HomeMy WebLinkAbout09-12-2022544
Safety Moment
Consent Agenda
Reinvestment of
PPS Bond Fund
12,2022
The Electric Plant Board of the City of Paducah, Kentucky d/b/a Paducah
System ("PPS') held a regular Board Meeting on September 12, 2022, in
tate Conference Room at the offices of Paducah Power System.
The meeting was called to order at 12:00 p.m. by Chairman Ed Hely who
Members of the Electric Plant Board present in addition to Chairman
Hely were Hardy Roberts, Mark Workman, Sandra Wilson and Darryl Pea PPS
employees present were Dave Carroll, Rick Windhorst, Andrea Underwood, Doug
and Sarah Durbin. David Snow (Paducah Sun), Mark Rawlings (R. W.
Baird & Co.) and Plant Board attorney, Kent Price (McMurry & Livingston), also
attended the meeting.
In the absence of Brian Thomasson, Chairman Hely first called on Rick
Windhorst who presented this month's Safety Moment on "Fall Safety and Clean -
Member Pea then offered a motion, seconded by Member Roberts, to
approve the Consent Agenda which consisted solely of the minutes of a regular
meeting of the Electric Plant Board held on August 8, 2022. The motion was
adopted unanimously with all members saying aye.
Chairman Hely then called on Mark Rawlings of Robert W. Baird & Co.
Incorporated ("Baird' who presented a review of the current investment status of
the debt service fund and the debt service reserve fund created by the trust indenture
that governs the outstanding bond issues of PPS. Mr. Rawlings' presentation
reviewed the investment status update and recommendations as set forth in his
Memorandum to Doug Handley dated September 8, 2022 that was included in the
Board's meeting packet. He reminded the Board that several years ago PPS
replaced the debt service reserve fund in its entirety with a surety bond and that the
debt service reserve fund, therefore, has no cash balance to invest. Mr. Rawlings
recommended that, due to rising short-term interest rates, PPS should bid out the
investment of its debt service fund which is currently held in a cash sweep account
545
Resolution
Approving
Reinvestment of
PPS Bond Fund
Report on PPS
Community
Activities
12,2022
Regions and retain Baird to serve as bidding agent for PPS at the fee structure
rth in his Memorandum dated September 8, 2022. After addressing questions
Board members, Mr. Rawlings concluded his presentation by stating that,
ding to PPS bond counsel Charles Musson, Mr. Rawlings' recommendations,
ling the engagement of Baird as bidding agent for PPS, could be
accomplished by the Electric Plant Board by adoption of the Resolution included
in the Board's meeting material prepared by PPS bond counsel Charles Musson.
Member Wilson then offered a motion, seconded by Member Workman, that the
Electric Plant Board adopt said Resolution which is entitled:
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
ELECTRIC PLANT BOARD OF THE CITY OF PADUCAH,
KENTUCKY (`°PADUCAH POWER") AUTHORIZING THE
SEEKING OF PROPOSALS FOR THE INVESTMENT OF
PADUCAH POWER'S BOND FUND AND AUTHORIZING
THE CHAIRMAN, GENERAL MANAGER AND CHIEF
FINANCIAL OFFICER TO EXECUTE ANY AND ALL
DOCUMENTS AND TO TAKE ALL ACTIONS ON BEHALF
OF PADUCAH POWER NECESSARY OR DESIRABLE TO
EFFECTUATE THE INVESTMENT OF SAID BOND FUND.
Following briefdiscussion, the motion was adopted unanimously with all members
saying aye.
Chairman Hely then called on Andrea Underwood who reported that the
recent annual Power for Patients Blood Drive collected 133 units of blood for the
Red Cross. Though the number of units collected was down from prior years, Ms.
Underwood stated that she still considers the blood drive a success in that other
organizations have experienced similar difficulties in attracting blood donors and
the event gives PPS good customer contact and positive community visibility. She
also announced the plans for the a -Scrap collection on October 3, 2022 which will
be part of the annual Public Power Week activities. Ms. Underwood noted that the
e -Scrap collection day will be the second opportunity offered this year by PPS for
the public to dispose of a -scrap at PPS. She expects that PPS will collect 60 or
more pallets of e -scrap at the event.
Member Roberts then offered a motion, seconded by Member Workman,
that the Electric Plant Board enter into Executive Session for discussion of both
546 1 September 12, 2022
Executive Session
Adjournment
pertaining to pending litigation, as permitted by KRS 61.810(1)(c) and a
specific proposal by a business entity where public discussion of the subject matter
would jeopardize the location, retention, expansion or upgrading of a business
entity, as permitted by KRS 61.810(1)(g). The motion was adopted unanimously
with all members saying aye whereupon the Board entered into Executive Session.
Member Workman next offered a motion, seconded by Member Wilson,
that the Board return from Executive Session. Said motion was unanimously
Member Wilson then offered a motion seconded by Member Workman
that the meeting of the Electric Plant Board be adjourned. The motion was adopted
with all members saying aye, whereupon the meeting was adjourned.
ATTESTED BY:
CHAIRMAN