Office of the President
                                              October 19, 1993



                                              FCR6


Members, Board of Trustees:

      RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
      KENTUCKY ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE
      OF $27,530,000 (PLUS OR MINUS UP TO $2,750,000) OF UNIVERSITY
      OF KENTUCKY CONSOLIDATED EDUCATIONAL BUILDINGS REFUNDING
      REVENUE BONDS, SERIES G, SERIES H AND SERIES I (THIRD SERIES),
      DATED OCTOBER 1, 1993


Recommendation: (i) that the Board of Trustees approve a Resolution accepting the
successful bid of Goldman, Sachs & Co. with reference to the sale of the $27,530,000
(plus or minus up to $2,750,000) of University of Kentucky Consolidated Educational
Buildings Refunding Revenue Bonds, Series G, Series H and Series I (Third Series),
dated October 1, 1993, at a net interest cost of 4.3745%; (ii) that the Board of Trustees
approve the form of Official Statement as prepared by J.J.B. Hilliard, W.L. Lyons, Inc., the
Financial Advisors to the Board of Trustees.

Backaround: On September 21, 1993, the Board of Trustees approved a Resolution
authorizing the issuance of $27,530,000 (plus or minus up to $2,750,000) of University
of Kentucky Consolidated Educational Buildings Refunding Revenue Bonds, Series G,
Series H and Series I (Third Series) dated October 1, 1993. Said Resolution also
authorized the public advertising for sealed, competitive bids to be received on October
19, 1993. Bids were received by the Controller and Treasurer, tabulated by J.J.B. Hilliard,
W.L. Lyons, Inc., the Financial Advisors for the bonds, and reported to the Finance
Committee. The recommended bid is the lowest net interest cost to the University.

Four bids were received and tabulated as follows:


Goldman, Sachs & Co.                                4.3745%
Clayton Brown & Associates, Inc.                    4.4067%
Merrill Lynch/J.J.B. Hilliard, W.L. Lyons, Inc.  4.4584%
Donaldson, Lufkin & Jenrette                        4.4944%



Action: Approved    j/        Disapproved              Other



Dated: October 19, 1993