see
how
we
rank
compared
to
all
surrounding
states
and
I
think
that's
again,
something
to
be
proud
of
and
something
that
helps
us
realize.
We
should
stand
up
and
Proclaim.
Not
only
is
our
state
great,
but
we're
going
to
continue
to
be
a
winner,
and
we
believe
very
strongly
that
from
our
existing
core
Industries,
those
that
choose
to
locate
here
we're
going
to
find
ways
in
which
all
Kentucky
kentuckians
benefit
along
the
way.
E
E
It's
also
one
of
the
reasons
why
one
of
the
things
that
we're
doing
at
the
cabinet
is
we're
looking
to
create
an
operating
plan
for
economic
developers
by
economic
developers
and
what
I
mean
by
that
with
all
the
changes
happening
in
our
Industries
around
us.
Things
happening
at
the
federal
level
from
a
legislative
perspective,
a
whole
host
of
issues
around
geopolitical
issues
and
my
experiences
at
Whirlpool
with
supply
chain
issues.
E
Things
are
going
to
continue
to
change,
and
so
I
would
very
much
like
to
seize
on
that
opportunity
and
create
a
very
focused
tactical
operational
plan.
That
can
be
a
blueprint
not
only
for
our
cabinet,
but
all
the
Local
Economic
developers
and
all
the
workforce
providers
that
exist
in
our
state
so
that
we
can
identify.
Where
are
those
key
top
10
priorities
that
we
all
need
to
engage
in
in
light
of
what's
changing
and
happening
out
there
in
the
world?
E
It's
not
intended
to
be
a
huge
big
study.
It's
intended
to
be
very,
very
focused
if
you
look
at
going
forward
into
next
year
and
I
won't
go
through
all
the
details.
I
just
wanted
to
share
this
more
in
terms
of
how
we
think
at
the
cabinet
we're
looking
very
closely
at
saying.
Okay,
what
are
we
going
to
do
in
2023?
What
are
our
priorities?
E
What's
our
vision,
what
our
strategic
imperatives,
what
are
the
operational
imperatives
and
over
the
course
of
the
next
several
weeks
on
the
far
right
column,
we'll
begin
to
flush
out
and
agree
upon
what
we
are
going
to
establish
for
our
performance
metrics
going
into
next
year,
and
they
include
not
only
job
announcements
but
also
business
applications
provided
for
small
business
loans.
You
name
it
we're
trying
to
identify
those
those
activity
measures
to
reflect.
Are
we
really
creating
great
jobs
for
all
of
our
neighbors
across
the
state
of
Kentucky?
E
There's
key
enablers
and
I
won't
go
through
all
of
them,
but
I
just
will
tell
you
on
at
the
highest
level
it's
to
do
to
do
the
strategy
it's
to
actually
create
and
make
sure
that
we
have
someone
focused
purely
on
Workforce
Development
to
partner
with
organizations
that
represent
our
businesses
to
work
with
secretary
link,
to
make
sure
that
we
have
a
day
in
day
out
focus
on
trying
to
find
solutions
for
and
opportunities
within.
This
change
that's
occurring
from
a
Workforce
Development
perspective.
E
It's
how
we
build
that
system,
how
we
build
those
collaborative
relationships
with
the
Chamber
of
Commerce,
with
Kentucky
Association
of
Manufacturers,
you
name
it
by
having
real,
well-defined
leadership,
attributes
I,
think
it
helps
our
team
and
actually
the
feedback.
I've
gotten
is.
Our
team
is
rallying
around
this
and
feels
very
appreciative
of
defining
what
their
role
is
and
how
they
go
about
doing
it
now.
I
was
here
30
something
years
ago.
E
E
If
we're
not
creating
a
place
in
which
families
can
dream
about
the
future
for
their
children
and
if
we're
not
creating
a
situation
in
which
young
people
get
excited
about
the
opportunities
of
working
in
our
state
and
if
we
don't
provide
them
the
opportunities
to
do
the
learning
to
then
do
the
earning
necessary
to
be
a
part
of
this
Commonwealth.
We're
not
doing
our
jobs
properly,
and
that
is
a
big
component
for
me.
E
Is
let's
build
better
kentuckians,
let's
build
the
jobs,
but
let's
find
ways
in
which
there's
a
Continuum
process
at
the
highest
level
that
we
create
a
yearning
inside
all
of
our
young
people.
To
want
to
do
the
learning
and
want
to
do
the
earning
in
the
state
of
Kentucky
and
I,
actually
think.
There's
lots
of
ways
of
doing
it,
including
making
sure
they
realize
what
are
the
jobs
of
the
future.
And
what
does
that
mean
for
them?
And
how
do
they
take
advantage
of
those
opportunities?
E
So
Mr
chairman,
that
was
a
high
level.
Very
brief.
Summary
of
our
cabinet
I,
can
tell
you
that
activity
remains
high.
I
can
also
tell
you
that
our
real
focus
is
on
working
with
existing
companies.
Working
with
communities
and
working
with
Local,
Economic
developers
and
I
feel
very
good
about
the
fact
that
in
my
first
four
and
a
half
months,
I've
made
it
a
point
to
be
in
the
communities
out
visiting
with
the
practitioners
with
local
elected
officials
and
I've
only
got
two
more
ad
districts
to
be
out
in
the
state
to
be
doing.
A
H
Mr
chair,
thank
you
both
for
being
here
today.
I
appreciate
your
presentation,
my
comment
and
question
kind
of
combines
slide:
seven,
your
priorities
and
maybe
19
your
four
goals
for
2023
from
an
agriculture
standpoint.
When
there's
an
agriculture
project,
how
do
you
consult
the
agriculture
community
that
are
experts
in
that
industry,
whatever
specific
industry?
That
is
and
do
you
have
documentation?
So
we
know
they
have
been
discussed
consulted
on
those
agriculture
projects.
E
Very
good
question,
and
and
as
a
graduate,
the
University
of
Kentucky
school
of
Agriculture
I
do
have
a
passion,
but
I
also
have
great
respect
for
the
Department
of
Agriculture,
and
so
yes,
we
have
a
monthly
report
that
we
share
with
the
Department
of
Agriculture.
We
have
someone
on
our
team,
that
is
the
designated
liaison,
and
commissioner
Quarles
has
designated
a
single
person
to
be
their
single
point
of
contact.
So
we
have
two
people
that
structurally
can
talk
to
each.
E
It's
part
of
our
core
industry,
because
it's
a
very
important
element
of
our
industry
and
that
reporting
in
terms
of
the
projects
we
work
on
the
the
need
to
bring
in
those
individuals
for
the
kinds
of
projects
Act
activities
that
are
taking
place.
All
of
that
I,
believe
is,
is
happening
and
occurring,
and
let
me
be
very
selfish
if
we
have
an
AG
related
project
that
we're
working
on.
H
I
Thank
you,
Mr
chairman,
thank
you,
Mr
secretary,
for
being
here
today
kind
of
a
a
twofold
question
here,
and
you
touched
on
it
briefly
in
one
of
the
bullets
up
there,
but
the
idea
of
onshoring
and
reshoring,
particularly
as
it
relates
to
National
Security
concerns,
has
really
really
come
to
light
in
the
last
18
years
to
two
months.
You
know
for
national
security
reasons
and
economic
reasons,
and
the
opportunities
are
there
in
Tech
they're
there
in
ag.
I
Maybe
some
of
those
chickens
are
coming
home
to
roost
now
to
where
there's
opportunities.
So
twofold
question
number
one:
how
do
we
seize
upon
that
and
obviously
there's
a
lot
of
undefined
space
there
still,
but
I
mean
you
just
look
at
what
in
what
the
government's
helping
Intel
do
in
Columbus
right
now
with
semiconductor
manufacturing,
it's
tremendous
so
a
how
do
we
capitalize
upon
that
and
B
as
we
capitalize
and
I
hate
to
to
not
advocate
for
my
region?
I
But
the
fact
is
that
Northern
Kentucky
we're
we've
got
unemployment
under
two
percent
and
Workforce
participation,
beginning
to
bump
up
at
70
percent,
and
so
the
the
labor
market
in
a
lot
of
our
more
urban
areas
is
really
just
kind
of
tearing
at
the
Fabrics
right
now
anyway,
how
do
we
set
an
environment
where,
particularly
in
our
Eastern
counties,
where
they're
really
really
wanting
that
long-term
environment
to
be
set,
that
we
help
create
those
opportunities
there,
as
they're
presented
to.
E
First,
let
me
deal
with
the
changing
geopolitical
system
and
the
recognition
of
it
reality
is
reality
and
I.
Think
leaders
have
to
face
reality
and
address
it.
We
work
very
closely
with
Homeland
Security
to
make
sure
that
we
have
a
good
relationship
to
have
better
understanding
of
the
kinds
of
companies
that
might
be
knocking
on
our
door
in
some
cases,
those
that
we
need
to
be
very
careful
in
terms
of
how
we
respond
to.
E
We
also
I
think
have
a
really
good
process
of
checking
into
the
background
of
individuals
if
they're
going
to
seek
an
incentive
from
the
state
of
Kentucky.
So
we
work
very
closely
in
terms
of
doing
that
and
from
a
due
diligence
perspective.
If
we
have
a
company
that
is
just
knocking
on
our
door
and
we
have
an
opportunity
to
speak
with
them,
we
do
our
due
diligence
and
we've
got
several
databases
to
make
sure
we
try
to
track
everything
back
to
where
they
registered.
E
E
There
is
a
track
record
of
activity,
there's
relationships
with
well-known
other
companies
and
even
governments
in
terms
of
how
they
operate
responsibly,
and
so
we
work
with
them,
but
I'm,
also
one
who
is
very
pleased
that
we're
looking
to
make
investments
on
chip
manufacturing
and
so
many
other
things
again.
Back
to
my
experience
with
Whirlpool,
we
had
lots
of
appliances
sitting
there
that
couldn't
be
sold
because
we
didn't
have
a
microchip
or
a
wafer
chip
to
go
into
it,
and
so
we've
done
a
couple
things.
E
One
we've
got
our
research
team
that
have
become
I,
think
experts
on
the
whole
chips
act
where
it's
going
what's
happening.
We've
had
meetings
with
several
Eastern
Kentucky
ad
districts
and
those
working
on
some
of
these
potential
projects
and
we're
trying
to
make
sure
that
if
those
opportunities
present
themselves,
we've
got
expertise
understanding
so
that
we
can
work
toward
it.
Now,
question
B
completely
agree
with
you
know
we
have
a
situation
where,
as
you
point
out,
Senator
McDaniel
almost
to
the
point
of
no
one
employment.
E
How
can
we
help
retain
the
talent
that
is
growing
up
here
and
being
educated
here,
and
also?
How
do
we
find
ways
of
engaging
more
Young,
Folks
and
look?
I
was
one
of
them
who
kind
of
wandered
around
after
school,
trying
to
figure
out
what
it
is
they
wanted
to
do
when
they
grow
up
and
I
think
we
can
help
in
that
regard.
So
that's
a
strategic
element
that
we're
placing
in
our
cabinet
as
part
of
our
strategic
imperatives,
because
I
think
having
a
focus
on
it.
Working
with
all
the
workforce.
E
Training
providers
has
to
build
into
exactly
what
we
do
every
day
relative
to
our
strategy
and
I.
Think
last
but
not
least,
it
also
is
a
bit
of
a
recognition
making
reference
back
to
core
Industries
and
where
they're
heading
I
philosophically
believe
that,
if
you're
not
continually
trying
to
grow,
then
you're
going
to
wake
up
one
day
and
you're
not
going
to
be
happy
and
businesses
change
the
kinds
of
Industries
change.
Some
people
decide
to
get
out
of
their
entrepreneurial
Spirit.
E
If
you
will
and
close
down
their
family-owned
business
I
believe
very
strongly
that
we
need
to
continually
be
looking
for
ways
of
growing
our
existing
companies
helping
entrepreneurs
and
where
an
opportunity
presents
bring
in
new
Industries,
so
that
we're
strengthening
the
portfolio
of
companies
at
all
levels
in
our
state,
because
you
never
know
what
the
future
holds
and
most
likely.
