WHEREAS, the matter of which bid is the most advantageous
and with the most favorable net interest cost to the University has
been sufficiently considered.

          NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED AND
ORDERED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY, AS
FOLLOWS:

          1.   Determination of Best Bid; Acceptance.  That the bid
of  Goldman, Sachs & Co.                           for the purchase
of said $27,530,000 principal amount of University of Kentucky
Consolidated Educational Buildings Refunding Revenue Bonds, Series
G, Series H and Series I (Third Series), dated October 1, 1993, be
accepted and confirmed, said bid being at a price of $ 27.056,832.35
for said $27,530,000 principal amount of Bonds, and adjusted to a
price of $ 27,459,795.22  for $ 27,940,000  principal amount of Bonds,
plus accrued interest from October 1, 1993, to the date of delivery
of the Bonds, such interest to be payable semiannually, commencing
May 1, 1994, at the following annual rates:

Maturing     Maturity              Maturing      Maturity
May 1        Amount      Rate      May 1         Amount      Rate

1994      $  160,000    4.125 %    2001       $ 3,765,000    4.15 %
1995         400,000    4.125 %    2002        3,895,000     4.15 %
1996         420,000    4.125 %    2003        4,130.000     4.15 %
1997         435,000    4.125 %    2004         1,380,000    4.15 %
1998        3,305,000   4.125 %    2005         1,440,000    4.20 %
1999        3,460,000   4.125 %    2006         1,490,000    4.20 %
2000        3,660,000   4.125 %

and being a bid at an average net interest cost to the University
of  4.3745 % per annum; and said bid is hereby determined to be the
best bid and with the most favorable net interest cost to the
University for said Bonds; and the principal maturities and inter-
est rates on said Bonds are hereby fixed at the principal
maturities and interest rates set out above.

          2.   All Other Bids Rejected.    That all other bids are
hereby rejected, and the good faith deposit of the successful
purchaser will be deposited in immediately available funds prior to
the close of business on October 20, 1993, and the amount thereof
will be credited (without interest) against the purchase price of
the Bonds on the date of delivery to such purchaser.

          3.   Delivery of Bonds; Application of Proceeds.       That
said Bonds shall be delivered by the Treasurer and/or other appro-
priate officials of the University in accordance with the terms of
the Resolution authorizing the Bonds, adopted by the University on
September 21, 1993, as soon as said Bonds are printed, executed,
authenticated and ready for delivery in accordance with such
Resolution, and all of the proceeds of the Bonds shall be used only
as provided in said Resolution.



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