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From YouTube: Capital Projects and Bond Oversight Committee (2-22-22)
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A
The
individuals
will
be
muted.
I
guess
that's
it's
just
for
you,
representative
petry.
If
you've
got
any
questions,
you
can
jump
in
anytime.
You
want
to
during
the
roll
call
just
to
indicate
where
you're
at
physically
not
mentally,
and
then
on
the
on
the
things
like
approval
minutes
and
things
of
that
nature
that
don't
want
a
roll
call.
If
nobody
disagrees
we'll
consider
it
consensus
and
if
not,
if
anybody
disagrees
we'll
do
a
roll
call
voting.
There's
dr
mcdaniel.
A
All
right,
madam
secretary,
will
you
please
call
the
roll
now.
D
B
A
All
right,
thank
you,
jay
to
have
a
motion
for
the
approval
of
the
minutes.
Can
I
get
a
motion?
I
got
a
motion
about
jason.
I
heard
chase
now.
Oh,
that's
good.
The
man
with
two
two
first
names,
walker,
thomas
yeah,
need
a
second
representative
friedland.
E
E
Fiscal
districts
were
leslie
county
marshall,
county
meade,
county
monroe,
county
paducah,
independent
pike,
county
and
simpson
county
pursuant
to
care
us
45a,
180
sub
2,
the
university
of
kentucky
reported
its
intent
to
use
the
construction
management
at
risk
project
delivery
method
for
its
improve
sanders.
Brown
center
on
aging
neuroscience
facilities,
project
presented
to
keras,
56,
823
11a,
the
division
of
real
properties
reported
a
square
footage
lease
modification
and
did
not
have
any
reportable
krs
56
813
sub
2a
quarterly
leasehold
improvements.
A
All
right,
thank
you
janice
or
janice,
catherine,
I'm
looking
at
janice's
name.
Thank
you,
catherine.
Now,
we've
got.
We've
got
two
bill,
two
things
with
the
janice
thomas
and
if
I
can
get
a
motion
to
roll
those
together,
because
senator
daniel
was
first
second
with
brother,
thomas,
all
right,
janice,
you
out
there
in
la
la
land,.
D
D
This
project
will
help
secure
personal
identifiable
information
and
provide
database
support.
It
will
reduce
vulnerabilities
operational
risk
and
make
value-driven
improvements
to
the
claims
benefits,
processing,
capabilities
of
the
ui
system.
We
respectfully
request
the
committee's
approval
under
the
authority
of
krs
45.760,
section
7a.
D
D
The
project
was
originally
authorized
in
the
2016-18
biennial
budget
in
the
amount
of
4.3
million,
and
this
increase
will
bring
the
total
appropriation
to
5.1
million.
This
project
has
been
bid
and
rebid
and
still
came
in
over
budget.
Current
construction
market
conditions
have
caused
an
increase
in
material
and
labor
cost.
The
design
and
construction
is
being
pursued
through
finance
and
administration
cabinet.
D
The
project
provides
a
college
credit
transfer
office,
coding,
academy,
classroom,
lab
meeting
spaces
for
student
government
and
other
student
organizations
and
food
service
student
community
space.
We
respectfully
request
the
committee's
approval
under
the
authority
of
krs
164,
a
575
section
15..
Thank
you.
A
Thank
you
miss
thomas
any
questions
for
miss
thomas.
A
I
got
a
motion
approved
second
representative
freeland.
If
there's
no
questions
madam
secretary,
please
call
the
roll.
A
A
A
D
No
we've
seen
increases
throughout
all
projects.
A
D
C
C
A
A
Drop
them
down,
I
guess
office
of
financial
management.
Thank
you,
scott.
A
All
right,
you
may
introduce
yourself.
F
A
All
right,
if
I
can
we'd
like
to
roll
those
four
together,
can
I
get
a
motion
motion,
representative
friedland,
second,
second
center
or
representative
thomas.
You
may
proceed.
F
Thank
you.
All
four
of
these
projects
today
are
out
of
our
fund
f
drinking
water
state
revolving
fund
program.
The
first
is
an
increase
request
for
the
city
of
moorhead
they're,
seeking
a
loan
increase
of
sixteen
million
five
hundred.
Seventy
thousand
to
supplement
the
regional
water
treatment
plant
construction
project.
F
The
last
phase
was
board
approved
on
may
6
2021.
This
second
increase
is
due
to
additional
supply
costs
and
price
increases
due
to
the
construction
and
raw
and
finished
water
line,
construction
phases
of
the
project.
This
will
bring
the
total
loan
amount
to
forty,
four
thousand
nine
hundred.
Eighty
seven,
forty
sorry,
forty
four
million
nine
hundred
eighty
seven
thousand
the
original
terms
and
conditions
will
remain
the
same.
