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From YouTube: Capital Projects and Bond Oversight Committee (10-27-22)
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A
A
There's
a
motion:
is
there
a
second
okay?
We
have
a
motion
in
a
second
in
without
any
objections.
Madam
Secretary,
Colorado.
A
C
C
The
school
districts
were
Bardstown
independent,
Casey,
County,
Fayette,
County,
Ludlow,
Independent,
Menifee,
County,
Newport,
independent
and
Paris
independent
pursuant
to
Kara's
45a
180
sub
2
Western
Kentucky
University
reported
its
intent
to
use
a
construction
management
risk
project
delivery
method
for
its
construct.
New
Gordon
Ford
College
of
Business
project
authorized
in
house
bill.
One
placenta,
Keras,
40,
56863
sub
11.
The
Kentucky
asset
liability
commission
transmitted
at
San
semi-annual
report
through
the
office
of
financial
management
percent
of
House
Bill
1
Eastern
Kentucky
University
in
Western.
Kentucky
University
reported
their
planned
post-secondary
education,
asset
preservation
poll
projects.
A
All
right,
thank
you.
Our
first
action
item
up
is
for
the
Louisville
Arena
Authority
prepayment
plan
and
Leslie
geohegan
did
I.
Do
that
right,
get
close,
Leslie!
Sorry,
if
I
butchered
your
name
a
little
bit,
but
let's
go
Higgin.
Here's
here
remotely
to
testify
on
this.
A
D
A
Go
ahead
and
proceed
with
you
doing
this
and
if
Leslie
does
get
patched
in
then
then
y'all
can
work
out.
Who's
gonna
drive
from
that
point
forward,
but
we
just
introduce
yourself
for
the
record
and
begin
okay.
D
Thank
you
very
much.
My
name
is
Tom
Liston
I
am
one
of
the
board
members
on
the
Louisville
Arena
Authority
and
I'm
the
chair
of
performance
committee.
D
D
So
thank
you
very
much.
Despite
a
an
estimated
negative
impact
from
the
pandemic
on
the
arena,
we're
here
with
good
news,
we've
submitted
a
copy
of
the
financial
statements
to
you
for
calendar
year
2021
and
the
most
recent
credit
rating
reports
from
s
p
and
Moody's.
D
Just
a
little
background.
In
2017
we
did
a
a
refinancing
of
the
all
the
Louisville
Arena
Authority
bonds
that
were
originally
issued
in
2008..
We
defeated
the
previous
bonds
and
entered
into
an
arrangement
with
the
state
for
an
adjusted.
D
If
arrangement,
we
adjusted
our
our
arrangement
with
Metro
Louisville,
Government
and
and
with
the
University
of
Louisville,
to
try
to
get
the
arena
on
more
firm
Financial
footing,
and
so,
as
part
of
that
we
are,
we
are
in
a
pretty
good
financial
position
from
2018
through
2020,
which
is
the
the
first
few
years
of
the
bonds.
We
were
only
making
interest
payments
on
the
bonds
that
we
issued
in
2017.
D
last
year,
and
this
year
we'll
begin
making
some
fairly
small.
You
know
one
to
three
million
four
million
dollar
principal
payments,
but
in
in
total
our
required
payment
is
about
a
20
million
dollar
a
year
payment
going
forward.
F
The
2017
refinancing
put
us
in
a
position
to
meet
our
financial
obligations,
in
particular
Debt
Service
and
Capital
Improvements,
as
well
as
to
maintain
an
investment
grade
rating
throughout
the
pandemic
from
2018
through
2020
The
Authority
paid
interest-only,
Debt
Service
on
a
semi-annual
basis
about
17
million
dollars
annually
and
beginning
in
December
of
last
year,
2021
The
Authority
began
making
the
required
principal
payments
so
together
with
the
interest
about
over
20
million
dollars
annually
coming
up
in
on
December
1st
of
this
year,
a
portion
of
the
bonds
become
pre-payable,
which
leads
me
to
the
second
reason
for
appearing
before
you
to
present
an
alternative
payment
plan
of
the
projected
59
million
negative
impact
on
revenue
from
the
pandemic.
