5



           The Presiding Officer further reminded the members of the

Executive Committee that in accordance with authority properly vested

in the Executive Committee by the Board, and acting in accordance

with statutory authority of KRS 56.513, the Executive Committee, or

the Board itself, acting from time to time, has taken, accomplished

and completed certain steps, as follows:

           (a) In the first instance, there were authorized by the

aforesaid "Series C and Series D Resolution" the issuance by the

Board, on behalf of the University, of the University's $4,393,000

"Consolidated Educational Buildings Revenue Bonds, Series C," and

$29,250,000 "Consolidated Educational Buildings Revenue Bonds,

Series D"; and, in anticipation of the future issuance thereof, and

in accordance with KRS 56.513, there were authorized and subsequently

issued, with the approval and concurrent authorization of the State

Property and Buildings Commission of Kentucky (the "Commission"),

certain "Revenue Bond Anticipation Notes" (the "Notes"), in the prin-

cipal amount of $31,400,000, being the joint obligations of the Board

and of the Commission, the same being dated December 11, 1967,

maturing December 13, 1968;

          (b) Said Notes have been renewed from time to time as

permitted by KRS 56.513;



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