This
will
be
a
thirty
year
loan
with
a
point,
five
percent
interest
rate
and
the
loan
was
approved
at
the
february
3rd
ka
board.
Meeting.
F
F
A
I
represent
freedom
got
a
motion
need
a
second
second
representative
jenkins,
madame
secretary,
please
call
the
rope.
G
B
A
You
we've
got
brother
ryan
barrow
with
us
today
we
don't
need
to
wrote,
we've
got
just
the
one
and
you
may
proceed
and
then
afterwards
we
can
do
the
information
items
after
that.
H
Sure,
thank
you.
The
first
item
for
consideration
today
is
our
state
property
and
building
commission
revenue
bonds
series
126a.
H
This
will
provide
new
money
for
a
variety
of
what
we
call
ability
or
previously
issued
bonds
that
have
our
projects
that
have
been
issued
in
a
variety
of
budget
bills
that
have
not
had
bonds
issued
for
them
and
we
put
it
into
a
pool
and
will
service
those
general
fund
projects
on
an
ongoing
basis
included
in
the
packet
are
also
two
refunding
series.
H
It's
highly
unlikely
that
we
will
do
those
at
this
point,
but
we
put
them
in
just
for
inclusion
in
case
the
market
does
move
in
our
direction,
but
the
main
focus
is
the
hundred
million
dollars
in
new
proceeds.
The
transaction
date
of
sale
is
estimated
for
march
9th
with
delivery.
On
april
5th.
We
still,
even
though
rates
have
come
up
some.
We
still
find
ourselves
in
very
low
interest
rate
environment
with
on
true
interest
cost
of
just
over
2.85
percent.
H
If
the
refundings
were
to
move
a
little
bit
more
in
the
favor,
you
know
it
it's
a
possibility.
We
do
those.
However,
the
series
b
is
showing
about
915
000,
with
series
c
just
about
two
million
dollars
of
various
bonds,
that
those
have
been
estimated
to
refund
the
financing
teams
in
the
packet,
and
we
do
respectfully
request
approval.
G
Thank
you,
mr
chairman
ryan,
just
two
kind
of
background
questions.
First
of
all,
how
far
back
do
some
of
the
projects
go
that
we're
using
the
pooled
bond
funds
for
here.
H
So
2010
to
12
has
three
projects:
there's
a
a
de
minimis
amount
for
flood
control
million
economic
development
actually
kedfuh.
So
some
of
those
projects
you
know
have
been
allocated,
but
we
don't
necessarily
need
the
cash.
H
So
I
wouldn't
just
say
those
projects
haven't
moved,
but
the
buoy
goes
all
the
way
from
that
budget
year
forward.
G
G
H
H
So
as
the
fed
moves,
we
will
see
generally
over
time
an
increase
in
rates,
but
keep
in
mind.
The
fed
is
short-term
rates,
and
you
know
we
look
at
a
rate
more
at
the
average
maturity.
So
if
we
sell
this
new
money
series,
it'll
be
20-year
maturity,
so
the
fed
increase
doesn't
necessarily
drive
cost
of
capital
up
immediately,
there's
other
factors
that
will
affect
the
yield
curve,
but
it
is
a
good
bellwether.
Short-Term
rates
go
up
typically
at
a
period
in
the
future,
the
longer
rates
will
go
up
as
well.
H
So
you
know
directly
they're
trading
in
their
own
paper,
so
they're
not
buying
our
paper.
There's
still,
you
know:
tax
advantaged
buyers
functioning
and
funding
muni
projects.
So
it's
it's.
It
will
have
an
effect,
but
it's
not
like
you
know:
they're
buying
bonds
in
general.
It's
really
just
the
federal
government's
trading
in
their
own
paper.
G
A
All
right
now,
we've
got
some
information
items
before
we
get
on.
You
want
to
go
over
those
with
us,
so
you
can
do
them
all
and
we
can
get
questions
afterwards.
H
Yes,
thank
you
I'll.
Just
make
a
couple
general
comments.
There's
three
kentucky
housing
corporation
multi-family,
so
this
will
apply
to
the
the
next
three.
I
believe
it's
a
b
and
c
that,
as
I
said,
they're
multi-family
there's
no
extension
of
credit
for
the
corporation
or
the
commonwealth.
These
are
the
developers
debt.
However,
each
of
the
projects
do
receive
state
private
activity.
It
allows
them
to
issue
on
a
tax
exempt
basis,
so
the
first
transaction
to
report
on
is
crossing
at
mill.
Creek.
H
It's
a
rental
facility
consisting
of
180
units
in
louisville,
kentucky
the
date
of
sale
was
the
21st
of
december.