If
history
is
any
past
any
lesson.
E
Companies
and
businesses
have
ups
and
downs
and
some
go
out
so
I
want
to
make
sure
that
we're
building
the
right
kinds
of
companies
with
the
right
wages
in
the
right
Industries,
with
the
right
commitment
to
being
part
of
the
communities
that
they're
operating
because
I
think
that
strengthens
our
overall
state
I.
Don't
know
if
I
answered
your
question
very
well,
but
I
think
I
addressed
them.
I
The
one
challenge
that
I
would
present
is,
you
know,
just
take,
for
example,
the
seek
formula
because
there's
so
much
of
a
Reliance
on
local
efforts,
and-
and
this
is
no
indictment
of
our
friends
to
the
east.
But
the
fact
is,
property
values
have
largely
collapsed
out
there
with
the
decline
in
the
coal
industry,
and
so
consequently,
there's
more
money
has
to
be
funneled
there
at
the
same
time
that
they're
experiencing
a
tremendous
population
loss
and
if
we
want
to
have
the
rising
tide
that
raises
All
Ships,
the
state
really
needs
to
think
about.
I
What
are
we
going
to
do
to
try
to
have
this
economic
environment
that
begins
to
be
created
east
of
I-75
in
in
you
know?
What
what
can
we
do,
especially
with
some
of
the
emerging
things
that
are
going
on
battery
I
mean?
Listen,
you
guys
are
doing
well
on
battery.
I
You
know,
but
there's
lots
of
secondary
and
tertiary
three
organizations
that
haven't
even
been
created,
yet
they're
going
to
have
to
be
created,
and
why
aren't
we
pushing
those
that
way
as
we
look
towards
I'm
saying
we're
not,
but
as
we
look
towards
onshoring
and
reassuring
some
of
these
critical
functions,
how
can
we
push
those
that
way
so
I
guess
it's
more
of
a
hypothetical
and
an
ongoing
conversation
that
we're
going
to
have
to
have
to
really
be
successful.
E
Senator
we
we
look
forward
to
that
ongoing
conversation
and
candidly.
That's
the
the
Genesis
of
what
I
call
the
the
Strategic
architecture
plan
for
economic
developers.
I'm,
not
smart
enough
to
know
all
of
these
different
interdependencies
or
where
things
are
heading,
but
I
do
believe.
We
need
a
third
party
to
come
in.
Look
at
those
very
questions.
E
You're
asking
have
conversations
with
the
key
industry,
some
of
the
key
organizations
representing
Industries,
but
also
with
folks
that
and
I've
met
a
punch
at
our
universities
who
are
in
Industries
and
they're
experts
in
that
space
that
are
looking
to
the
Future,
and
we
need
to
have
conversations
with
them
through
this
consultant
to
actually
come
back
and
help
to
answer
the
questions
that
you're,
asking
and
I
think.
Sometimes
the
best
form
of
leadership
is
an
acknowledgment
of
your
ineptitude.
E
I
just
don't
have
the
knowledge
to
know
all
of
those
answers,
and
so
we
need
that
strategy
to
help
us
pinpoint
Point.
What
we,
as
an
economic
development
set
of
professionals,
should
be
doing
collaboratively
with
our
communities
going
forward
and
we'll
be
sharing
that
information
with
you
getting
input
and
having
input
from
you
and
my
hope
and
I'm
not
trying
to
oversell
it,
but
I
always
believe
very
strongly
when
there's
lots
of
disruption
and
change,
it's
really
then
time
to
find
not
what
I
call
a
base
strategic
plan
that
everybody
writes.
E
A
K
Thank
you,
Mr,
chairman
secretary.
No
thank
you
for
being
here
when
we
have
people
in
our
districts
reach
out
to
us
about
people
in
government.
It's
it's
a
double-edged
sword.
Sometime
and
after
you
took
over
all
of
my
Economic
Development
people,
locally
kind
to
actually
reached
out
and
contacted
me
talking
about
what
a
breath
of
fresh
air
you
were
that
you
were
engaged
in
our
area
as
well.
K
Y'all
appreciate
that
and
we
also
appreciate
the
work
that
you
and
Katie
have
done,
helping
us
walk
through
the
West
Kentucky
Relief
Fund
efforts
for
the
businesses
in
the
business
development,
especially
working
through
our
meeting
in
July,
where
we
came,
and
when
we
left
with
I
thought.
An
agreement
to
move
forward
and
I
was
quite
surprised
to
get
a
letter
from
you
that
basically
tries
to
kill
our
efforts
to
rebuild
our
businesses
in
Western
Kentucky,
and
this
is
very
crucial
for
us.
K
Some
of
the
things
that
you
outlined
here
that
I
don't
see,
is
particularly
relevant
or
applicable,
or
even
appropriate
for
what
we're
trying
to
accomplish
here
and
see
if
we
can
work
through
some
of
this,
can
you
outline
for
me
why
we
were
ready
to
go
forward
and
then
all
of
a
sudden
we
we've
stopped
specifically
talking
about
the
the
25
million
dollar
backstop
I'm
sure
you're,
familiar
with
the
letter
since.
E
Let
me
put
my
perspective
on
the
meeting
and
where
we
are,
you
know,
Senator
I
I
actually
feel
like
we're
so
close
to
not
resolving
some
of
the
questions
that
were
out
there,
but
we
are
more
aligned
than
perhaps
maybe
might
be
perceived,
and
some
of
the
questions
that
we
put
in
that
letter
to
you
and
to
the
Kentucky
Bankers
Association,
actually
came
from
members
of
our
kit
for
board
who
are
Bankers,
who
represent
those
regions
of
the
state,
and
they
actually
raise
some
of
the
questions
to
say
how
can
we
make
the
program
even
more
effective
and
so
I
wouldn't
say
that
the
questions
raised
in
there
were
because
of
our
personal
feelings,
it's
back
to
trying
to
get
input
from
those
that
are
actually
every
day
working
with
impacted
businesses
in
that
part
of
the
state,
and
they
gave
us
some
recommendations
that
they
felt
would
strengthen
the
program
and
strengthen
the
opportunities
going
forward.
E
Now
all
that
being
said
at
some
point
and
I
think
that's
what
we
said
in
the
letter.
Is
we
just
need
to
get
back
in
the
room
like
we
did
that
day
and
let's
understand
where
everyone's
coming
from
and
also
let
us
help
share,
which
is
what
we
said
in
the
letter
is
that
these
are
questions
that
those
that
are
on
our
kit
for
board,
who
are
put
there
to
be
a
governance
process.
E
Those
also
that
we
spoke
with
out
in
the
communities
that
are
every
day
dealing
with
some
of
these
businesses
when
they
raise
these
questions.
I
think
we
have
an
obligation
to
pass
them
on
to
all
of
us
that
are
trying
to
implement
this,
to
make
it
exactly
what
it
should
be,
and
you
have
our
commitment
that
let's
get
us
all
together
and
get
back
in
the
room
and
try
to
get
it
all
worked
out,
because
I
don't
think
we're
that.
K
Far
apart,
we
will
reach
out
to
you
on
this
because
quite
candidly,
all
the
things
that
are
outlined
in
this
letter
aren't
really
applicable
or
have
already
been
addressed
and
should
not
be
standing
in
the
way
and
we're
struggling
I've
got
to
explain
to
my
people
in
my
district
why
our
efforts
to
help
them
from
an
economic
development
standpoint
are
being
held
hostage
by
the
economic
development
cabinet.
And
it's
a
very
it's
a
very
difficult
answer
for
me
to
give
them
questions.
L
E
Then
I
think
and
again
I'm
I'm,
a
big
believer
that,
as
we
said
in
the
letter,
we
we
welcome
and
we
look
forward
to
getting
back
together
to
deal
with
the
issues
and
resolve
them
and
I'm.
Also,
as
a
son
of
a
banker,
I
have
a
bit
of
a
view.
I
want
to
make
sure
we
get
these
things
resolved
appropriately
and
I
also
want
to
make
sure
it's
a
success.
E
And
so,
while
you
say
they're
they're
not
applicable
applicable,
maybe
it's
because
we
just
don't
understand
a
few
issues
and
we'll
get
that
result
because
I
think
our
meetings
show
that
we
want
this
to
get
done.
But
I
go
back
to
when
you
have
individuals
that
are
Bankers
in
that
Community.
Dealing
with
businesses
that
were
impacted
have
just
raised
some
questions
and
made
suggestions.
We
owe
it
to
all
of
us
to
get
in
the
room
and
take
those
suggestions
and
try
to
work
our
way
through
them
and
sir
I
will
say.
E
My
experience
is
with
you
and
with
with
the
attorney
at
the
Kentucky
Bankers
Association
I,
think
that
that
Spirit
of
let's
get
it
done,
came
through
I
respect
you
because
you're
raising
an
issue,
and
you
know
what
you
should,
and
so
let
us
get
together
and
let's
get
this
thing
taken
care
of
and
we'll
get
it
resolved,
and
even
if
there's
areas,
perhaps
where
there's
a
differing
perspective,
I'm
also
a
big
believer
that
says:
well,
let's
just
get
on
with
it
and
deal
with
it.
If
it
proves
to
be
true
one
way
or.
M
Thanks
for
your
presentation,
but
being
a
you
know,
a
math
teacher,
an
old
math
teacher
when
I
see
numbers
I
kind
of
get
intrigued,
so
I
do
not
like
being
a
Debbie
Downer
but
I.
Just
wonder
if
you're
saying
32
300
new
full-time
jobs.
Yes,
sir,
that's
that's
phenomenal!
That's
great!
M
But
you
know:
I
live
in
a
small
one
town
or
one
light:
Town,
Eastern
Kentucky,
and
just
this
past
week
we
lost
two
businesses,
so
I
wonder:
do
we
have
the
statistics
that
show
how
many
full-time
jobs
were
lost
in
this
past
year?
Do
we
have
that
we.
M
And
I
appreciate
Senator
McDaniel
I've
never
had
the
pleasure
of
talking
to
him
personally,
but
I
I
really
appreciate
his
statement
about
Eastern
Kentucky
and
everything
he
said
is
completely
true
kind
of
I'm,
trying
to
think
think
on
this
outside
the
box
a
little
bit
if
I'm
a
company,
that's
wanting
to
come
in
to
you
know,
to
build
a
factory
or
build
some
type
of
a
facility.
M
M
and
there's
there's
people
traveling
hours.
You
know
for
a
good
paying
job,
so
I
would
love
to
see
some
of
these
great
factories,
some
of
these
great
manufacturing
jobs
that
you're
talking
about
to
be
located.
You
know
down
here
in
these
areas
that
we
really
need
those
so
but
I,
but
I
do
I
just
thought
that
was
interesting
to
see
all
the
jobs
that
were
created
but
I
wonder
if
the
number
of
jobs
lost,
probably
isn't
greater
than
that
I
mean.
Do
you
have
any
idea
at
all.
E
E
I
was
on
a
call
last
evening
with
one
of
the
economic
development
boards
from
Eastern
Kentucky,
and
they
thanked
our
cabinet
for
the
increase
in
terms
of
some
of
the
opportunities
for
responding
to
rfis
and
some
of
the
showings
and
things
that
are
occurring,
because
it
is
a
collaborative
effort
and
that's
back
to
one
of
the
reasons.
I'd
love
to
have
this
strategy
piece
done.
What
else
should
we
be
doing?
E
What
else
can
we
do,
and
how
do
we
find
ways
in
which
we
can
apply
more
Focus
resources
and,
in
some
respects,
help
the
Local
Economic
Development
practitioners
and
local
elected
officials
throughout
all
of
Kentucky
to
to
work
together
on
whatever
it
is?
We
need
to
do
to
improve
and
to
create
more
opportunities
in
that
part
of
our
great
state
and
I.
Don't
have
the
answers
represented
through
it,
but
I
believe
strongly
that
that's
a
step
in
the
direction
necessary.
