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[8]

Part of Minutes of the University of Kentucky Board of Trustees

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8 small dormitory buildings upon premises owned by the University and to be generally known and designated as Student Dormitories A, B, C, D, E and F; and WHEREAS, plans and specifications for such construction have been prepared and submitted to the Executive Committee of this Board and the same have been approved and construction contracts have been received and provisionally accepted, indicating to the Board of Trustees that the cost of such buildings will exceed the available funds on hand and which have been set aside for that purpose, by not more than Seven Hundred Ten Thousand Dollars ($ 710, 000. 00); and WHEREAS, under the provisions of Section 162. 340 and succeeding sections of the Kentucky Revised Statutes, the Board of Trustees of the University of Kentucky, as the governing body of said state educational institution, is authorized to issue bonds as hereinafter provided for the purpose of financing the cost of said building and appurtenances to the extent not otherwise provided; NOW, THEREFORE, THE BOARD OF TRUSTEES OF THE UNIVER- SITY OF KENTUCKY, RESOLVES AS FOLLOWS: Section 1. That the plans and specifications prepared and submit- ted to the Executive Committee of this Board for the construction of six small dormitory buildings upon premises owned by the University and which shall be generally known and designated as Student Dormitories A., B, C, D, E and F, are hereby in all respects approved. Said build- ings and appurtenances are hereinafter sometimes referred to as the "Project". Section 2. In order to provide for the payment of the costs of the Project not otherwise provided, there shall be and there are hereby ordered to be issued by the Board of Trustees of the University of Ken- tucky, in its corporate capacity and by and through its corporate name, and as a state educational institution and agency, bonds which shall be designated "University of Kentucky Dormitory Revenue Bonds of 1953" in the aggregate principal amount of Seven Hundred Ten Thousand Dol- lars ($ 710, 000. 00), dated May 1, 1953, consisting of Seven Hundred Ten (710) bonds of the denomination of One Thousand Dollars ($ 1, 000. 00) each, to be numbered consecutively from One (1) to Seven Hundred Ten (710), both numbers inclusive, bearing interest to be evidenced by coupons attached to each bond and maturing on November 1 and May 1 of each year to the respective maturity dates of principal at a rate not exceeding Six per cent per annum (6%6) (the exact rate to be determined at the time of the receipt and consideration of financing proposals as hereinafter provided). Said. bonds shall mature serially and in numerical order as follows: