Covington Independent
June 20, 2019 4:30 PM
CIPS Finance Corporation Meeting
I. Call to Order
Mr. Tom Wherry, Board Chair
Rationale

Pursuant to KRS 160.270 the Covington Board of Education has been called to a special meeting of the Covington Independent School District Finance Corporation by Mr. Alvin Garrison, Secretary to the Board, upon petition of Tom Wherry, Chairman of the Board.  The meeting will be held Thursday, June 20, 2019, 4:30 p.m., at the Covington Board of Education, 25 E 7th Street, Covington, KY 41011.  Should a request for accommodations due to physical disability be received, then such meeting will be conducted at an alternative location at the above time and date or as soon thereafter as may be convenient.

The purpose of this meeting is to consider adopting a resolution authorizing the issuance of revenue bonds for school building purposes.  

 

II. Roll Call
Mr. Tom Wherry, Board Chair
III. Individual Approval Agenda Items
III.1. Confirm Covington Finance Corporation Officers
Ms. Mary Ann Stewart, Attorney
Rationale

Kentucky law requires that the Covington Finance Corporation Officers be confirmed annually.

Actions Taken

Motion Passed:  The Covington Finance Corporation approves the confirmation of Tom Wherry as President of the Covington Finance Corporation for the year 2019 passed with a motion by Ms. Glenda Huff and a second by Ms. Sarah Flerlage.

Motion Passed:  The Covington Finance Corporation approves the confirmation of Glenda Huff as the Vice President of the Covington Finance Corporation for the year 2019 passed with a motion by Ms. Sarah Flerlage and a second by Mr. Jerry Avery.

Motion Passed:  The Covington Finance Corporation approves the confirmation Alvin L. Garrison as Secretary of the Covington Finance Corporation for the year 2019 passed with a motion by Ms. Glenda Huff and a second by Ms. Sarah Flerlage.

III.2. Consider Resolution for Revenue Bonds
Dr. Robert Tarvin, Ross, Sinclaire & Associates, LLC
Rationale

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE COVINGTON INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION, RELATING TO AND PROVIDING FOR THE ISSUANCE OF $1,110,000 PRINCIPAL AMOUNT (WHICH MAY BE INCREASED OR DECREASED BY THE AMOUNT OF $111,000) OF SCHOOL BUILDING REVENUE BONDS, SERIES 2019 IN ACCORDANCE WITH SECTIONS 162.120 THROUGH 162.300 AND 162.385 OF THE KENTUCKY REVISED STATUTES, TO PROVIDE FUNDS FOR SCHOOL BUILDING PURPOSES; PROVIDING AND DETERMINING THE DUTY OF THE CORPORATION IN CONNECTION WITH THE OPERATION OF THE SCHOOL PROPERTY AND THE CREATION OF FUNDS SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS AS AND WHEN THEY MATURE AND THE CREATION OF AN ADEQUATE MAINTENANCE AND INSURANCE FUND; AND AUTHORIZING THE EXECUTION OF LEASE AND OTHER INSTRUMENTS WITH RESPECT TO SUCH PROPERTY WITH THE BOARD OF EDUCATION OF THE COVINGTON INDEPENDENT SCHOOL DISTRICT.

Actions Taken

Motion Passed:  The Covington Finance Corporation approves the Resolution for Revenue Bonds passed with a motion by Ms. Glenda Huff and a second by Ms. Sarah Flerlage.

IV. Adjournment
Mr. Tom Wherry, Board Chair