E
You
know
I
I
was
in
one
of
the
ad
districts
two
weeks
ago,
and
actually
it
was
one
of
the
better
experiences
that
I've
had.
We
started
at
805
and
at
11
o'clock
they.
Finally,
let
me
go
in
some
respects.
A
Secretary,
no,
would
you
please
make
any
information
that
you
provide
to
representative
Truitt
available
to
the
members
of
the
committee
as
well.
I.
C
Thank
you,
Mr
chairman,
really
a
comment:
Mr
secretary
thanks
for
your
presentation,
Color
Me
pessimistic
but
I'm
highly
skeptical
that
the
EV
mandate
will
be
successful.
So
I
was
glad
to
hear
during
your
presentation
that
you
recognize
the
continued
role.
Internal
combustion
engines
will
have
pardon
me
in
the
transportation
industry.
C
A
Thank
you,
representative,
Beckler
secretary,
no
Katie.
Thank
you
all
Deputy,
Commissioner
Smith
I
should
say
thank
you
all
for
being
here
today
and
presenting
and
answering
questions
from
this
committee.
Thanks.
A
We
are
going
to
go
a
bit
out
of
order
and
have
representative
Pratt
come
forward
before
we
do
that.
I
am
going
to
because
we
do
have
a
quorum
I'm
going
to
entertain
a
motion
to
adopt
the
minutes.
Do
I
have
a
motion
on
the
minutes.
We
have
a
motion
from
representative
Bray,
a
second
from
representative
Huff,
all
those
in
favor
aye
aye.
Any
opposed.
C
A
A
All
right,
duly
noted,
representative
Beckler,
duly
notice,
all
right,
but
before
we
do
move
on
with
the
presentation,
I
would
like
to
recognize
an
individual
that
came
in
the
room.
She
doesn't
know
I'm
going
to
do
this
right
now,
but
I
would
like
to
recognize
in
the
back
representative
elect
Emily
Callaway
new
representative
from
the
37th
house,
district
Southern,
Jefferson
County
and
a
northern
portion
of
Bullitt
County
wouldn't
welcome
her
here
today.
Representative.
Thank
you.
A
N
P
Lee
Carter
executive
director
of
the
Kentucky
Horse
Park,
and
we
do
want
to
express
appreciation
to
the
chair
and
to
you
for
allowing
us
to
come
today
and
also
for
representative
Pratt
to
allow
us
to
be
present
and
share
some
information
with
you
relative
to
the
Horse
Park.
You
know
the
mission
of
the
Kentucky
Horse
Park
is
is
to
celebrate
the
history
of
our
relationship
with
the
horse
through
education
exhibition,
engagement
and
competition.
You
know
it
is
a
it's
a
mission
that
we
take
very
seriously.
P
We
believe
that
there's
an
intrinsic
value
and
connection
between
head
heart
and
horse,
and
so
we
constantly
look
for
ways
that
we
can
engage
and
enhance
that
experience
for
all
of
our
guests
and
competitors.
There
are
three
key
pillars
that
we
operate
under
and
that
we
focus
on
those
being
tourism.
Events
in
the
National
War
Center.
P
All
of
our
efforts
are
in
those
particular
areas,
and
today
we
want
to
talk
briefly
about
each
of
those
and
share
with
you
some
of
the
key
components
there
and
you
know
we
will
We
recognize
that
the
Horse
Park
has
a
tourism
attraction
for
the
Commonwealth
of
Kentucky.
Since
March
15th
of
this
year,
we
have
had
guests,
come
to
the
Horse
Park
from
all
50
states
and
several
International
destinations.
P
This
spring.
We
began
a
process
of
collecting
data
on
those
guests
because
we
wanted
to
better
be
able
to
determine
who
was
coming
through
the
gates
of
the
Horse
Park,
and
what
we've
learned
is
that
64
and
a
half
percent
of
our
guests
are
first-time
visitors
to
the
park
and
of
that
55
percent
say
that
the
park
is
an
important
reason
that
they've
come
to
visit
and
when
our
tourism
guests
enter
the
park,
they
have
the
opportunity
to
experience
and
see
a
wide
range
of
things.
They
also
spend
time
in
our
local
communities.
P
You
can
see
on
the
slide
there,
the
numbers
that
stay
at
hotels
that
stay
in
rental
houses
at
our
Campground,
family
and
friends
or
others,
and
and
we
are
consistently
above
above
the
national
average
in
terms
of
guests
who
stay
in
those
areas
and
the
reason
that's
important
is
that's
an
economic
driver
for
us.
Each
of
those
locations,
hotel,
motel
and
Rental,
currently
pay
bed
tax
revenue
to
their
local
communities
and
to
the
state
and
effective
January
1
of
2023
campgrounds
will
as
well.
P
So
we
know
that
our
guests,
as
they
come
in,
are
contributing
to
that
local
economy
as
they
enter
and
visit.
There's
a
lot
of
attractions
that
they're
able
to
see
and
experience
one
of
our
permanent
exhibits.
There's
the
black
Horseman
of
the
Kentucky
Turf
that
highlights
the
role
that
African
Americans
have
played
in
the
in
horse
industry
in
the
Commonwealth
of
Kentucky.
Another
exhibit
that
we
have
highlights
the
Arabian
horse
and
follows
it
as
it
evolved
and
progressed
throughout
the
Middle
East
to
Europe
and
then
eventually
to
the
United
States.
P
We
were
also
able
to
provide
experiences
for
our
guests
to
get
up
close
and
engage
and
interact
with
horses
through
our
parade
of
breeds.
In
that
particular
demonstration,
we
show
off
a
variety
of
different
horses
from
the
American
Morgan
horse
to
the
Mustang,
to
the
Thoroughbred,
to
the
paint
horse,
pasofino
quarter,
horse,
Arabians
and
countless
others,
and
after
the
presentation
again
guests
can
come
up
speak
with
our
staff.
Learn
more
about
the
horse
again
make
that
connection
to
the
horse
that
we,
we
believe
is
healthy
and
beneficial
for
all.
P
At
the
same
time,
guests
can
visit
our
Hall
of
Champions.
There
they'll
be
able
to
participate
and
meet
with
Champions
such
as
funny
side
point
given
standard
bread
such
as
Mr,
Musselman,
Western,
dreamer
and
one
the
west,
and
they
can
hear
stories
of
these
Champions
much
like
gopher
gin,
who
was
a
recent
Resident
of
our
Hall
who
passed
away
recently
and
then
a
final
critical
component
of
our
tourism
aspect
is
our
Campground
The
Horse
Park
Campground
is
arguably
the
best
Resort
Campground
in
the
Commonwealth,
with
over
260
pave
sites
electric
and
activities
year
round.
P
P
On
the
equine
side,
we
host
a
variety
of
different
disciplines
and
events
from
Quarter
Horses
to
Eventing,
to
Jumping
to
dressage,
and
we
are
recognized
throughout
the
country
and
really
throughout
the
world
as
the
leading
competition
facility
throughout
the
country,
and
some
of
our
key
events
were
voted
by
The
Chronicle
of
the
Horse
readers
as
the
show
that
they
would
most
like
to
compete
or
attend
that
being
the
Land
Rover
Kentucky
three-day
event
which
annually
attracts
80,
000
guests
to
the
Commonwealth
and
to
the
Horse
Park
in
2022
alone,
over
a
two-week
period.
P
We
had
over
2
700
horses
stay
at
the
park
and
they
rented
23
000
stall
nights
and
they
came
from
37
different
states
and
plus
several
International
locations,
and
so
we
are
truly
a
Non-Stop
facility
having
events
almost
every
weekend
out
of
the
year
since
we
hosted
the
World
Games
in
2010,
there
has
been
a
lot
of
change
within
the
equine
competition
facilities.
We've
seen
a
lot
of
growth
and
we'll
we'll
discuss
more
about
that
in
just
a
few
minutes.
P
P
We
have
organizations
such
as
the
United
States
equestrian
Federation,
which
is
the
governing
body
for
high
performance
sport.
They
select
the
Olympic
teams,
the
Pan
Am
teams,
those
that
go
on
to
Pete
at
the
international
level.
The
United
States
Pony
Club
is
there,
who
is
that
entry
level
to
equine
competition
as
well?
P
You
have
organizations
such
as
Secretariat
Center,
which
focuses
on
second
careers
for
horses
after
they
retire
off
the
track
and
Central
Kentucky
writing
for
Hope
who
improves
the
quality
of
life
and
health
for
children
and
adults
with
physical,
cognitive
and
emotional
needs
through
therapeutic
activities.
With
the
horse
of
our
organizations,
there
are
32,
as
I
said,
they
represent
536
employees
that
come
to
the
Horse
Park
on
an
annual
on
a
day-to-day
basis.
P
This
is
information
that's
available
via
their
990s,
as
they
are
all
non-profits,
but
that
collection
of
organizations
represents
140
million
dollars
in
gross
revenue
and
also
30
million
dollars
in
payroll,
and
while
they
do
not
pay
net
profit
tax
or
any
of
those,
they
obviously
do
pay
income
tax
and,
as
you
can
see,
the
30
million
dollars
in
salaries
from
payroll
would
represent
about
1.5
million
dollars
in
state
income
tax
and
685
thousand
dollars
to
Lexington
Fayette
County
For
Occupational
attacks.
P
In
addition,
those
same
individuals
reside
live,
spend
their
time
in
Central
kentucky,
so
we
reap
not
only
the
benefits
of
their
organizations
at
the
park,
but
also
of
those
individuals
in
our
community.
But
there
are
challenges
without
question.
I
will
tell
you
that
in
2028
the
Kentucky
Horse
Park
will
celebrate
our
50th
Anniversary.
P
We
have
a
lot
of
significant
issues
that
we're
facing,
but
we
are
grateful
for
the
20
million
dollars
that
was
given
by
the
budget
in
this
biennium
for
Capital
Improvements,
but
deferred
maintenance
is
one
of
our
greatest
challenges:
the
competition
landscape,
as
I
said,
Has
Changed
tremendously,
since
Kentucky
hosted
the
World
Equestrian
Games
in
2010.,
we've
seen
new
facilities
come
online
and
try
on
North
Carolina
Ocala
Florida
Wilmington
Ohio
Terra
Nova
Florida,
outside
Tampa,
and
these
are
creating
more
competition
that
impacts
our
organizers,
as
competitors
now
have
more
Choice
as
to
where
they
go
and
compete.
P
And
for
us
to
continue
to
maintain
our
position,
we
have
to
focus
our
efforts
to
be
both
fiscally
and
physically
responsible
with
our
park
and
our
responsibilities
there.
One
of
the
things
that
is
also
worth
noting
is
not
a
not
a
surprise
is
that
we
do
struggle
with
Staffing
it
is.
It
is
hard
in
this
current
climate
to
attract
and
retain
the
staff
that
we
need
to
fulfill
and
service
a
1200
acre,
Horse
Park.
P
We
have
30
miles
of
fence
that
must
be
maintained,
and
that
includes
mowing
trimming
painting
doing
all
those
things,
and
so
we
have
to
recruit
and
retain
a
diverse
Workforce.
That's
able
to
handle
the
diverse
businesses
that
we
as
a
part
offer
with
this
particular
legislation.
There's
a
couple
key
points
that
we
we
believe
that
will
allow
us
as
a
part
to
be
more
efficient
and
better
serve
the
needs
of
the
Commonwealth
and
of
our
guests.
First.
This
would
allow
us
for
receipt
of
tax
revenues
from
government
units
such
as
bed
tax
revenues.
P
P
This
would
also
Safeguard
revenues
for
the
Horse
Park
in
those
years
where
we
perform
so
that
we
could
later
reduce
the
cost
of
competition,
attendance
and
or
visitors
to
the
horsepark,
or
to
reduce
our
appropriation
from
the
general
assembly
also
permit
The
Horse
Park
to
run
and
operate
our
own
events.
This
is
one
of
the
key
factors
that
other
facilities
have:
they
are
owners
and
operators,
and
so
there's
an
economy
of
scale
there
that
they're
able
to
reap
the
benefits
of
that
we
as
a
park
are
not.
P
O
Thank
you
all
for
allowing
me
to
speak.
I
think
I'll
probably
ride
a
horse
much
better
than
I.
Do
this
so
please,
I'm
gonna
have
to
read
it
because,
as
Lee
would
say,
when
my
passion
takes
over
sometimes
I
go
in
25
directions,
so
bear
with
me
and
I
appreciate.
Some
will
be
a
little
bit
of
a
wrap
up,
but
there's
a
lot
of
new
in
the
fall
of
1978
44
years
ago.
I
walked
on
the
Kentucky
Horse
Park
grounds
for
the
first
time
as
a
volunteer
for
the
world.
O
O
O
We
also
had
the
Fantastic
support
of
our
foundation,
which
has
supported
the
park
since
1985,
with
total
gifts
to
the
park
of
about
45
million
private
dollars.
These
were
donations
from
absolutely
around
the
globe,
and
every
state
I
myself
have
personally
gifted
thousands
and
raised
Millions
in
the
mid
90s
we
were
placed
we
play.
Excuse
me
our
first
bid
for
the
world
Equestrian
Games,
but
thankfully
we
did
not
get
it
because
there
was
no
way
we
could
have
pulled
it
off.
O
We
just
continued
to
as
best
we
could
upgrade
the
facility
as
to
that
is
what
is
required
to
move
any
prestigious
event
out
of
Europe.
During
this
time
there
were
not
many
good
equestrian
facilities
on
board
in
the
United
States,
so
we
were
truly
on
top
of
our
game,
despite
our
very
aging
facilities.
We
also
during
this
build
up
to
the
games
developed
a
relationship
with
so
many
great
show.
O
Managers
who,
to
this
day,
pay
a
lot
of
rental
to
the
park
for
the
weeks
that
they
hold
their
show
in
2005,
we
did
receive
the
bid
to
host
the
World
Equestrian
Games
and
then
the
hard
work
started
for
2010.,
despite
many
people
in
the
state
and
actually
in
Europe
understanding.
The
excellent
State
support
that
we
got
was
the
reason
that
we
were
able
to
pull
this
off.
The
name
Kentucky
is
still
set
in
27
languages.
To
this
day,
we
were
the
first
and
only
facility
to
have
all
the
disciplines
on
the
same
property.
O
We
were
shown
for
14
days
on
TV
totally
around
this
world.
The
equestrian
sport
horse
world
at
that
time
woke
up
to
the
fact
that
they
could
try
to
do
this
for
many
disciplines
and
guess
what
make
money
many
private
operations
started
from
California
to
the
east
coast,
North,
Coast
and
South.
They
all
wanted
to
be
the
Kentucky
Horse
Park
our
facility
just
continued
to
age
and
cracks
in
our
competition,
Arenas
and
facilities.
For
the
first
time.
O
We
struggled
to
excuse
me
to
hold
on
to
being
the
best
equestrian
facility
in
America
being
a
state
agency
and
with
State
restrictions.
We
have
truly
been
falling
behind
state
requirements,
make
it
very
hard
to
operate
a
facility
as
diverse
as
we
are
and
be
competitive
in
the
private
Market
facilities.
O
That
open
were
in
Florida
Ohio
California
New,
York,
Virginia,
North,
Carolina,
South,
Carolina,
New,
Jersey,
Oklahoma,
Texas
Colorado,
and
many
of
these
have
come
online
just
to
be
like
the
Kentucky
Horse
Park
to
keep
up
with
most
of
these
operations,
as
for
the
most
part,
are
private
money,
and
that's
how
it's
done.
They
are
run
like
a
business
with
the
best
business
practices
which,
unfortunately,
we
cannot.
Presently.
There
is
another
facility
coming
online
in
Florida
that
would
and
could
take
our
very
signature
event
and
our
other
high-end
events.
O
We
so
desperately
need
to
be
able
to
have
a
Level
Playing
Field
to
compete,
but
our
present
structure
does
not
allow
this
with
technology
growing.
The
park
is
shown
by
show
managers
again
and
again
all
over
the
world
by
live
streaming
presently
at
the
park
we
have
shows
which
include
very
high-end
sponsors
like
Delaware
North,
the
Boeing,
Company,
Northern,
Pacific
railroad,
and
we
have
individuals
that
show
up
year
after
year,
like
Bruce,
Springsteen,
Kelly,
Ripka,
Carl,
cook
and
Bill
Gates,
because
they
have
a
family
member
who
rides
at
the
park.
O
We
need
to
be
at
our
best
to
show
these
people
that
Kentucky
is,
without
a
doubt,
the
horse
capital
of
the
world.
All
the
way
around
this
legislation
could
help
us
toward
this
goal.
In
2021,
the
world
chop
event
or
Ollie
townen
wrote
an
article,
an
international
article,
that
driving
into
the
Kentucky
Horse
Park.
You
immediately
feel
the
history
and
the
great
sense
of
Kentucky.
He
goes
on
to
say
how
special
this
facility
is
and
that
there
is
no
other
place
on
the
planet
like
it.
O
Then
he
challenged
his
home
company,
great
Home,
Country,
Great,
Britain
and
other
countries
to
try
and
create
the
Kentucky
Horse
Park
there,
but
he
didn't
think
they
could.
Please
help
us
to
stay
on
top
by
giving
us
the
tools
to
do
so
again.
Thank
you
for
letting
me
have
a
little
bit
of
a
history
lesson
and
I
appreciate
you
all
listening.
N
A
Q
A
Need
to
to
vacate
this
room
so
I
appreciate
I,
appreciate
the
presentation
and
I
look
forward
to
a
discussion
on
the
bill
as
we
proceed
in
the
session
at
this
time,
we're
going
to
have
members
of
the
Kentucky
chamber
come
forward
and
present
on
Kentucky's
Workforce
challenges
and
opportunities.
A
I
see
Kevin
Smith,
the
new
chair
of
the
Kentucky
chamber,
board
of
directors,
also
a
neighbor
of
mine
and
neighboring
Nelson,
County
and
daily
worker
in
Bullitt
County.
We
want
to
welcome
you,
Kevin
I'm,
going
to
ask
everyone
to
introduce
themselves
I'm
going
to
again
remind
folks
to
be
mindful
of
time
as
we
proceed
forward
so
after
you've
introduced
yourself.
Please
please
begin
your
presentation.
Thank.
R
Thank
you,
chairman,
Weber
and
I
appreciate
the
time
and
I'll
try
to
be
succinct
in
my
comments
and
I
want
to
thank
the
committee
members
for
this
opportunity
to
speak
today
as
well.
My
name
is
Kevin
Smith
I'm,
the
vice
president
of
Kentucky
bourbon,
Affairs
and
I'm
honored,
to
also
be
currently
serving
as
the
chairman
of
the
Kentucky
chamber
board
of
directors.
Before
we
dive
into
the
topic
again.
I
do
want
to
express
my
sincere
thanks
and
appreciation
to
the
work
of
this
committee.
R
Moving
Kentucky's
Workforce
issues
forward
and
dealing
with
these
challenges
has
been
very
very
helpful.
In
particular,
I
want
to
thank
chairman
Weber
and
chairman
Schroeder,
who
both
received
the
chair,
Chambers
MVP
award
for
their
work
during
the
22
legislative
sessions.
So
thank
you
for
that.
R
This
has
been
teed
up
very
well
today
by
the
previous
presentation,
so
I
almost
feel
like
I'm,
going
to
be
preaching
to
the
choir
in
some
regards
here,
but
we're
here
today,
because
Kentucky
finds
itself
in
a
very
unique
economic
moment
we're
seeing
remarkable
investments
in
our
state,
unlike
anything
we've
ever
seen
before.
Yet
we
continue
to
struggle
with
severe
Workforce
challenges.
Addressing
Kentucky's
Workforce
challenges
remains
one
of
the
top
priorities
for
the
Kentucky
chamber.
R
Where
things
stand
today,
as
you've
heard,
employers
are
aggressively
working
to
hire
and
compete
for
employees
and
many
increasing
wages.
Many
are
increasing
wages
and
benefit
packages
and
offering
other
incentives
and
I
personally
can
speak
for
beam
Centauri.
We
are
doing
all
of
those
things
and
having
some
success,
but
still
having
a
lot
of
holes
and
a
lot
of
opportunities
to
fill,
but
at
the
end
of
the
day-
and
you
can
appreciate
this-
it's
a
math
problem.
We
have
good
news
and
we
have
some
bad
news.
R
The
equation
doesn't
balance
our
Workforce
isn't
growing
and
we
simply
do
not
have
enough
kentuckians
participating
in
the
workforce
to
fill
open
jobs
today.
At
the
same
time,
we
know
that
more
jobs
are
coming,
as
you
heard
today.
As
a
result
of
numerous
Investments
announced
in
Kentucky,
our
message
today
is
to
policy
makers
and
state
leaders.
We
must
continue
prioritizing
prioritizing
Workforce
growth
by
continuing
to
implement
policies
and
programs
to
overcome
Kentucky's
Workforce
challenges.
R
A
lot
of
great
work
has
already
been
done,
and
we
we've
mentioned
that
we'll
go
into
a
little
bit
more
detail
in
a
few
moments,
but
we've
got
to
keep
pressing
forward.
We
must
keep
moving
forward.
This
failure
means
historic,
missed
opportunities
to
capitalize
on
incoming
Investments
to
attract
more
economic
opportunities
for
kentuckians.
However,
success
on
the
other
hand
means
growth,
a
thriving
economy
and
a
demonstration
to
businesses
and
investors
around
the
globe
that
can
Kentucky
is
ready
to
work.
So
with
that
I'm
going
to
turn
over
to
Dr
Charles
alt.
L
Kentucky
has
had
a
rapid
job
growth
recovery
faster
than
many
other
neighboring
states.
In
fact
in
in
by
and
large
keeping
Pace
with
the
nation.
That
is
something
that
is
very,
very
exciting,
but
there's
another
side
of
that
equation.
We
can
talk
about
job
growth
on
one
hand,
we
can
also
talk
about
the
number
of
individuals
that
are
actively
participating
in
the
workforce,
and
that's
that
tells
a
slightly
different
story
of
our
economy,
and
that's
why
Kevin
emphasized
this
is
a
really
unique
moment.
L
Usually,
we
see
these
things
kind
of
Trend
in
similar
directions,
but
they're
not
quite
working
that
way,
so
just
to
give
everyone
a
really
quick
synopsis
of
where
we
stand
with
Kentucky's
broad
labor
market.
We
can
go
to
that
metric
that
a
lot
of
us
utilize
on
a
very
frequent
basis,
which
is
just
Kentucky's
Workforce
participation
rate,
that's
the
percentage
of
adults
who
are
actively
participating
in
the
workforce.
L
That
means
that
these
are
individuals
with
jobs
or
that
they
are
individuals
who
don't
who
do
not
have
a
job
but
actively
want
a
job,
and
if
you
don't
fit
into
one
of
those
categories,
then
you're
just
simply
just
not
part
of
the
labor
market.
You
are
outside
of
the
labor
market.
Now
one
of
the
things
you
can
look
at
very
quickly.
With
this
chart
we
track
Kentucky's
Workforce
participation
rate
on
a
monthly
basis,
the
Bureau
of
Labor
Statistics.
L
And
so
that's
that's
one
of
the
ways
we
can
kind
of
help
understand
the
tightness
of
the
labor
market
and
the
struggles
that
Kevin
mentioned
just
a
few
minutes
ago.
We
do
always
like
to
think
about
how
we
compare
to
other
states-
and
this
is
something
we've
talked
about
on
a
routine
basis
at
the
chamber
and
a
metric
that
we've
tracked
really
closely
is
how
does
our
Workforce
participation
level
or
our
rate
compare
to
other
States
throughout
the
nation
right
now?
It's
about
seventh,
seventh,
lowest,
so
not
seventh
highest,
but
seventh
lowest
in
the
nation.
L
You
might
recall
you
know
a
matter
of
just
a
year
ago,
we
were
coming
in
closer
to
third
or
fourth,
if
you
look
back
at
Kentucky's
history
over
roughly
the
past
40
years,
we've
kind
of
moved
around
but
in
general,
have
been
in
that
bottom
tent,
and
that
is.
That
is
exactly
where
we
are
today.
This
was
the
story
before
the
pandemic
started,
so
those
challenges
that
we've
been
talking
about
that
were
here
before
the
pandemic.
L
They're
still
here
today,
the
message
that
we've
been
trying
to
impart
to
to
policy
makers
to
stakeholders
to
anyone
that
is
interested
in
this
issue
is
we
do
have
to
understand
this
as
a
multi-faceted
problem.
There's
not
going
to
be
one
solution,
there's
not
going
to
be
one
cause,
there's
a
multitude
of
different
things
that
are
shaping
Kentucky's
Workforce
challenges
and
that
ranges
from
issues
such
as
access
to
child
care,
substance,
use,
disorder,
issues,
weak
puppy,
population
growth,
retirement,
that's
a
big
one,
that's
a
very,
very
big
one.
L
That
gets
a
lot
of
attention
and
that's
an
important
thing,
but
there
are
a
multitude
of
other
factors,
I'm
going
to
emphasize
really
quickly
that
if
you
look
at
all
of
these,
something
that
recent
research
over
the
past
year
has
Illustrated
is
that
a
lot
of
these
factors
have
gotten
worse
over
the
past
year
or
two
access
to
child
care.
That's
a
good
example
of
that
we
are
continuing
to
lose
child
care
facilities
and
that
is
causing
more
and
more
families
to
pull
out
of
the
labor
market.
L
Similarly,
substance
abuse
disorder
has
worsened
during
the
pandemic.
That's
been
another
driver
of
why
we
continue
to
see
such
low
low
rates
of
of
Labor
Force
participation.
So
if
you
kind
of
just
think
about
this
multifaceted
nature,
a
lot
of
these
points,
research
that
we're
getting
right
now
is
suggesting
that
a
lot
of
them
are
adding
further
downward
pressures
than
they
were
even
before
the
pandemic
started.
I'm
going
to
kick
things
over
to
Kate
Shanks.
Now,
to
talk
a
little
more
about
the
policy
side
of
this
thanks.
F
Charles,
it
is
our
our
chairman
mentioned.
You
all
have
done
really
incredible
work
over
the
years,
especially
in
this
last
session,
to
address
our
Workforce
challenges,
but
we've
got
to
keep
the
momentum
going.
It's
a
problem
that
is
significant
enough.
It
is
multi-faceted
it
cannot
take
just
one
piece
of
legislation
or
just
one
session
to
tackle
it.
F
So
I
want
to
share
just
a
few
things
that
we're
focusing
on,
as
we
continue
to
work
on
these
issues,
removing
barriers
to
work
for
kentuckians,
and
this
can
mean
so
many
different
things
as
Charles
mentioned-
child
care
that
continues
to
be
a
struggle
for
families,
and
we
want
to
make
sure
it's
not
a
barrier
to
work
for
so
many
families
and
specifically
making
sure
that
house
bill
499,
which
receives
significant
support
throughout
the
general
assembly.
This
past
session
is
implemented
effectively
and
is
working
effectively,
and
it's
something
we'll
continue
to
track.
F
We've
also
provided
some
recommendations
to
the
early
childhood
education
task
force,
this
interim
on
some
things
that
we
can
do
regarding
child
care.
We
want
to
focus
also
on
capacity
issues,
Workforce
challenges
within
that
within
that
sector
of
the
economy.
As
well
so
more
work
to
be
done,
there
criminal
records,
we
worked
a
couple
years
ago
on
expungement
legislation
and
to
the
extent
that
you're,
someone
that
qualifies
for
one
of
those
expungements
there
may
be
some
things
that
we
can
do
to
remove
some
barriers
that
those
individuals
face
to
get
back
into
the
workforce.
F
Most
people
when
they're
incarcerated
will
be
released
at
some
point
and
we
know
employment
is
key
to
reducing
recidivism
Charles
mentioned
the
substance,
use
disorder
problem
in
Kentucky,
it's
very
unfortunate,
but
covet
has
made
it
worse
and
so
making
sure
we're
supporting
our
recovery
centers
across
the
state.
The
recovery
ready
communities,
legislation
that
was
worked
on
a
couple
sessions
ago,
making
sure
that's
put
into
place
and
connecting
people
with
jobs,
I
think
is
going
to
be
really
important
for
helping
that
population
and
then,
of
course,
invest
in
Workforce
training,
higher
education
and
Student
Financial
Aid.
F
We
worked
on
a
bill
last
session
related
to
Keys
representative
Lawrence,
a
Kentucky
educational,
Excellence,
scholarship,
broadening
that
to
cover
trade
schools,
making
sure
we're
funding
those
programs.
We
have
a
talent
pipeline,
Management
program,
that's
incredibly
successful
that
connects
employers
with
the
education,
Community,
very
data
driven
and
then,
of
course,
attracting
more
high
school
high
skill
workers
to
Kentucky,
and
that
is
very
much
at
the
root
of
the
tax
reform
policy
that
we
appreciate
your
work
on
with
House
Bill
8,
this
past
legislative
session.
F
R
You
very
much
Miss
terminal.
We
only
have
three
more
slides
and
I
want
to
bring
this
home
we're
here
to
talk
about
growth
and
the
need
for
growth.
This
slide
actually
represents
kind
of
where
we
stand
today.
Blue
line
is
how
many
vacancies
we
have
red
line
is
those
that
are
unemployed.
So
it's
two
for
one.
We
have
two
jobs
for
every
person.
That's
out
there
looking
right
now.
This
is
absolutely
unsustainable.
R
It
threatens
our
ability
to
continue
tracking
new
jobs
to
fill
the
open
jobs
for
today
and
tomorrow,
we've
got
to
start
looking
at
these
two
charts
and
I
would
start
with
the
one
on
your
right.
This
is
a
great
chart
that
starts
to
show
you
what
our
history
has
been
for
the
last
20
years
regarding
our
growth
of
Workforce,
and
you
can
see,
the
multiple
lines
are
just
to
highlight
the
the
couple
there
Texas
35
growth,
Florida,
34,
Georgia,
North,
Carolina
kind
of
in
that
2325,
our
neighbors
to
the
South
Tennessee
17..
R
The
most
significant
piece
is
why
we
put
the
second
chart
on
here.
Is
you
can
see
the
difference
between
Tennessee
and
Kentucky?
Kentucky
has
only
been
growing
for
the
last
20
years
at
2.8
percent,
give
or
take
roughly.
This
is
not
sustainable
and
we
have
a
new
report.
That's
come
out
from
the
Kentucky
Center
Kentucky
chamber,
Center
for
policy
and
research
that
illustrates
this,
and
and
this
piece
that
we've
seen
is
growing
lower
than
three
percent
for
the
last
20
years
is
unacceptable.
It's
it's
a
major
problem.
R
If
we
stay
on
track
of
this,
the
challenges
we're
dealing
with
today
are
only
going
to
get
worse.
So
we
have
to
change
our
trajectory
now,
whether
or
not
it's
a
130
000
jobs
or
120,
000
or
110
doesn't
matter
because
we
need
to
change
and,
as
you
can
see,
this
chart
represents
kind
of
what
we
want
to
focus
on
in
terms
of
what
the
ask
is
is
strategic
growth.
Our
challenge
to
you
is
to
make
this
change
change.
This
trajectory
go
from
static
to
Rapid,
Workforce
growth,
Quantum
Leap.
R
This
puts
us
onto
a
path
of
more
sustainable
economy,
which
is
critical.
Employers
can
fill
positions.
They
can
demonstrate
that
our
state
is
ready
for
work
and
open
for
business
to
continue
on
this
unprecedented
growth
that
we've
seen
in
jobs.
So
we
have
jobs.
We
now
have
to
fill
those
jobs
with
more
people.
The
key
to
this,
though,
is
we
must
work
together
in
this
goal.
R
To
make
this
happen,
and
really
the
policies
that
you
started
with
are
been
so
great,
but
we
just
have
got
to
push
more,
and
so
the
the
as
I
came
in
as
chair.
One
of
the
things
I
stress
to
everyone
was:
we
knew
this
problem.
We've
been
telling
you
this
problem
since
2015
and
expressing
and
I've
got
multiple
documents,
we're
glad
to
share
those
type
of
things
that
we've
done
in
the
past,
but
the
key
is
that
we
have
to
go
from
where
we
are
today
to
something
different
because
remaining
the
same.
R
Keeping
the
static
growth
in
our
Workforce
population
is
not
going
to
be
sustainable
and
will
lead
to
a
different
economic
outcome.
So
with
that
Mr
chairman,
we'll
end
our
presentation
and
entertain
any
questions.
If
you
have
time,
we
do.
D
Thank
you,
Mr
chairman,
thank
you
for
presenting
today,
very
interesting
and
quite
sad
to
be
honest
with
you.
D
I
know
where
you
tackled
some
of
these
things
this
year
with
tax
reform
and
working
on
unemployment
issues,
Charles
I
know
you
dig
deeply
into
these
things
and
that's
second
to
the
last
slide
when
it
showed
the
different
states
kind
of
their
growth
is
compared
to
ours.
What
are
the
key
policy
issues,
the
differences
that
that
sets
them
apart
from
us?
What
what
are
they
doing
that
we're
not.
L
That's
a
great
question:
I
think
what
we'll
find
is
for
a
lot
of
these
states.
It's
it's
going
to
be
different
things
that
I
think
are
kind
of
mixing
into
why
they've
had
more
success
than
others.
I
I
would
stress,
I
think,
there's
some
commonalities.
With
a
few
of
these
states.
You
can
see
in
particular
with
Texas
Florida
Tennessee.
These
These
are
zero
income
tax
states
and
so
I
think
they
have
lent
themselves
to
a
higher
level
of
growth
that
we
have
seen
elsewhere.
But
you
know
Texas
also
has
done
other
good
things.
L
Texas
has
been
really
active,
in
particular
with
issues
related
to
child
care.
Some
North
Carolina
is
another
state.
That's
taken
a
lot
of
steps
forward
in
dealing
with
those
types
of
issues
too.
You
can
also
kind
of
pick
apart
other
things,
maybe
related
to
criminal
justice
related
issues.
Some
of
these
states
have
been
more
more
proactive
on
that
than
others.
I
think.
The
key
thing
that
we
would
want
to
look
for
in
states
like
this
is
how
are
they
sort
of
looking
at
this
sort
of
two-prong
approach?
Do
Workforce
participation.
L
L
S
S
S
I
have
worked
closely
with
my
local
chamber
and
I
actually
had
a
meeting
the
other
day
with
my
Local
Economic
Development
lady
and
the
big
issue
that
we
are
running
into,
and
you
know
it
may
be
something
that
I
was
coming
here
with
the
misconception
that
people
aren't
participating
in
the
workforce
when
in
fact,
I
don't
know
that
that's
necessarily
true
in
my
district
I'll
speak
for
my
district.
S
Let
me
say
that
we
have
a
very
high
Workforce
participation,
but
we
have
a
lot
of
jobs,
and
one
of
our
big
issues
that
we're
running
into
is
what
you
just
brought
up.
The
retirement
thing.
Covid
pushed
a
lot
of
people
to
go
ahead
and
say
you
know
what
I'm
going
to
hang
it
up,
and
so
it's
not
necessarily
that
we
have
a
lot
of
folks
that
are
sitting
at
home,
waiting
on
checks
and
they
don't
want
to
go
to
work
I.
S
Don't
necessarily
think
that
that's
the
issue
I
think
a
lot
of
it
is
a
population
issue
that
we're
running
into
especially
and
again
I'm
speaking
for
my
district,
we're
having
an
issue
with
the
population,
a
lot
of
the
Baby
Boomers.
If
you
will
have
retired
they've
left
the
workforce,
and
so
we've
run
into
the
issue
of
we
don't
have
the
workforce
to
fill
the
positions,
and
so,
when
I'm
sitting
in
these
Economic
Development
meetings,
we're
looking
at
we've
got
great
jobs.