F
A
A
Is
second,
is
any
discussion
on
any
of
this
hearing?
None
Madam
Secretary
call
the
roll.
A
Okay,
thank
you.
Thanks
for
your
perseverance
in
logging,
in
with
us
today
that
has
passed
and
we're
now
moving
on
to
I
got
it
now
we're
now.
Moving
on
to
action
item
five
for
the
leash
report
on
post-secondary
institutions,
we
have
Meg
Campbell
here
for
the
University
of
Louisville
Meg.
If
you're
on
you
you've
got
the
floor,
you
may
begin.
E
Yes,
thank
you,
I
appreciate
being
the
opportunity
to
be
here
today
we
are
on
this
is
regarding
the
lease
for
the
Health
Equity
Innovation
Hub
at
that
is
part
of
the
office
of
the
Executive
Vice
President
of
research
and
Innovation.
It's
on
the
515
building.
This
is
a
building
that
was
donated
to
the
university
to
the
foundations,
and
we
have
at
least
where
this
group
is
taking
one
floor
of
the
space.
A
Does
anyone
have
any
questions
for
Miss
Campbell
on
this
hearing?
None
is
anyone
want
to
make
a
motion
to
approve
the
lease?
A
A
H
G
H
A
G
I
You
hear
me
now
is
that
better?
Okay?
Thank
you
good
afternoon.
My
name
is
Janice
Thomas
Deputy
state
budget
director,
in
accordance
with
the
provisions
of
krs-45750
through
45
800
I'm,
presenting
six
projects.
Today,
first
is
the
Danville
interior
restoration.
Well,
I'll
do
the
first
three
military,
Affairs
and
then
I'll
roll
on
through
the
rest
of
them.
First
is
the
Danville
interior
restoration
project
in
the
amount
of
2.5
million
dollars,
with
an
amendment
to
the
fund,
Source
split
from
50
50
federal
state
funds
to
75-25,
consisting
of
one
point.
I
Well,
let
me
do
it
this
way:
a
million
8.75
federal
funds,
69
150
from
the
2022
investment
Income
Maintenance
pool
and
555
850
from
the
National
Guard
modernization
general
fund
pool
that
was
authorized
in
the
budget
bill
from
the
22
regular
session.
This
project
was
originally
approved
in
July
of
22..
This
project
is
a
complete
interior
renovation
of
the
facility.
The
facility
requires
upgrades
to
the
interior
to
include
atfp
Windows,
which
is
a
form
of
security,
Windows
flooring
and
walls.
I
This
project
was
originally
approved
and
reported
to
capital
projects
and
bond
oversight,
August
11th
of
twenty
one
for
100
federal
funds
in
the
amount
of
one
million
nine
hundred
fifty
thousand
dollars
at
that
time.
This
was
one
of
seven
projects
that
dma
requested
to
be
funded,
100
federal
funds
under
covet
guidelines.
Subsequently,
the
Murray
Readiness
Center
project
did
not
fit
into
the
federal
annual
allotment.
Therefore,
the
project
is
being
funded.
I
50
50
match
using
a
million
to
200
000
204
150
federal
funds
from
the
US
Department
of
Defense
Army
operations,
Cooperative
agreement,
one
million
forty
one
thousand
two
hundred
nineteen
dollars
and
fifty
cents
from
the
2022
investment,
Income
Maintenance
pool
and
sixty
two
thousand
nine
hundred
thirty
dollars
and
fifty
cents
from
the
twenty
two.
Twenty
four
Armory
installation
facility
general
fund
maintenance
pool.
I
In
summary,
this
there
is
a
revised
fund,
Source
split
from
a
hundred
percent
Federal
to
50
50
federal
state
and
a
scope
increase
of
258
300,
bring
the
total
project,
two
million
208
300
dollars.
This
project
consists
of
a
selective,
Demolition
and
subsequent
renovation
of
areas
in
the
existing
Readiness
Center,
which
was
originally
constructed
in
1985.
