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From YouTube: Capital Projects and Bond Oversight Committee
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A
D
A
E
E
The
next
three
information
items
that
you
have
are
all
summarized
on
one
document
and
those
include
a
report
of
the
judicial
facility
use
allowance
contingency
fund,
a
report
of
the
purchase
of
medical
equipment
for
uk
totaling
about
1.5
million
for
chandler
hospital
and
a
report
of
two
100
percent
locally
funded
school
district
bond
issues
for
oldham,
county
and
adair
county
in
the
amount
of
93
million.
9.3
million
excuse
me
and
10.7
million.
These
are
reportable
items
and
they
do
not
require
committee
action.
A
Yeah,
okay
and
miss
baker.
If,
if
you
can
do
you
have
we
can
go
ahead
and
hear
the
action
items
at
this
point,
though
we
can't
vote
on
it.
Unfortunately,.
F
F
This
space
will
house
several
of
our
clinics
and
other
spaces,
our
biggest
clinics.
There
will
be
physical
therapy,
the
administrative
offices
for
our
family,
medicine
clinic
and
the
administrative
offices
for
our
barn,
stable
brown
clinic,
and
there
will
be
several
other
smaller
clinics
in
this
space,
sometimes
with
the
smaller
clinics
we
kind
of
move
them
in
and
out
as
needed,
based
on
space.
This
space
is
located
at
our
turf,
la
mall
location
at
2195,
harrisburg,
road
in
lexington,
and
if
you
have
any
questions
I'll
be
happy
to
answer
them.
B
A
Thank
you
so
much.
Miss
thomas
is
here
from
the
finance
and
administration
administration
cabinet
and
there
are
items
as
well
again.
We
won't
be
able
to
vote
on
these
today,
but
we
will
let
you
present
them
if
you'd
like.
G
Is
this
on?
Can
you
hear
me
is
this
on
now?
Can
you
hear
me?
Okay,
thank
you,
hello.
My
name
is
janice
thomas
deputy
state
budget
director,
in
accordance
with
provisions
of
krs
45
750
through
45
800,
I'm
reporting
on
five
projects
today
that
have
been
approved
by
the
finance
and
administration
cabinet
and
so
I'll
start
with
the
first
action
item.
If
that
is
okay
on
the
agenda,
the
first
project
is
a
capital
information
technology
project
for
the
education,
workforce,
development
cabinet
office
of
vocational
rehabilitation.
G
It's
a
new
case
management
system
in
the
amount
of
four
million
six
hundred
and
twenty
thousand
dollars
funded
with
a
hundred
percent
federal
funds
from
the?
U
s:
department
of
education's
rehabilitation
services,
administration
for
the
purchase,
development
and
implementation
of
a
new
case
management
system
to
replace
the
outdated
system
that
was
installed
in
2008.
G
The
second
project
is
the
post-secondary
education
cabinet
kentucky
state
university
hunter
hall
renovation
in
the
amount
of
two
million
three
hundred
thousand
dollars
funded
with
100
federal
funds.
This
project
was
approved
by
the
board
of
regents
on
the
september
6th
2018
and
by
the
council
on
post
secondary
education
on
september
21st
2018.
It
will
be
funded
from
a
usda
grant.
The
funds
will
be
used
for
a
renovation
project
designed
to
transition
hunter
hall
from
a
residence
hall
to
an
office
classroom
and
laboratory
building
to
be
occupied
by
ksu
land
grant
program,
as
required
by
statute.
A
And
senator
mcdaniel
did
have
a
few
questions
regarding
this
project.
If
sure,
if
you
would
he
he
asked
what
assurances
can
the
finance
provide
that
there
are
no
legal
or
ethical
issues
with
this
project.
G
Going
to
ask
greg
rush
he's
the
newly
appointed
chief
financial
officer
at
kentucky
state
university.
H
All
right
good
afternoon
we're
not
aware
of
any
legal
issues
related
to
this
project.
It's,
as
ms
thomas
said,
100
fairly
funded
and
all
the
appropriate
approvals
have
been
obtained
by
the
us
department
of
agriculture.
H
Yes,
that's
the
bidding
was
all
handled
by
the
finance
administration
cabinet.
