OFFICIAL BID FORM



                            $11,250,000
                      UNIVERSITY OF KENTUCKY
      COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REVENUE BONDS
                             SERIES I
                      DATED SEPTEMBER 1, 1991

To the Honorable Chairman and Members of
The Board of Trustees of the University of Kentucky
c/o Mr. Henry Clay Owen
University Controller and Treasurer
369 Peterson Service Building
Lexington, Kentucky 40506

Ladies and Gentlemen:

          Pursuant to your "Notice of Sale of Bonds" as published
in THE COURIER-JOURNAL of Louisville, Kentucky, and in THE BOND
BUYER, New York, New York, and the "Official Terms and Conditions
of  Sale  of  Bonds,"  and  the  "Preliminary  Official  Statement"
referred to therein, by our submission of this Bid, we evidence our
agreement to the terms and conditions of your sale as represented
therein.

          We hereby bid for said $11,250,000 principal amount of
Bonds the sum of $                (not less than $11,025,000), plus
accrued interest from September 1, 1991, to the date of delivery,
at the following annual interest rates:

         SCHEDULE OF PRINCIPAL AMOUNTS AND INTEREST RATES

Maturing     Maturity              Maturing      Maturity
May 1        Amount      Rate      May 1         Amount      Rate

1992        $295,000    _          2002        $535,000          %
1993         310,000         %     2003          570,000          %
1994         330,000         %     2004          610,000          %
1995         350,000         %     2005          650,000          %
1996         370,000         %     2006          700,000          %

1997         390,000         %     2007-         750,000          %
1998         415,000         %     2008          800,000          %
1999         440,000         %     2009          860,000          %
2000         470,000         %     2010          920,000          %
2001         500,000         %     2011          985,000          %

          A certified or bank cashier's check in the amount of
$112,500, payable to the Treasurer of the University of Kentucky,
is enclosed in accordance with the Notice of Sale of Bonds and the
Official Terms, with the understanding that if we are the success-
ful bidder, said check is to be immediately deposited by the
University and credited (without interest) against the purchase
price at the time of delivery of the Bonds.          If we are the



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