S
We've
got
companies
that
want
to
come
here,
but
we
can't
fulfill
that,
like
we
couldn't.
If
we
had
a
company,
come
to
my
district
today
and
said
we're
going
to
have
a
company
that's
going
to
come
in
here
and
we're
going
to
hire
500
people,
we
couldn't
fill
that
we
send
simply
couldn't
do
it.
So
how
do
we
overcome
that
barrier?
Moving
forward
like
how
do
we
draw
people
to
our
state
so
that
we
can
see
that
growth,
because
we
have
the
jobs
I,
believe
that
are
coming
into
our
state,
we're
seeing
that
growth?
S
R
Representative
Lawrence,
thank
you
because
it
means
that
we've
done
our
job
in
communicating
this
today,
because
that
is
exactly
you
said
it
very
well.
This
is
the
problem.
We
just
have
more
jobs
than
we
have
people.
The
report
that
we've
done
and
I
think
everyone
got
a
copy
of
this.
If
not
chairman,
will
make
sure
that
you
do
Kentucky
strategy
for
Rapid.
R
Workforce
growth
outlines
suggestion
policy
suggestions
on
this
third
page
of
this
and
I
I
can't
go
into
each
one
of
them
because
they're
all
going
to
be
different
and
I
think
go
back
to
what
Charles
said.
There's
not
one
Silver
Bullet
one
switch
it's
going
to
be
a
combination
of
turning
this
lever.
R
You
know
pulling
this
one
and
different
things
in
every
County
or
every
section
of
Kentucky,
as
you've
heard
earlier,
has
different
needs
and
has
has
has
different
Workforce
participation
opportunities,
but
I
think
the
biggest
thing
that
we
need
to
do
is
have
a
strategy
to
your
point
that
what's
been
outlined,
and
one
of
the
things
that
you
see
in
these
common
States
is
that
child
care
income
taxing.
You
know
these
type
of
things
do
bring.
People
here.
R
I
would
say
that
if
we
want
to
keep
our
younger
kentuckians
here,
those
that
graduate
income
tax
is
a
huge
deal.
I
think
if
you
want
to
keep
our
retiring
population
or
those
small
business
owners
that
are
selling
their
businesses
and
their
move
to
Florida,
why
do
they
move
to
Florida
because
income
tax
right?
So
those
are
the
things
that
we
kind
of
continue
to
do,
but
it's
multifaceted,
I,
don't
know
if
Charles
or
Kate
wants
to
add
to
that.
But.
F
I
add
a
little
something,
as
you
know,
a
parent
and
I
think
about
affordability,
raising
a
family
in
this
state
and
what
Kentucky
has
to
offer
and
anecdotally
we're
hearing
stories
about
people,
maybe
leaving
some
states
that
have
been
rapidly
growing
because
they
become
so
expensive
to
live
in
or
just
more
difficult,
I
don't
want
to
sit
in
traffic
for
an
hour
a
day.
Dealing
with
that
and
so
I
think
Kentucky
has
a
lot
to
offer.
Families
in
terms
of
you
know:
safer
communities
and
affordable
communities
and
you're
not
far
from
the
coast.
F
If
you
want
to
get
out
of
town,
you
know,
we've
got
great
climate
in
Kentucky,
so
I
I
think
there's
a
lot
of
reasons
and
if
we
can
get
the
policies
right,
maintain
our
affordability
and
and
our
I
think
strong
Heritage.
That
makes
us
a
unique
State,
I
think
that'll
help
as
well
right.
L
And
then
one
other
thing
is:
there's
a
branding
element
to
this
I
think
we
always
need
to
keep
in
mind.
I
mean
going
back
to
you
know
what
secretary
Noel
was
was
kind
of
talking
about
is
we're
we're
very
aggressive
when
it
comes
to
going
after
jobs
and
bringing
jobs
and
new
opportunity
here
we
really
need
do
combine
that
with
this
a
very
similar
approach
to
just
people,
just
getting
the
people
here
and
so
I
do
think
there
there's
an
element
of
branding
and
marketing
that
goes
into
this.
R
I
just
want
to
stress
again
the
work
that's
been
done,
what
was
done
to
the
income
tax
and
how
we're
moving
with
that
is
very
significant.
If
we
can
keep
the
three
legs
of
the
stool
in
Balance,
lower
the
income
tax,
not
raise
property
taxes
or
consumption
taxes
too
high,
we
can
actually
outpace
and
be
in
a
better
position
than
our
neighbors
to
the
South.
Even
though
they
have
zero
income,
we
might
have
better
property
taxes
and
better
consumption
tax
sales
tax.
So
so
there's
a
lot
of
positive
as
the
result
of
what
you've
done.
R
We're
really
encouraging
more
of
the
same
and
a
deeper
thinking
on
the
strategy:
child
care,
for
example.
If
we
can
take
where
there's
been,
you
know
two
two
members
that
we're
working
then
due
to
coveted
one
stopped,
and
then
they
saw
the
benefits
of
that
at,
but
if
all
of
a
sudden
they
have
an
option
where
Child
Care
is
available
and
it's
quality.
Child
Care,
maybe
we'll
have
two
members
of
that
household
back
in
the
workforce
instead
of
just
one.
So
those
are
the
type
of
things
that
we'd
have
to
think
about.
S
That
thank
you
guys
and
the
point
I
think
I
really
want
to
make.
Is
that
I
get
so
aggravated
sometimes
and
I
don't
mean
to
speak
out
of
term,
but
I
get
so
aggravated.
When
we
hear
people
talk
about
our
state
and
say
people
just
don't
want
to
go
to
work,
I,
don't
think.
That's
the
case
and
I
think
that
we
need
to
as
Representatives
as
Senators
as
just
community
members.
We
need
to
do
a
better
job
of
selling
our
state
that
there
are
people
that
here
that
are
here
that
will
go
to
work.
T
Thank
you,
Mr
chairman
I'm,
going
to
take
just
a
little
bit
of
different
view
of
what
representative
Lawrence
was
talking
about
recently
this
year,
I'm
in
a
small
bit
I
own,
a
small
business.
Some
in
the
dry
cleaning
business
recently
been
trying
to
fill
one
job
at
13
an
hour
been
through
eight
people,
people
even
people
just
go
on
a
break
and
leave
and
don't
come
back.
T
I
thought
that
was
weird
I've
never
had
never
had
a
problem
like
that
talked
to
a
friend
that
works
at
a
large
manufacturing
Facility
in
Henderson
they
have,
and
these
are
almost
20
hour
positions.
They've
hired
600
people
this
year,
they've
kept
50
out
of
600.
same
thing.
He
was
saying
you
know:
people
go
on
lunch,
break,
never
come
back,
never
call
so
there
is.
There
is
a
problem
and
I'm
just
curious
about
your
research
and
what
y'all
found
is
you
know.
Is
there
still
enough
money
for
people
to
survive
out
there?
T
What's
what's
causing
this
phenomena?
And
then
that's
one
question
and
the
second
question
is
you
know
there
is
a
kind
of
a
lifestyle,
a
quality
of
life
question.
Here
too,
you
know,
if
you
don't
want
to
be
paying
12
to
get
a
pair
of
pants,
dry,
cleaned
and
pressed
or
you
don't
want
to
be
paying
15
for
a
Big
Mac.
T
You
know,
there's
we've
got
to
figure
out
how
to
help
these
service
Industries
as
well,
because
you
bring
in
high-end
folks
great
jobs
they
come
in
and
they
can't
have
the
quality
of
life
that
they're
used
to
running
through
fast
food
having
the
services
there.
So
just
I
would
appreciate
some
some
investigation.
Some
research
on
that
part
of
our
economy
as
well.
L
Great
great
points
and
good
great
question:
Senator
Mills,
going
back
to
your
first
point.
One
of
the
Hallmarks
of
the
Lamar
labor
market
over
the
past,
particularly
18
months,
has
been
what
we
would
call
Labor
Market
churn,
and
this
has
been
I
think
inappropriately
described
as
the
great
resignation.
It's
not
a
good
term
for
it,
because
instead
what's
happening
is
it's
job
hopping
people
are
moving
from
one
job
to
another,
so
they
might
you'll
get
a
job
you're,
making
13
an
hour.
They
find
another
one
pay
15
an
hour.
L
L
That's
having
a
degree
of
effect,
Americans
saved
roughly
two
trillion
dollars
above
Baseline
throughout
the
course
of
the
pandemic,
we're
still
sitting
on
roughly
one
and
a
half
trillion
of
that
still
not
paying
student
loans.
You
know,
there's
there's
a
lot
of
there's
still
a
lot
of
money
supply
out
there
I,
don't
think
that's
necessarily
a
core
cause,
but
it's
an
alleviating
Factor.
Whereas,
if
you
are,
you
know
wanting
to
be
a
little
more
selective
about
whether
or
not
to
participate
in
a
lot
job
market.
L
There
are
some
things
in
play
that
I
think
might
help
that
help.
You
help
you
kind
of
make
those
decisions
to
your
other
point.
There
you
think
you
hit
on
something
really
important.
That
Kevin
was
was
also
getting
at
a
few
minutes
ago.
Is
that
smaller
employer,
like
yourself
13
an
hour,
you
you've,
probably
upping
your
wages
to
get
to
that
thirteen
dollars
an
hour.
L
A
much
larger,
firm,
they're
gonna
build
out,
compete
you
without
even
hesitating,
and
that
is
what
we
talk
about
when
it
comes
to
unsustainability,
that's
where
it
becomes
a
real
problem,
because
this
will
just
be
a
cycle
that
sort
of
repeats
itself
over
and
over
and
you'll
have
larger
firms
that
can
play
in
a
market
like
that.
But
when
it
comes
to
a
smaller
firm,
it's
really
hard
to
see
how
a
lot
of
the
smaller
businesses
are
going
to
be
able
to
keep
that
pace.
So
that's
that
that's
a
great
point
that
you
bring
up.
Q
For
recognizing
me
one
last
time
my
question
and
it
kind
of
goes
along
with
the
dialogue
with
representative,
Lawrence
and
I.
Think
we've
talked
about
this
before
when
you
all
have
presented
on
on
this
issue
in
previous
years,
when
you,
when
you
look
at
the
slide
talking
about
the
causes
of
the
workforce,
challenges
I
would
have
put
access
to
a
valid
work.
Visa
and
challenges
around
immigration
is
one
of
those
as
well
and
I.
Q
R
I
believe
you're
representative
Cantrell
you're,
absolutely
right,
and
we
list
out
in
in
our
document
here
that
International
and
domestic
migration
is
critical,
how
we
control
that
or
help
that,
obviously
we
it
starts
with
our
ability
to
have
a
place.
That's
welcoming
to
these
people
that
they
can
bring
them
in.
So
much
of
this
then
becomes
whether
it's
you
know
International,
that's
a
that's
a
huge
challenge.
We've
got
to
work
through
our
federal
level
there,
but
domestically
I.
Think
that's
the
key
that
we
need
to
work
on
is
how
do
we
Rebrand
Kentucky?
R
How
do
we
position
Kentucky
in
a
way
that
people
say
this
is
where
I'd
like
to
go.
This
is
where
I
can
work.
This
is
where
my
lifestyle
will
be.
You
know
in
tune
with
what
is
important
to
me.
So
a
lot
of
work
to
be
done
here,
but
you're,
absolutely
right.
It's
a
math
problem.
We
need
more
people
and
more
people
have
to
come
from
somewhere.
So
a
lot
of
different
opportunities.
Thank
you
for
bringing
that
up.
Thank.
Q
J
Thank
you.
Do
you
have
information
as
to
what
hot
do
you
have
data
as
to
what
type
of
jobs
that
we're
having
trouble
feeling,
because,
along
the
lines
of
Representative
Lawrence,
you
know,
I
I
tend
to
agree
with
him:
I'm
I'm,
a
representative
for
Eastern,
Kentucky,
Floyd
and
Pike
counties.
