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delivery of the Series J Bonds, and it is now appropriate and necessary that
the same step be updated prior to delivery of the Series K Bonds to HUD.

     Mr. Clay tendered to the Board such a certificate made under date of March 20,
1980, signed by the Director, Auxiliary Services, and bearing the written endorsement
of approval of the President. He requested that the same be approved by the Board
at this time.

     Board Member Clay moved that the tendered certificate of the Director,
Auxiliary Services, be approved, seconded by Board Member Griffin. After
discussion, the Chairman Dut the question and upon call of the roll the motion
was approved by unanimous vote of all members present. (See FCR 3 at the end
of the Minutes.)

     Q.   Financial Statement of Spindletop Hall, Inc. (FCR 4)

     Mr. Clay noted that Spindletop Hall was operating in the black and moved
that the Board accept the financial statement for the year ending December 31,
1979. His motion was seconded by Mr. Griffin. and passed without dissent.

     R.   Biennial ReDort

     Copies of the biennial report were distributed to members of the Board
of Trustees. The University of Kentucky is required by statute to submit
a biennial report to the General Assembly. This report, "The University of
Kentucky in the Seventies", covers a 10-year period. President Singletary
called attention to the map of the Commonwealth showing the number of students
in each county. He also noted that the report was paid for by private funds.

     S.   Meeting Adjourned

     There being no further business to come before the meeting, on motion
duly made, seconded, and carried, the Chairman declared the meeting adjourned
at 2:47 p.m.

                                    Respectfully submitted,



                                    Betty Pace Clark, Secretary
                                    Board of Trustees



(PR's 2, 3a, 3b, 4, 5, 6, 7, 8, and 9; FCR's 1, 2, 3 and 4 which follow are
official parts of the Minutes of the meeting.)