Okay,
because
we
work
with
them.
We
don't
do
the
bidding
for
construction
projects
ourselves.
Okay,.
A
H
A
C
This
is
rick
gardner
senator
gertler
one
one,
quick
question
for
janice.
I
think
one
of
the
concerns
is
is
some
of
this
is
an
audit
right?
Is
it
being
audited
by
the
state.
H
Senator
the
at
this
point,
the
the
council
on
post-secondary
education
is
working
with
the
university
to
do
an
overall
review
of
the
university's
finances
and
we're
just
getting
started
with
that
process.
H
C
C
All
right
that
was
one
of
the
concerns.
I've
talked
to
two
or
three
of
the
other
senators,
and
that
was
their
main
concern
is
that
they
they
knew.
There
was
an
audit
coming
on
for
the
kentucky
state
university,
so
that
was
one
of
the
concerns.
So
if
y'all
feel
like
it's
not
a
concern,
then
I'm
well
with
that.
Thank
you.
G
The
third
project
I
have
before
you
is
a
as
an
appropriation
increase
in
the
kentucky
department
of
veterans
affairs
for
the
improvement,
expand
pavement
and
parking
areas
project
in
the
amount
of
240
thousand
dollars
additional
restricted
funds.
This
project
was
originally
authorized
in
the
2020
regular
session
house
bill
352
and
the
amount
of
one
million
six
hundred
thousand
dollars.
Additional
funding
is
necessary
due
to
poor
sold
sub-base
conditions
that
were
encountered
during
the
road
work.
G
G
In
the
next
two
reportable
projects,
the
next
is
a
reporting
of
a
pool
project
in
excess
of
one
million
dollars
for
the
finance
facilities
and
support
services,
governors,
mansions
chiller
and
water
line
in
the
amount
of
one
million
two
hundred
thousand
dollars.
This
will
be
funded
from
the
twenty
twenty
twenty
two
bond,
funded
maintenance
pool.
The
project
will
fund
a
new
standalone
chiller
to
serve
the
governor's
mansion,
with
new
piping
from
the
chilled
water
mains
to
the
mansion.
G
This
project
will
include
site
and
building
restoration
and
reconstruction
efforts
resulting
from
the
park-wide
flood
that
occurred
early
in
calendar
year.
2021..
This
project
will
be
funded
by
insurance
proceeds.
This
is
truly
a
park
wide
reconstruction
project
affected
buildings
and
areas
include
the
recreation
hall,
campground
area,
campground,
shelters,
bath
houses,
maintenance,
shop,
pole,
barn
playground
areas
and
a
beach
house.
There
was
also
lots
of
other
equipment
site
furnishings,
including
tractors,
mowers,
park,
benches,
fire
rings
and
various
small
equipment,
major
electrical
and
plumbing
and
mechanical
restoration
will
be
required
throughout
the
park.
A
Thank
you
miss
thomas,
and
I
was
going
to
ask
if
representative
petry
joined
us,
we
had
someone
new,
join
on
and
couldn't
tell
if
it
was
represented,
petrie
or
not,
doesn't
appear
so
so
all
right,
we're
hoping
someone
else
would
come
on.
So
we
could
vote
on
this,
but
I
appreciate
the
presentation.
Ms
thomas,
thank
you.
A
Our
next
report
is
from
scott
aubry,
the
director
division
of
real
properties.
He
has
a
lease
report
and
no
action
is
required,
so
we
can,
I
think,
scott
is
joining
us
remotely
today.
D
Yes,
thank
you,
mr
chair
first
item.
I
have
is
an
emergency
lease
for
the
transportation
cabinet
in
rock
castle
county.
This
emergency
lease
is
the
storage
of
storm
debris
that
occurred
in
february
an
ice
storm.
In
february
of
this
year
a
new
lease
was
entered
into
for
two
acres
of
land
at
a
cost
of
500
per
acre
per
month
and
is
effective,
may
17
2021
and
will
be
in
effect
until
all
the
debris
is
removed.
D
The
second
one
is
with
the
transportation
cabinet
in
johnson
county.
This
emergency
again
is
for
the
storm
debris
storage
site
and
it
is
needed
due
to
the
ice
storm
that
occurred
in
february
of
this
year.
Pursuant
to
keras
56805,
a
new
lease
was
entered
into
for
two
acres
of
land
at
a
cost
of
500
per
acre
per
month,
effective
may
3rd
2021
and
will
remain
in
effect
until
the
debris
is
removed.
A
I
I
Thank
you,
sir.
The
first
project,
the
louisville
and
jefferson
county
msd,
is
seeking
a
loan
increase
of
1.1
million
dollars
to
fund
additional
work
for
their
ash
avenue
interceptor
project.
This
project
was
initially
approved
in
february
2017,
with
the
additional
work,
including
elimination
of
a
pump
station
and
increasing
the
pipe
diameter
to
facilitate
future
regionalization
opportunities.
It
will
bring
the
total
loan
amount
to
7.4
million
dollars.
I
The
original
loan
terms
will
remain
the
same.
This
is
a
20-year
loan
with
an
interest
rate
of
1.75
percent
and
the
loan
increase
was
approved
at
the
july
1st
kia
board.
Meeting
next
up,
the
city
of
calvert
city
is
seeking
a
loan
increase
in
the
amount
of
two
hundred.
Seventy
six
thousand
nine
hundred
thirty
three
dollars
to
fund
additional
work
to
their
wastewater
treatment,
plant
improvements
project.
I
The
additional
work
includes
effluent,
lift
station
and
force
main
improvements
and
will
bring.
The
total
loan
amount
to
three
million
one
hundred
eighty
five
thousand
four
hundred
thirty
three
dollars
the
original
loan
terms
remain
the
same
with
a
term
of
twenty
years
and
an
interest
rate
of
one
point:
five
percent:
this
was
a
director
level.
Loan
increase
approved
pursuant
to
200
kar
17050,
our
third
fund.
A
loan
is
for
the
city
of
bedford,
seeking
a
loan
increase
of
196
795
dollars
to
fund
their
bedford
wastewater
system
improvement
project.
I
This
project
was
initially
approved
in
july
2020.
The
increase
is
due
to
higher
bids
than
budgeted
due
to
the
shortage
of
supplies,
and
it
will
bring
the
total
loan
amount
to
one
million
one
hundred
six
thousand
two
hundred
ninety
five
dollars.
The
original
terms
will
will
remain
the
same.
This
will
be
a
thirty
year
loan
with
a
0.5
interest
rate,
and
the
loan
was
approved
at
the
july
1st
ka
board
meeting
our
final
fund.
I
A
loan
is
for
louisville
and
jefferson
county
msd,
seeking
a
fund
a
loan
in
the
amount
of
two
million
nine
hundred
forty
four
thousand
three
hundred
forty
five
dollars
for
the
oceaa
lift
station,
rehab
renovation
and
replacement
project.
This
project
will
rehab
or
replace
three
lift
stations
at
club,
drive,
cliff
wood
drive
and
cardinal
harbor.
I
This
will
be
a
20-year
loan
with
a
one
percent
interest
rate
approved
at
the
july
1st
kia
board
meeting
and
the
final
and
fifth
loan
is
fund
to
be
infrastructure.
Revolving
fund
loan
request
from
the
city
of
midway,
their
fund
b
request
is
in
the
amount
of
200
000
for
the
gaylord
drive
rehabilitation
project.
I
The
project
will
rehabilitate
aging
storm
water,
conveyance
pipes
and
structures,
sanitary
pipes
and
structures
and
rehabilitate
affected
roadway
on
gayland
drive
and
marywood
drive.
This
will
be
a
20-year
loan
with
a
2
interest
rate,
and
this
loan
was
also
approved
at
the
july
1st
kaa
board
meeting,
and
that's
the
that's
the
final
report
I
have
today.
A
Okay,
thank
you,
miss
williams.
Do
any
members
have
questions.
A
I
From
what
I'm
hearing
it's
just
the
opposite,
the
supplies
are
getting
a
little
more
tight
and
that's
primarily
pvc
pipe.
This
is
what
I'm
hearing.
I
A
Presentation,
that's
again
miss
williams.
