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[7]

Part of Minutes of the University of Kentucky Board of Trustees

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7 2, 3 and 4 are deductives and refer to waterproofing, painting and built-in chests of drawers and closets respectively. He recommended acceptance of Alternate No. 2 for the deduction of $ 2, 100. 00 for waterproofing, and the re- jection of Alternates No. 3 and 4, as set forth in the specifications. The total Hargett Construction Company lump sum bid, adjusted by alternates, is $ 66Z, 156. 00. President Donovan, Comptroller Peterson and Mr. Johnson, the architect, recommended acceptance of the low bid. It was further stated that the sum of $ 662, 156. 00 did not include the archi- tect, s fee for plans and specifications, or cost of the sale of the bonds or interest on borrowed money during construction. Mr. Johnson left the meeting. Board members being advised, upon motion duly made, seconded and carried, the Hargett Construction Company, Inc., bid of $66Z, 156.00 was accepted, and the Comptroller was directed to request the purchasing division of the State Depart- ment of Finance to make the award of the contract. G. Issuance and Sale of Dormitory Revenue Bonds of 1953 Authorized. President Donovan stated that the University would furnish the sites for six small dormitory buildings, construct roadways and install utilities, but it would be necessary to finance the construction of six small dormitory buildings through the issuance of revenue bonds. He stated that provisions of Section 162. 340 and succeeding sections of the Kentucky Revised Statutes authorized the Board of Trustees, with the approval of the State Property and Building Commission to issue bonds for the purpose of financing the cost of buildings needed for University purposes and not otherwise provided. He recommended that dormitory revenue bonds of 1953 be issued and sold for the purpose of paying the construction cost, including architect' s fee and interest during the period of construction of these six buildings. Mr. Peterson reported that the AIttorney General had approved the bond 'resolution. Whereupon Harper Gatton introduced and caused to be read the following proposed Resolution entitled "Resolution of the Board of Trustees of the University of Kentucky providing for the issuance, sale and delivery of dormitory revenue bonds of 1953, to pay the cost of constructing six small dormitory build- ings upon premises owned by the University of Kentucky in Lexington, Ky. ", which Resolution and Notice of Sale of Bonds are as follows: A RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY PROVIDING FOR THE ISSUkANCE, SALE AND DELIVERY OF DORMITORY REVENUE BONDS, OF 1953, TO PAY THE COST OF CONSTRUCTING SIX SMALL DORMITORY BUILDINGS UPON PREMISES OWNED BY THE UNIVERSITY IN LEXINGTON, KENTUCKY WHEREAS, the University of Kentucky and its students are not now being provided with adequate buildings for educational purposes and in order to provide same, it is necessary that there be constructed six