The
demolition
work
includes
the
removal
of
existing
Windows
latrines
removal
of
off-site
disposal
of
existing
architectural
finishes,
Acoustics
ceiling
systems,
vinyl
flooring
and
doors
required
to
accommodate
the
new
building
improvements.
I
Demolition
also
includes
disassembling
exiting
communication
systems
within
the
affected
work
area.
The
renovation
includes
installation
of
new
anti-terrorism,
Force
protection,
compliant
windows
and
storefront,
updating
the
existing
male
and
female
latrines
new
hollow
metal
doors
and
Frames
Etc
I
believe
you
all
have
the
summary
to
go
on
to
the
the
amount
of
work
that's
being
done
at
that
facility.
I
I
I
J
Joe
Sanderson,
director
of
facilities,
division
for
Department,
military
affairs,
the
Murray,
Readiness,
Center
and
most
all
other
Readiness
centers
throughout
the
state,
have
been
converted
and
there's
no
shooting
in
the
armories
anymore
had
a
major
lead
problem,
and
so
we
have
cleaned
all
the
armories
from
lead.
However,
the
Wendell
H
Ford,
Regional,
Training
Center,
has
ranges
there
and
that's
where
the
National
Guard
trains,
their
shooting,
gets
qualified.
A
I
Transportation
cabinet
office
of
secretary
district
6,
district
6
building,
Office
Building,
Material,
lab
and
item
line
item
project
located
in
Kenton
County,
for
it's
a
15
appropriation
increase
in
the
amount
of
1.8
million
dollars,
bringing
the
revised
appropriation
total
to
13.8
million
dollars
funded
from
Road
fund.
This
road
fund
project
was
reauthorized
in
the
most
recent
budget,
Bill
House
Bill
244
and
the
22
regular
session
in
the
amount
of
12
million
dollars.
This
increase
of
1.8
will
bring
the
total
project
amount
to
13.8.
The
source
of
funds
will
be
paid
out
of
the
highway
construction.
I
H
Phone,
thank
you
Mr
chairman,
so
help
me
on
the
district.
Six
office
building
and
materials
lab
a
15
increase.
15
increase
correct
over
what
time
frame
are
we
talking
about
an
adjustment
that
stated
that
just
came
through
the
budget
and
we're
already
anticipating
a
15
over.
A
H
Please,
and
so
the
first
question
is
whether
it's
a
change
of
scope,
something
that
was
discovered
that
was
unknown
or
we're
just
putting
in
the
regularly
referenced
inflation
that
we're
not
sure.
But
we
think
it's
over.
K
Well,
we
we
have
value
engineered
this
project
from
the
start
to
try
to
keep
costs
low,
but
it's
because
the
Market's
so
volatile
right
now,
there's
no
way
to
really
tell
you
exactly
how
much
is
going
to
go
up.
The
15
percent
was
kind
of
a
shock
for
us
too,
but
we
got
to
get
this
project
done.
The
building
has
a
safety
and
health
issue
that
we
need
to
address.
H
H
H
So
I'm
going
to
assume
this
one
I'll
just
narrow,
if
I
may
Mr
chairman
just
narrow
down,
so
no
scope,
change,
correct!
No,
okay,
no
detail
change!
It's
all
engineered
the
same
way.
Yes
meets
the
same
functions.
Yes,
it's
just
15
more
based
on
our
first
estimate.
To
most
recent
estimate
is
what
we're
looking
at
we're
hoping
it
stays
within
the
15..
L
A
A
Okay,
yes
and
kind
of
along
the
same
token,
do
you
remember
when
the
actual
estimate
for
this
project
was
given
I'm,
trying
to
kind
of
follow
along
on
chairman
Petrie's,
like
not
necessarily
for
this,
but
just
from
a
broader
picture?
What's
our
time
gap
for
that
we're
we're
measuring
this
increasing
costs,
and
and
it's
it's
all
over
the
boarding
economy,
I,
don't
have
a
problem
with
what
you're
doing
or
how
it's.
That
part
is
going
and
all
I'm
just
trying
to
ask
a
broader
using
you
to
help
answer
a
broader
basic
questions.
I
A
L
Process
you
know
about
this
time.
Last
year
we
were
finalizing.
Oh
sorry,
for
the
budget
process
about
this
time.
Last
year
we
were,
agencies
were
finalizing
right.
Last
October
agencies
would
have
been
finalizing
budget
requests
to
be
submitted
to
be
part
of
the
biennial
budget
process,
so
I
mean
by
the
time
we
bid.
We
were
almost
a
year
past
when
those
estimates
were
put
together
so
I
mean
it.
You
may
see
more.
H
L
H
C
H
Saying
this
particular
project,
if
it's
a
need
necessity
understood,
but
if
you're
building
a
house
and
your
rates
are
going
up,
sometimes
you
wait
6
to
16
to
36
months
and
there
may
be
much
more
scrutiny
about
the
needs
versus
our
wants
in
this
construction
environment.
Thank
you,
Mr
chairman
thank.
A
A
B
K
K
A
I
Yes,
in
excess,
one
million
dollars
first
and
percentage.
I
I'm
so
happy
to
be
here
in
person
with
you
all:
yes,
it
will
won't
it
okay,
so
the
first
project
and
pursuant
to
House
Bill
one
the
2224
Appropriations
act.
The
secretary
secretary
is
reporting
a
project
greater
than
one
million
funded
from
Bond
funded
maintenance
pool.
The
project
is
the
CHR
Central
utilities
plant
optimization
project
in
the
amount
of
2
million,
eight
hundred
sixteen
thousand
and
twenty
dollars
and
is
funded
from
the
2022
and
the
2224
facility.
I
Failing
there's
an
immediate
need
for
replacement
in
the
kitchen
sewage
system,
which
is
crucial
crucial
to
provide
the
adequate
cooking
and
proper
sanitation.
This
project
includes
a
temporary
kitchen
replacement
of
drain
lines,
replacement,
grease,
trap,
lift
station
and
replacement
of
the
kitchen
floor,
and
with
that.
That
concludes
my
presentation
today
and.
M
So
everything
else
is
is
okay.
I
I
A
Thank
you,
I
mean
anyone
else.
Have
any
other
questions
all
right,
thanks
for
showing
up
and
being
a
good
sport,
Catherine
treat
you
with
the
the
trick
chair
to
start
you
off,
but
thank.
A
It
and
next
item
is
a
Kentucky
infrastructure
infrastructure,
Authority
I
believe
we
have
Miller
Devlin
on
remotely
yep.
Is
he
only
good
he's
going
to
talk
about
some
of
the
Clean
Water
program
stuff?
Do
we
have
a
motion
in
a
second
to
roll?
All
this
into
one
roll
call
vote.
A
We
got
a
motion
in
a
second
Mr
Deadman.
Please
begin.
N
N
N
Then
of
our
11,
cleaner
water
grant,
funded
projects
all
are
reallocations
from
previously
presented
projects
from
the
county
allocation
pool.
One
project
is
for
sewer
and
10
are
for
water
and
in
true
Sandy
fashion.
Sandy
Williams
fashion
I
would
be
remiss
if
I
didn't
point
out
that
two
of
these
projects
are
in
Senator,
girdler's,
District.
A
B
A
Yes,
chair
Howell
hi,
the
motion
carried
on
that.
Thank
you,
Mr
Devin
appreciate
your
time.
Thank
you.
All.
Next
up
we
have
in
person
Ryan
Barrow
executive
director
Office
of
Financial
Management,
carefully,
choosing
his
chair
over
there,
yes
Ryan
to
introduce
yourself
and
begin
at
your
leisure
sure.
O
Ryan
Barrow
with
the
office
of
financial
management.
Would
you
like
me
to
proceed
with
the
first
action
item?
O
Okay
for
consideration
today,
the
first
transaction
we
commonly
see
each
month
is
a
multi-family
housing,
conduit
revenue,
bonds,
there's
no
extension
of
State
Credit
nor
Corporation
credit,
but
there
is
private
activity
bonds
received
to
finances
on
a
taxes
and
basis.
It's
84
units
located
on
codel
Drive
in
Lexington
it'll,
be
a
private
placement
that'll,
be
supported
by
the
developer
proceeds
around
10
million
dollars
with
total
project
cost
at
19.8,
and
there
is
information
about
the
project
in
your
packet.
B
A
O
Sure
happy
to
say
these
next
three
transactions
preceded
some
recent
rate
increases
every
month.
I
think
I
mentioned
that
rates
are
increasing
and
in
two
weeks
that
actually
the
treasury
rates
have
gone
up.
Eight
basis
points
to
29.
That's
that's
eight
of
100
or
29
of
a
hundred
a
percent,
but
to
see
that
movement
in
two
weeks
it
really
catches
my
attention
and
that's
on
the
treasury
side.
O
It's
somewhat
good
long
term,
because
the
state
will
invest
cash
at
higher
rates,
but
the
MMD,
which
is
a
benchmark
for
how
we
borrow,
went
up
29
basis
points
to
44
basis
points
along
the
curve
in
two
weeks,
we're
seeing
just
even
since
December
about
202.29
percent
to
almost
three
percent
increases,
just
since
December
31st
and
the
MMD
is
very
similar
to
those
rates
that
we've
seen
increase
in
treasury.
O
So
you
know,
a
lot
of
the
projects
were
in
the
future
will
be
at
higher
rates
that
we
constantly
say
I,
don't
know
if
I've
ever
Quantified
it,
but
it
is.
It
is
reported
as
of
close
of
the
market
yesterday.
So
in
terms
of
the
first
transaction,
this
is
for
University
of
Kentucky.
It
was
a
generous
seats
bonds.
It's
a
series.
B
67.8
million
22.8
was
a
taxable
series
C.
This
was
various
budget
bills,
asset
preservation
and
renewal
and
modernization,
and
the
projects
are
identified
in
the
packet.
O
The
total
interest
crossed
prior
to
some
of
these
rate
increases
that
we
saw,
as
of
this
close,
was
on
the
tax
exempt
bonds.
3.4
percent
and
the
taxable
was
a
shorter
duration,
so
it
was
about
3.48,
but
obviously,
if
it
was
the
similar
duration,
it
would
have
been
higher,
so
favorable
rates.
Still
that
we
saw
here
is
a
competitive
transaction.
Janie
Montgomery
bought
the
series
B
and
PNC
Capital
bought
series
C.
O
The
next
to
report
on
is
a
kefa
Industrial
Development
Bond,
a
revenue
Bond.
It
was
for
Carmel
Manor.
The
transaction
size
was
17.14
Million
closed
to
September
22nd
is
a
gross
revenue
pledge
by
the
bar
and
again
there's
no
extension
of
state
or
kefa
credit
for
industrial
bonds.
This
is
a
private
entity
finally
to
report
on
another
multi-family
Revenue
bond.
This
is
again
a
conduit
for
South
Park
project
and
that
is
in
West,
Manslick
Road
in
Louisville.
It
closed
September,
22nd
as
well,
and
that
proceeds
was
22
million.
A
Thank
you.
Thank
you.
Any
questions
on
any
of
those
three
okay
go
ahead
and
proceed
with
the
school
district.
Sir.
O
We
have
four
transactions
today
for
consideration.
As
I've
said
in
previous
months,
due
to
some
of
the
rate
increases,
we
have
we're
not
expected
to
see
a
lot
of
refunders,
so
these
are
all
new
money
transactions
with
the
combined
sfcc
contribution
just
about
6.6
percent
or
2.5
million
in
estimated
par
93.4
percent
and
35
million
estimated
par
they're
all
tax
exempt
transactions
and
no
tax
increases
necessary
to
finance
any
of
these
new
money
projects.