Our
next
presenter
is
katie
smith
with
the
department
of
financial
services
from
the
economic
cabinet,
and
she
is
here
remotely.
I
believe.
Oh,
she
is
here,
okay!
Well,
there.
You
are
all
right.
Miss
smith
go
right
ahead.
J
Good
afternoon
good
afternoon,
my
name
is
katie
smith.
I'm
the
commissioner
of
the
department
of
financial
services
at
the
cabinet
for
economic
development,
and
today
we
are
requesting
approval
of
15
million
dollars.
Economic
development
fund
grant
to
the
meek,
county
fiscal
court
on
behalf
of
nucor
corporation
nucor
and
its
affiliates
are
manufacturers
of
steel
products
with
operating
facilities,
primarily
in
the
united
states
and
canada.
J
They're
growing
its
operations
by
constructing
a
new,
state-of-the-art
plate
mill
facility
in
brandenburg
kentucky
and
the
new
plate
mill
will
enhance
nucor's
ability
to
serve
its
customers
in
the
region,
as
well
as
the
needs
of
its
customers
around
the
world.
The
proposed
grant
funds
will
be
used
to
offset
the
capital
investment
costs
associated
with
the
project,
which
are
estimated
to
be
over
1.5
billion
dollars.
J
In
consideration
for
the
grant,
the
company
will
be
required
to
create
400
new
full-time
kentucky
resident
jobs,
paying
an
average
hourly
wage
of
45
dollars,
including
benefits,
and
the
grant
is
structured
as
performance
based,
so
disbursement
of
funds
will
occur
after
each
of
the
five
annual
compliance
dates.
Provisions
have
been
included
in
the
grant
agreement
to
reduce
the
disbursements.
Should
the
requirements
not
be
achieved,
this
project
was
recommended
by
our
interim
cabinet
secretary
secretary,
hayes
and
concurred
by
secretary
johnson.
A
A
K
Yes,
thank
you
very
much.
Very
large
agenda
today
try
to
be
succinct.
The
first
item
we
have
today
for
consideration
is
the
85
million
dollar
advantage
refinance
education
and
parent
loans
for
kentucky
higher
education
student
loan
corporation.
We
have
financing
details
in
the
packet.
K
The
timeline
is
subject
to
change
right
now,
but
it's
going
to
join
in
with
about
10
million
dollars
of
equity
that
the
student
loan
corporation
puts
into
the
transaction,
but
still
final
sizing
is
subject
to
change
with
final
maturity
june
1st
2039
average
annual
debt
service
about
5.6
a
million
dollars
annually,
the
the
financing
team
is
in
the
packet
and,
if
I
may,
the
the
second
item
as
well
is
also
for
student
loan,
and
that
is
for
the
what
we
call
phelp
loans.
K
That
is
essentially
will
come
after
the
transaction
and
it
will
be
essentially
to
acquire
other
portfolio
of
loans
to
bring
in
the
the
ones
that
have
been
rehabilitated.
K
A
K
Thank
you
very
much.
The
next
item,
I
don't
believe,
needs
approval,
but
we
have
consistently
reported
this
to
the
commission.
It
is
the
turnpike
authority
series,
a
with
principal
amount
not
to
exceed
250
million
in
your
packet
is
three
series
of
bonds,
a
b
c
and
d.
We
have
decided,
since
the
deadline
for
submission
that
the
new
money,
along
with
transportation
we
removed
the
new
money
component.
There
is
existing
bond
proceeds
to
continue
capital
construction
as
a
general.
K
K
series
b
will
be
a
forward
which
we
presented
numerous
forward
delivery
bonds
to
this
commission
previously
and
that
will
take
out
the
2012
and
the
2013s
will
be
taken
out
with
the
taxable
refunding
again
all
three
normal
structures.
Given
today's
tax
law,
I
am
happy
to
report.
K
The
savings
is
eye
popping
essentially
about
between
16
to
29
of
refunded
bonds,
and
we,
we
really
hope
the
market
holds
in
until
we
can
bring
this
transaction
to
market,
because
that
will
be
a
lot
of
additional
savings
to
the
transportation
cabinet
that
they
can
reinvest
in
other
capital
projects,
transaction
will
be
negotiated
and
the
financing
team
is
in
the
packet
all
right,
moving
forward
to
previously
issued
debt
issuance
as
katie
presented
before
this
one
is
for
economic
development,
christian
care
communities.
