successful bidder, we agree to accept and make payment for the
Bonds in accordance with the terms of the sale.

                               Respectfully submitted,



(a)

(b)
(c)
(d)



Total interest cost from date of Bonds to
final maturity
Plus discount (or less premium)
Net interest cost
Net interest rate



$_
$p
    $~~~~~~



          The above computation of net interest cost
for information only and is not a part of this bid.



is submitted



Accepted this 17th day of September, 1991.

                    BOARD OF TRUSTEES OF
                    UNIVERSITY OF KENTUCKY



BY.



Chairman



Secretary



2



Attest: