A RESOLUIION AUTHORIZING THE ISSUANCE OF $4,750,000 CON-
          SOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES E,
          OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY.


          WHEREAS, the Board of Trustees of the University of Kentucky, by

Resolution entitled:

          "A RESOLUTION creating and establishing a Consolidated
          Educational Buildings Project of the University of Ken-
          tucky; creating and establishing an issue of Consoli-
          dated Educational Buildinqs Revenue Bonds of the Board
          of Trustees of the University of Kentucky; providing
          for the issuance from time to time of said bonds; pro-
          viding for the payment of the principal of and interest
          on said bonds and repealing all resolutions or parts of
          resolutions in conflict with this resolution,"

adopted September 20, 1960 (hereinafter referred to as the "Resolution"),

has created and established an issue of Consolidated Educational Buildings

Revenue Bonds of the Board of Trustees of the University of Kentucky; and

          W1MEREAS, the Resolution authorizes the issuance by said Board of

said Bonds in one or more series pursuant to a resolution authorizing such

series; and

          WHEREAS, there have heretofore been issued pursuant to such Res-

olution Series A Bonds in the original face amount of $8,000,000 in 1960,

of which $5,400,000 face amount are still outstanding, Series B Bonds in

the original face amount of $7,500,000 in 1963, of which $5,730,000 face

amount are still outstanding, Series C Bonds in the original face amount

of $4,290,000 in 1970, of which $3,965,000 face amount still remain out-

standing, and Series D Bonds in the original face amount of $34,700,000,

of which $34,500,000 face amount still remain outstanding; and