J
You
know
we
recently
had
what
we
thought
was
going
to
be
just
over
a
hundred
state
grade
jobs
come
to
our
community
with
the
reopening
of
our
of
a
State
Correctional
Complex.
We
had
over
a
thousand
people
apply
for
those
jobs.
Now
we're
nearing
200
jobs
at
that
facility.
It
just
keeps
growing
and
growing
the
people
that
we're
able
to
to
staff
there
eventually
we're
going
to
run
out
of
room,
but
but
you
know
so
so
we
have
people
leaving
Eastern
Kentucky
to
find
jobs.
J
So
so
the
problem
in
our
area
is
not
so
much
skilled
Workforce.
We
have
out-of-work
coal
miners
who
are
scared,
mechanics
safety.
You
know
a
plethora
of
of
things
that
are
attractive
to
employers,
but
but
I
don't
necessarily
see
the
trouble
feeling
higher
grade
jobs
like
state
grade
jobs
or
jobs
that
offer
benefits
or
or
higher
salaries.
Are
we
seeing
some
sort
of
data
saying
the
types
of
jobs
that
we're
having
trouble
filling.
L
So
the
the
data
set
that
we
use
for
this
is
a
survey
called
the
job,
openings
labor
turnover
survey,
and
it
does
provide
breakdowns
at
the
state
state
level.
In
fact,
we
got
the
state
update
today
at
10
A.M,
so
I
was
able
to
catch
it
just
before
this.
L
This
started,
but
didn't
make
it
into
the
presentation,
but
most
of
that
data
is
National,
and
so
I
can
give
you
the
national
perspective
on
that,
but
it
can't
break
it
down
specifically
to
Kentucky
in
terms
of
types
of
jobs,
two
of
your
biggest
areas
are
going
to
be
Healthcare
and
then
Logistics
related
Industries.
Those
are
ones
where
there's
a
tremendous
amount
of
churn
and
difficulty
filling
those
positions.
Another
good
example
those
Leisure
and
Hospitality.
So
you
know
all
the
sort
of
subsections
that
break
down
from
there.
L
Information
related
jobs,
large
amounts
of
job
openings
in
those
areas
as
well.
So
it's
a
big
mixture
and
that
that
is
one
of
the
things
that
is
curious
and
that
also
I
think
reminds
us
to
avoid
these
sort
of
like
one-size-fits-all
Solutions.
You
know,
because
what
might
help
us
fill
jobs
in
healthcare.
It's
probably
going
to
take
a
different
approach
when
it
comes
to
filling
jobs
in
Leisure
and
Hospitality.
So
it's
it's
a
big
mixture
of
different
types
of
Industries,
where
you
are
seeing
these
large
numbers
of
job
openings.
J
So
do
you
have
would
would
you
recommend
I
mean
what
would
your
recommendation
be
in
a
in
a
situation
such
as
ours,
where
we're
seeing
people
leaving
to
find
job
opportunities
for
for
our
area?
What
would
tax
incentives
I
mean?
What
would
your
number
one
recommendation
be
there.
L
I
thought
the
conversation
that
Senator
McDaniel
brought
up
with
secretary
null
was
a
really
intriguing
one,
which
is.
We
do
need
I
think
to
do
more,
targeting
because
I
think
there
is
an
inequitable
distribution
of
job
opportunities
coming
into
this
state.
Now,
there's
there's
some
structural
challenges
that
are
built
into
that,
for
example,
large
manufacturers
they're
going
to
want
access
to
things
like
interstates
airports.
L
A
L
Things
so
so,
how
do
you
get
a
firm
that
needs
that
to
come
to
a
more
mountainous
area,
where
there's
less
Interstate
access,
less
large
airport
Access?
That's
going
to
be
a
big
structural
challenge
with
that
being
said,
I
do
think
being
more
focused
on
targeting
Economic
Development
in
areas
like
Eastern
Kentucky
in
our
rural
communities.
L
We
want
to
make
sure
that,
when
they're
sort
of
clustered
together,
they
are
working
together
tightly
to
make
sure
that
maybe
I'm
not
going
to
get
a
big
job
opportunity
for
my
County,
but
understanding
that
a
big
job
opportunity
in
the
next
County
over
that
helps
the
region
as
a
whole,
so
I
think
fostering
those
two
types
of
approaches.
That's
what
that's
something
we
would
certainly
like
to
see
so.
J
So
when
you
talk
about
working
together,
you're
talking
about
working
together
with
the
chamber
and
economic
development
cabinet,
because
because
honestly
I
could
give
you
some
great
examples
of
of
opportunities
not
only
already
available
in
Pike
County,
which
are
Senators
here,
but
also
some
that
are,
you
know
really
on
the
cusp
of
being
there
in
Floyd
County
as
well,
which
is
also
part
of
my
district.
F
We'd
be
happy
to
sit
down
with
you
and
talk
more
about
some
of
these
ideas.
We
work
closely
with
our
local
Chambers
I
know
that
was
mentioned.
Representative
Lawrence
mentioned
working
with
his
local
chamber,
so
perhaps
we
can.
We
can
set
up
some
time
when
you're
back
in
Frankfurt
or
in
your
region,
and
we
could
talk
more
about
that,
because
I
think
there's
some
good
opportunities
there.
Thank.
U
Thank
you,
Mr,
chair,
very
interesting
conversation
appreciate
the
facts
and
figures
and
the
numbers
and
and
and
all
the
economic
development
conversations
that
I've,
that
I've
heard
or
that
you
all
have
presented
I'm
pleased
that
you
all
are
finally
talking
about
criminal
records
and
dealing
with
people
that
we
have
out
there
that
need
the
opportunity
and
could
provide
outstanding
service
to
our
state.
U
U
I
think
we
we
lose
sight
of,
addressing
and
or
taking
advantage
of
our
Geographic
positioning
in
the
United
States
of
America
and
I
think
that
we
have
to
go
out
or,
and
hang
a
shingle
out
to
to
folks
that
we're
open
for
business
and
we're
open
to
do
business
and,
and
hopefully
that
will
attract
some
folk.
We
have
our
attractions
out.
You
know
the
income
tax
Peaks
that
you're
talking
about,
but
it's
six
and
one
half
a
dozen
of
another.
U
If
you
don't
have
income
tax
or
a
way
to
generate
Revenue,
then
you
can't
pay
the
bills
to
operate
state
and
local
governments
in
our
state.
So
I'm
I'm
glad
that
you
all
are
taking
a
multi-faceted
approach
in
thinking
about
how
we
deal
with
Workforce
and
that
we
continue.
If
it's
like
it's
like
a
red
and
a
maze
that
you
go
down,
one
one:
Avenue:
okay,
that's
a
dead
end!
You
back
up
and
you
go
another.
U
You
go
at
it
again,
but
I
think
the
people
of
Kentucky
deserve
efforts
that
we
could
come
up
with
in
the
in
the
private
sector,
in
the
in
the
governmental
sector
and
and
the
public
sector
of
how
to
create
jobs
and
and
deal
with
Workforce
I.
Think
the
numbers
that
you
all
throughout
are
a
problem,
but
I
think
we
have
to
be
proactive
in
how
to
address
that.
U
A
A
Chairman
I
want
to
now
ask
Mr,
Fitzpatrick
and
Jason
Bentley
to
come
forward,
they're
going
to
be
presenting
today
because
of
our
time
situation,
I'm
going
to
ask
any
members
that
have
questions
here
if
they
will
get
with
Mr
Bentley
after
the
presentation
today
to
get
answers
to
those
questions,
introduce
yourself
for
the
record
and
then
you
may
begin
your
presentation.
G
Appreciate
it
thanks
chairman
Weber,
thank
you,
chairman
Weber,
understand
that
we're
the
last
presenters
of
the
last
meeting
of
the
interim.
So
we'll
try
and
be
brief,
but
it
is
a
complex
issue.
Jason
Bentley,
with
mmk
Government
Solutions
I'm
here
today,
on
behalf
of
Kentucky's
investor,
owned
Electric
utilities,
to
tie
all
of
what
we've
heard
today
back
together,
everything
you've
heard
depends
on
affordable,
reliable
electricity
for
the
past
Century
Kentucky's
regulated
Electric
utilities,
both
investor
owned
and
Cooperative,
have
provided
reliable,
affordable
and
abundant
electricity
upon
which
our
economy
and
quality
of
life
depend.
G
Unlike
some
states,
and
even
some
countries,
I'm
thinking
of
Europe
that
rely
on
markets
for
their
or
their
neighbors
to
supply
their
energy
Kentucky's,
energy
providers
have
a
statutory
obligation,
first
and
foremost,
to
serve
Kentucky
customers.
Our
manufacturing
base
and
heavy
industries
that
choose
to
locate
here.
As
a
result,
are
the
Envy
of
Most
states
we're
here
today
to
talk
about
one
tool
to
manage
costs
for
all
kentuckians
going
forward
to
ensure
we
remain
at
the
Forefront
of
Economic
Development.
G
Some
of
you
may
have
heard
the
term
securitization
and
how
it
could
help
to
mitigate
costs.
For
consumers,
PSC
chairman
Kent
Chandler,
spoke
to
this
issue
earlier
this
month
in
the
natural
resources
and
energy
committee
and
our
director
attention
also
to
that
presentation,
which
was
excellent,
we're
fortunate
to
have
with
us
today,
one
of
the
leading
experts
on
the
issue
to
explain
what
securitization
is
and
why
it
is
important
to
Kentucky's
economy
going
forward
and
with
that
I'll
let
Mike
introduce
himself.
V
V
What
I'm
going
to
try
to
do
in
the
interest
of
time
is
just
try
to
hit
the
highlights
of
for
each
of
the
slides
and
again
be
available
for
questions
if
helpful,
I've,
Had
The
Good
Fortune
to
be
involved
in
basically
a
third
of
all
securitization
transactions
that
have
been
done
in
the
space
dating
back
to
1998
and
and
also
good
fortune
to
be
involved
in
most
of
the
the
the
ones
that
have
been
done
in
the
last
10
years.
V
My
involvement
is
is,
is
typically
on
the
either
on
the
the
issuer
side
that
that
issues-
the
securitization
bonds,
but
have
also
had
occasion
to
be
on
the
the
under
side
representing
the
banks
that
actually
sell
the
bonds.
So
I've
seen
both
sides
of
of
this
again.
I'll
I'll
try
to
go
through
these
slides
and
if,
if
I
miss
something
that
that
you're
interested
in
we,
we
can
go
back.
V
V
I
think
as
far
as
the
nuts
and
bolts
of
this
I
mean
it
it's
easier
to
to
just
look
at
securitization
bonds,
as
is
really
a
financing
tool
designed
to
recover
distinct
or
specific
extraordinary
costs,
and
to
do
that
at
a
cost
lower
than
what
you
would
traditionally
have
to
pay.
What
a
customer
would
traditionally
have
to
pay.
V
So
part
of
this
is
a
is
a
math
analysis
when
comparing
it
against
the
traditional
recovery
and
I'll
get
into
it
with
traditional
recovery
typically
is,
but
like
other
bonds,
other
Securities
Securities
securitization
bonds
consist
of
both
principal
and
interest.
V
V
The
Genesis
of
that
is
established
pursuant
to
an
enabling
State
Statute,
which,
which
also
ought,
which
is
also
authorized
by
a
financing
order
that
that
the
state
commission
needs
to
issue
again
all
pursuant
to
the
statute.
That's
that's
adopted
we're
going
to
get
into
the
rating
agency's
assessment
of
these,
which
is
critical
for
the
the
savings
to
customers.
V
V
Another
typical
question
that
comes
up
is
you
know:
why
do
energy
providers
and
state
legislators
choose
securitization
Bond
structures
we'll
get
to
it
later
on,
but
but
many
states
have
developed
statutes,
not
not
all
have
used
them,
but
there
has
been
quite
a
bit
of
transactions
done
to
address
this
all
pretty
much
unique
when
you
talk
about
state
to
state.