Net
proceeds
was
20.8
million
dollars.
The
project
itself
was
just
over
38.1
and
there's
information
about
the
developer,
as
well
as
the
financing
team
in
the
packet.
Moving
on
to
the
second
transaction.
Again,
it's
a
khc
multi-family.
H
H
Information
about
the
financing
team
and
developers
in
the
packet
and
the
third
and
final
of
the
multi-family
housing
is
mount
lebanon
apartments.
It's
a
multi-family
rental
facility,
70
units
located
and
louisville
kentucky
as
well.
The
transaction
was
sold
the
11th
of
january
of
this
year,
5.6
million
proceeds
and
total
project
cost
just
about
16.1
million.
With
with
the
balance
of
the
information
about
the
team
and
the
developer
in
the
packet.
H
So,
moving
on
to
the
last
item
to
report,
excuse
me
the
second
last
is
murray
state
university.
This
was
a
general
seats,
bonds
series,
2022
series,
a
just
just
over
11
million
dollars,
and
this
was
as
appropriated
by
the
general
assembly,
historic
building,
preservation
pool.
H
The
pricing
was
on
the
6th
of
january,
with
the
closing
on
the
27th
final
maturity.
The
transaction
will
be
september,
1st
2041
total
debt
service
about
15.2
million
dollars,
as
I
mentioned
before,
still
credibly
favorable
rate
environment.
Currently,
2.15
was
the
only
true
interest
cost
and
it
carried
an
a2
a1
with
moody's
and
a
double
a
with
s,
p
in
terms
of
the
rating
on
that
transaction.
H
I
think
I
have
one
more
follow
up
if
you
don't
want
me
to
do
that
whole
section.
Yes,
sir.
Yes,
the
last
follow-up
item:
this
is
a
transaction
similar
to
murray.
It
was
a
general
siege
transaction
for
the
university
of
kentucky
27.5
million
dollars.
It
was
a
refunding
to
refund
certain
outstanding
general
receipts
bonds,
2014,
series
b.
This
was
for
present
value
savings
and
to
pay
cost
of
issuance
the
total
par
was
27.5
million
pricing
was
the
17th
of
february
and
closed
january
11th
of
this
year.
H
Final
maturity
is
in
2031
april
1st.
The
re
the
rating
was
a
little
higher
in
that
transaction.
Double
a2,
double
a
minus
due
to
the
credit
of
the
university,
so
that
resulted
in
a
little
lower
cost
of
funds.
H
The
on
true
interest
cost
there
was
1.57
and
it
was
shorter
duration
being
refunding
that
saved
3
million
or
11
still
incredibly
healthy
savings-
and
I
know
we've
talked
about
this
before
this
was
was
a
one
of
the
few
transactions
that
took
savings
up
front
and
the
approximately
three
million
dollars
in
savings
were
used
for
two
tax-exempt
projects
permissible
under
tax
law.
For
the
ag
complex,
improve
electrical
infrastructure,
and
that
was
the
majority
of
the
funds
over
2.9
million
about
130
000
was
used
at
the
central
plant.
A
All
right,
we
do
have
a
question
senator
mcdaniels,
all
right,
that's
it
for
the
information
items
now.
Mr
barrel
will
continue
with
six
sfcc
debt
issues,
but
if
we
could
get
throw
them
together,
if
I
can
get
a
motion
for
that,
all
right
spread
the
annual
promotion.
A
Second,
all
right,
any
any
member
object
all
right!
Mr
barrel,
you
may
begin
again.
H
Thank
you,
as
mentioned
six
transactions
for
consideration.
Today,
they
constitute
about
one
195
million
dollars
in
total
par.
The
vast
majority
of
these
transactions
is
local.
Over
96
percent
of
that
par
is
be
locally
supported,
with
just
under
four
percent
sfcc
supported
about
7.6
million
of
the
195..
H
As
I
said,
six
transactions,
all
new
money
and
no
taxes
net
increase
was
necessary
to
fund
any
of
these
projects.
We
do
requestfully
some
recommend
approval.
A
Now,
right
any
questions
all
right.
If
there's
no
questions,
if
we
can
get
a
motion
in
a
second
for
approval,
good
senator,
mcdaniel,
executive,
thomas
approval,
madam
secretary,
you
please
call
the
roll.
A
All
right,
thank
you,
mr
barrow.
Thank
you.
The
next
meeting
is
going
to
be
tuesday
march
15th
right
now,
but
look
at
9
a.m,
but
that
is
subject
to
change
or
whatever.
When
everybody
is
available.
A
Can
I
get
a
motion
to
adjourn?
I've
got
a
motion.
Injury
we'll
see
you
all
tuesday,
the
15th.
Thank
you
all.