Approve Thirty (30) Day Extension for Bond Anticipation Note:

Mr. Bill Davis, Bond Counsel, will be present to explain the request for a thirty (30) day extension for our Bond Anticipation Note.

Approve Cooperation Agreement with Franklin County Fiscal Court for the Bain Moore Hill-Red Bridge Water Line Extension-Phase 1 Project:

In 2005, Franklin County was allocated $225,000 by the State to install a water main along Devils Hollow Rd to provide service to a few unserved residences near Red Bridge.

The County acquired the services of Community & Economic Development/WJL Associates (CEDA) to act as grant administrator to perform all the necessary paperwork and facilitate the transfer of funds between the Kentucky Infrastructure Authority (KIA) and the County. To date, that process is well under way with the possibility of funds becoming available in the early part of March 2007.

This agreement between the FPB and Franklin County Fiscal Court was drafted by CEDA and has been approved by the County. The next step is execution of the agreement by the FPB, which will then become an attachment to the Grant Assistance Agreement (GAA) between the County and the KIA.

Staff recommends that the Board approve the agreement in order to proceed with the subsequent GAA.

A copy of the agreement was forwarded to the Staff Attorney for his approval.

Approve Agreement between FPB and Farmers Bank to Locate a CustomerService Representative (CSR) at the New West Frankfort Branch Bank onLouisville Road:

Staff recommends that the Board approve an agreement between FPB andFarmers Bank for the location of a Customer Service Representative in theNew West Frankfort Farmers Bank Branch.

Staff met with Joe Smith, Board Chairman and Michael Dudgeon, Secretary-Treasurer and discussed a request from Farmers Bank to locate a CSR at the new branch. It was decided that we would proceed with the request. Staff Attorney has reviewed the Agreement and it meets with his approval.

On April 3, 2006 our pilot office project started on the east side of town at Farmers Bank. Prior to its start all other local financial institutions were contacted by FPB representatives and told of the pilot project and those that returned calls were given the opportunity to offer a similar rent free proposal. FPB's goal was not to have CSRs in every bank but provide services system wide as an added convenience to our customers. Listed below are details related to the customer flow and average results based on both payments and orders placed.

*Payment amounts represent the overall monthly daily average in addition to Farmers Bank’s normal payment collections*

Orders Placed
(Monthly Total)

The services offered to our customers at this location are certainly beneficial to FPB. We have a presence on the East side of town that we never had before for both residential and commercial accounts. Extended Friday hours and Saturday hours allow our customers to conduct business at times that do not interfere with work schedules.

Based on the experiences we have had with this location the new West location will give us coverage throughout our service area. Staff feels strongly that the new west side location will mirror the results we have seen on the East side.

Approve Award of Bid Invitation #1404 (Dump Truck - $57,982):

Staff recommends that the Board approve the award of Bid Invitation #1404 (Dump Truck) to the low bidder meeting specifications, Paul Miller Ford, in the amount of $57,982. The new truck will be replacing truck #232 in the Water Department. The budget provided $64,000 for this vehicle.