V
But
again,
the
structure
is,
is
designed
to
be
a
financing
Tool,
an
alternative
recovery
mechanism,
if
you
will
to
recover
prudently
incurred
extraordinary
costs
when
we
say
alternative,
it's
an
it's
an
alternative
to
normal
recovery
mechanism
under
what
people
refer
to
as
the
regulatory
compact
that,
where
an
investor-owned
energy
providers
obligated
to
serve
everyone
in
its
territory
in
return
to
for
that
provider,
is
entitled
to
recover,
prudently
incurred
costs
and
also
a
fair
return
on
its
investment
like
any
successful
transaction.
V
There
needs
to
be
a
give
and
take
on
on
both
sides
in
order
to
get
the
ultimate
benefits,
which
are
the
benefits
to
to
customers
on
the
give
side.
Basically,
the
the
state
regulator,
the
Utility
Commission-
gives
up
or
foregoes
the
flexibility
going
forward
to
adjust
this
component
of
the
energy
providers
rates.
That
charge
is
set
when
the
before
the
bonds
are
issued
and
for
the
life
of
the
bonds
that
that
charges,
you
know
will
be,
in
effect
the
energy
provider.
V
What
does
it
need
to
give
up
or
forfeit
in
the
big
item?
There
is
the
equity
return
on
the
component
of
its
rates
that
that
are
being
financed
by
the
bonds
in
return.
There's
some
benefit,
of
course,
to
the
energy
provider
before
we
get
to
the
customer.
They
recover
these
costs
up
front
from
day
one
when
the
bonds
are
issued.
V
Now
the
important
beneficiary.
Here,
of
course,
if
the
math
makes
sense,
is
the
the
customer
benefits
from
the
both
the
lower
rates
because
of
the
the
structure
which
and
I'll
get
to
that
in
a
second
which
minimizes
interest
costs
and
also
the
fact
that
the
return
on
Equity
has
been
eliminated.
V
V
What
does
that
entail,
or
what
does
that
mean
the
higher
the
rating,
the
lower
the
interest
cost
in
that
current
environment?
So
if
you
reduce
interest
costs
for
a
particular
financing
of
of
this
caliber,
the
end
result
is
lower
costs
for
the
customer.
V
This
slide,
it's
it
talks
about
cost
recovery
by
means
of
securitization.
What
this
is
really
getting
to
are
the
limitations
of
securitization,
at
least
how
I've,
how
I've
seen
it
over
the
years
these
these
structures
they're
not
designed
to
replace
the
normal
means
of
recovering
rate
based
regulated
Investments
investor
own
energy
providers.
They
must
be
able
to
earn
a
return
on
their
investments
in
order
to
attract
and
and
maintain
investment.
The
investment
community,
overuse
of
of
the
structure
could
undermine
that.
V
The
investor
owned
energy
providers,
investors
basically
and
the
rating
agencies
that
we'll
get
to
in
a
second
here
and
again,
the
important
feature
here
is
to
convince
the
rating
agencies
that
these
bonds
are
deservant
of
the
highest
rating
and
they've
come
out
and
recognized.
Also
in
some
of
these
states
where
securization
is,
is
used
quite
a
bit.
Louisiana
Texas
and
now
California,
quite
a
bit
they're
concerned
about
that
charge
being
too
high
on
too
much
of
a
percentage
of
a
customer's
bill,
as
as
the
result
of
being
a
more
riskier
type
of
a
structure.
V
So
the
threshold
that
the
rating
agencies
have
have
come
up
with
as
far
as
their
concern
of
maintaining
that
AAA
rating
Beyond,
something
where
these
layered
charges
or
special
charges
exceed
more
than
20
percent.
V
So
again,
that's
there's.
There's
a
few
weighing
in
on
on
the
concern
about
overusing
a
securitization
structure.
V
V
That's
really
what
started
this
product
back
in
the
90s,
based
on
deregulation
of
in
certain
State
jurisdictions,
Texas
for
one
where,
where
they
sold
a
lot
of
generation
to
comply
with
the
deregulation
that
happened
in
the
late,
90s
or
2000s,
and
there
were
stranded
costs
left
there,
and
that
was
kind
of
built
into
that
statute,
one
of
the
ones
that
state
California
has
been
using
this
structure
quite
a
bit
for
catastrophic
Wildfire
Louisiana,
quite
a
bit
for
severe
weather,
related
costs
and
finally,
investment
recovery
costs
were
remaining
Book
value
of
a
certain
facility.
V
They're.
Looking
for
alternatives
to
how
to
recover
those
types
of
costs,
we've
seen
instances
of
of
that
in
in
both
Florida
in
the
with
a
a
nuclear
plant
that
was
that
was
canceled
and
also
in
Louisiana
on
Entergy
had
a
gas
facility
that
was
retired
regardless
of
the
types
of
costs.
V
The
basic
blueprint
of
each
securization
structure
is
substantially
consistent
and
it's
consistent
because
again
to
obtain
that
triple
A
rating,
there's
kind
of
a
check,
the
box
that
you
need
to
hit
in
order
for
the
ratings
to
be
there
from
the
rating
agencies
before
I
get
to
the
the
elements
of
the
statute
that
are
important.
The
next
slide
is
a
is
your
typical
structure.
V
I
know,
there's
a
lot
of
arrows
there
just
to
take
a
couple
seconds
in
the
middle
there,
you
see
sponsoring
energy
provider
once
the
I'll
go
up
first
and
then
I'll
come
down
the
the
once
this,
the
enabling
State
statutes.
In
effect,
it
permits
the
energy
provider
to
submit
a
petition
to
receive
a
financing
order,
and
the
state
commission
is
is
then
it's
their
responsibility
to
either
give
an
order
or
not.
V
If
a
financing
order
is
issued
by
the
commission
that
basically
approves
that
the
charge
we're
talking
about
that
goes
on
the
customer
bills
to
make
the
payments
on
the
bonds
just
looking
below
that
before
the
bonds
are
issued,
that
spe
that's
a
bankruptcy,
remote
entity,
that's
wholly
owned,
typically
by
the
by
the
energy
provider
and
that's
the
entity
that
actually
issues
the
bonds.
V
They
do
that
by
purchasing
this,
this
securitization
property
that
that
we're
referencing,
that
is
a
function
of
the
the
statute
and
the
proceeds
go
up
to
the
energy
provider
on
the
other
side
of
the
chart,
on
the
left
hand,
side
we're
talking
about
the
ongoing
payment
to
support
the
bonds
which
which
would
support
the
principal
interest
payments
through
the
life
of
the
bonds
there
you're
looking
at
the
the
customers,
paying
the
charges.
V
Typically,
a
large
majority
here,
these
charges
are
based
on
usage.
That
charge
is,
is
separate
from
what
the
sponsoring
energy
provider
also
receives.
Further
charges,
it's
kept
separate.
It's
remitted
to
the
bond
trustee
who
uses
those
charges
then
to
make
the
principal
and
interest
payments.
V
That's
your
your
standard
structure
in
order
to
in
order
to
get
that
AAA
rating.
This
slide
I'll
be
I'll,
be
brief.
It's
these
are
the
the
key
features
in
order
to
obtain
in
order
to
chain
that
AAA
rating.
The
first
is
you.
You
start
with
the
state
statute
that
we
talked
about
and
the
creation
of
that
property
right
to
recover
the
charges.
V
The
other
key
feature
that
these
the
statute
needs
to
address,
and
then
the
commission
comes
into
play.
There
is
the
irrevocable
financing
order
that
needs
to
be
issued
pursuant
to
that
statute,
which
will
in
effect,
authorize
the
issuance
of
the
bonds,
the
the
charges
themselves
and
a
true
up
mechanism
that
that
adjusts
the
charges
for
the
life
of
the
bonds.
V
This
is
a
this
is
kind
of
the
CR,
the
key
credit
enhancement
of
the
structure,
which
allows
the
most
efficient
use
of
of
of
of
money
and
therefore
results
in
the
lowest
charges,
and
it's
basically
a
mechanism
over
the
life
of
the
bonds
to
adjust
the
charges
where
you
need,
where
there's
been
a
a
forecasting.
Variance
that
you
didn't
anticipate
could
be
from
weather
could
be
for
increased
customers
that
come
in
during
this
period
of
time
that
are
subject
to
the
charge.
V
V
This
is
a
high
focus
item
for
the
rating
agencies.
They
require
legal
opinions
that
basically,
that
from
a
federal
and
state
level,
there's
constitutional
protections
there
for
that
property
right.
V
Another
key
feature
that
the
statute
needs
to
address
is
non-by-passability,
which
is
that
the
these
charges
need
to
be
payable
by
all
existing
in
future
customers.
Now
there
have
been
some
exceptions
here
that
have
been
permitted,
that
that
the
rating
agencies
get
comfortable
with,
but
it's
usually
limited
and
and
they've
what
they
feel
are
immaterial
exemptions
or
exceptions
and
then,
finally,
for
the
structure
to
work,
the
issuing
entity
needs
to
be
something
separate
from
the
energy
provider.
V
It
needs
to
be
a
bankruptcy
Ramon
entity,
so
recognition
of
that
both
in
the
statute
and
the
financing
order
are
important
in
order
to
again
qualify
for
that
AAA
rating
to
result
in
the
lowest
interest
rates
and
then
therefore,
the
lowest
costs.
V
To
sum
up,
there's
been
over
90
transactions
since,
since
these
this
this
structure
started
back.
In
the
late
90s
mid
90s
early
90s,
more
than
75
billion
of
bonds
have
been
issued
and
they're
they're.
V
More
than
half
of
the
states
have
have
adopted
some
sort
of
securitization
statute,
not
all
have
used
them,
but
I
can
say,
as
you
first
of
all
a
couple
observations
with
this
list
that
we've
included
these
These
are
the
transactions
that
that
I'm
aware
of
you'll,
see
that
in
the
last
year
and
a
half
or
so
it's
been
quite
a
quite
a
lot
of
activity,
but
just
to
be
clear
in
all
of
these
transactions
that
are
listed
here,
they
all
start
with
a
with
a
state
statute.
A
G
Weber,
if
I
could
get
the
last
word
absolutely
just
to
sum
it
up.
Utilities
have
always
historically
been
stable,
predictable,
Investments,
the
more
you
can
manage
the
risk,
the
lower
the
cost
is
for
the
customer
at
the
end
of
the
day,
and
so
I
think
we'll
be
hearing
more
about
this.
It's
going
to
be
a
stakeholder
driven
process,
but
we
wanted
to
make
sure
to
put
some
information
out
there
in
front
of
you
all
and
we'll
be
answering
a
lot
of
questions.
I'm
sure
as
we
go
forward
so
appreciate
the.
A
Time
chairman,
this
will
be
a
process
that
we'll
be
moving
forward,
and
so
members
will
have
an
opportunity
to
get
to
ask
questions
and
get
more
clarification
as
we
move
forward.
I
do
want
to
thank
you
for
presenting
today
and,
as
I
said,
This
is
complicated
issue,
one
that
we
need
to
to
delve
into
and
learn
more
about.
So
thank
you
for
presenting
today
members.
This
is
our
last
meeting
of
the
interim
I
want
to
thank
our
staff
for
all
the
great
work
that
they've
done
over
the
last
several
months.
A
We
we
do
have
several
members
who
are
going
to
be
departing
and
will
no
longer
be
serving
with
us
in
the
general
assembly
and
I
do
want
to
recognize
those
folks.
Today,
co-chairman
Senator
will
Schroeder
Senator
Alice
forgey
Kerr
representative
Lynn
Beckler
representative
Mackenzie,
Cantrell,
representative
Bart
Rowland
and
Representative
Steve
Sheldon
I
want
to
appreciate
the
service
of
those
members
to
this
committee.
A
Serving
the
general
assembly
is
an
honorable
calling
I
believe
it's
it's
one
in
which
our
communities
have
chosen
to
send
us
to
Frankfurt,
to
be
their
voice
and
to
rep
represent
them,
and
there's
a
lot
of
important
work
to
be
done
in
the
state,
important
work
that
we
have
done
and
I
appreciate
these
members
and
I'm
thankful
for
the
opportunity
to
have
gotten
to
know
them.
At
this
moment,
I
will
now
entertain.