K
It
is
a
conduit
transaction
to
refinance
the
2016
bonds
issued
by
keffer
for
the
benefit
of
the
obligated
group,
and
they
will
assume
full
responsibility
of
debt
service,
there's
no
extension
of
credit
by
kedfa
or
the
commonwealth
on
this
transaction.
Basically
using
what
the
irs
grants
us
for
tax
exempt
bonds
for
for
the
project.
K
K
It
was
priced
in
march,
20th
of
2020,
so
we
priced
it
in
early
2020..
We
just
recently
closed
it
june
4th
and,
as
we've
talked
about
before
the
ford
delivery,
we
basically
lock
in
rates.
We
close
the
transaction
in
advance
of
the
call
feature
of
the
prior
bonds.
It
allows
us
to
do
it
on
a
tax-exempt
basis.
K
It
enhances
the
economics
over
taxable
and
then
we
redeem
the
bonds.
The
transaction
is
final
maturity
of
september
of
2031
and
it
saved
the
university
on
a
net
present
value,
3.8
million,
just
over
3.8
million
and
18.36
percent
again
very
strong
net
present
value
savings
due
to
extremely
low
interest
rates
that
we're
currently
in
the
next
transaction
for
the
university
of
louisville
is
one
of
the
is
a
housing
transaction
is
authorized
by
the
general
assembly
to
finance
the
acquisition
construction
installation
equipping
of
a
new
residence
hall.
K
The
par
amount
was
basically
39.5
million
dollars
that
transaction
priced
as
normal
in
may.
2021.
We
closed
just
here
in
june
3rd
with
final
maturity
september
2050.
again,
as
I
said,
rates
are
exceedingly
low.
The
true
interest
cost
on
that
was
just
at
2.4
percent,
so
very
cheap
cost
of
capital
for
that
project.
At
the
university.
K
The
net
the
final
previously
issued
debt
transaction
for
reporting
is
the
state
property
and
buildings.
Commission
revenue
refunding
bonds,
so
turnpike
securitizes
the
road
fund
dollars
state
prop
is
the
primary
mechanism
to
securitize
general
fund
dollars.
It
was
for
43.8
million
dollars,
the
transaction
refunded
three
prior
series
of
bonds
project
96
project
108,
a
and
106a
for
a
par
amount.
139.6
million
dollars
savings
on
that
very
healthy
8.5
percent.
With
about
11
million
net
present
value
savings.
K
Obviously
will
the
general
fund
will
will
reap
that
savings
through
the
duration
of
bonds,
but
on
present
value
basis,
11
million
dollars
again
can
be
reinvested
in
other
projects.
A
K
Thank
you
very
much
for
my
last
item
in
the
last
category
is
the
school
facilities,
construction,
commission
bond,
assisted
projects.
We
had
a
total
of
four
new
money
transactions,
estimated
at
1.4
million
in
sfcc,
supported
with
about
3.2
million
in
local
with.
So
that's
about
30
percent,
sfcc,
70
local.
K
All
these
are
tax
exempt
transactions
and
for
the
new
money
there
was
no
tax
increase
necessary
to
fund
any
of
the
projects.
Moving
to
the
refunding
bonds.
There
was
two
refunding
transactions
for
consideration,
day,
bullet
and
perry
counties.
They
were
substantially
larger
with
about
eight
million
dollars,
sfcc
supported
and
20.4
local,
so
but
the
split
the
percent
splits
about
the
same
28
to
72
percent
and
no
tax
increase
necessary
to
complete
any
of
the
refunding
transactions.
A
Well,
thank
you,
mr
barrow,
appreciate
that
and
appreciate
everyone's
patience
today
and
looks
like
our
next
meeting.
That
concludes
this
meeting.
Our
next
meeting
will
be
on
august
25th
and
senator
gerdler
will
be
chairing
that
and
do
need
submissions
by
august,
the
11th
for
that
and
if
there
are
no
questions
or
comments,
we'll
move
for
adjournment
all
right.
Thank
you.
So.