-3-



Bids were submitted by John Nuveen & Co. , Inc.; Morgan Guaranty Trust
Company of New York; Lehman Brothers, Inc. ; Smith Barney & Co. , Inc.
Blyth Eastman Dillon & Co., Inc.; Halsey, Stuart & Co., Inc.; Wilson White,
Belf, Lake Rochlin & Co.; Bear, Stearns & Company. Copies of the said bids
are attached to the Minutes.

       Thereupon, Mr. Kincaid introduced, caused to be read and moved the
immediate adoption of a resolution entitled:

       A RESOLUTION ACCEPTING THE SUCCESSFUL BID ON $4, 750, 000
       OF UNIVERSITY OF KENTUCKY CONSOLIDATED EDUCATIONAL
       BUILDINGS REVENUE BONDS, SERIES E,

a true copy of which was presented to the meeting at which such resolution was
proposed, and a true copy of which is attached to these Minutes. The motion
on the adoption of said resolution was seconded by Mr. Bell. After full dis-
cussion, the Chairman put the question, and upon call of the roll the vote was
recorded as follows:

Voting "Aye": Mr. Bell, Mr. Black, Mrs. Blazer, Mrs. Clark, Mr. Clay,
Mr. Cooper, Mr. Goss, Mr. Graves, Mr. Kincaid, Professor Oberst, Mr.
Palmer, Professor Sears, Mr. Sturgill, Judge Sutherland, Mr. Wendelsdorf,
and Dr. Woodvard.

Voting "Nay: None.

       The Chairman then announced that the resolution had been duly adopted
and was in full force and effect.


       F. Report to the Trustees

       President Singletary discussed certain items in PR 1, President's
Report to the Trustees, and closed his comments by mentioning that the Uni-
versity was losing two of its top admninistrators--Dr. Glenwood L. Creech,
Vice President for University Relations, and Dr. Stuart Forth, Director of
Libraries. He said both men had made major contributions to the University
and that they would be missed.

       Mr. Clay, after expressing regrets on behalf of the Board that Dr.
Creech and Dr. Forth would be leaving and extending to both good wishes in
their new positions, accepted the President's Report and ordered it filed.



      G. Recommendations of the President (PR 2)

      There being no questions relative to the appointments and other staff
changes recommended in PR 2, on motion by Mr. Cooper, seconded and passed,