EXHIBIT 1



           RESOLUTION RELATING TO THE
         $2,890,000 UNIVERSITY OF KENTUCKY
    COMMUNITY COLLEGES EDUCATIONAL BUILDINGS
             REVENUE BONDS, SERIES E


WHEREAS, the Board of Trustees of the University
of Kentucky ("the Board"), acting by and through
its Executive Committee (the "Executive Commit-
tee"), at a meeting of the Executive Committee on
March 4, 1986, passed and adopted a Resolution,
entitled

     A  RESOLUTION   CLARIFYING,   AMENDING,  AND
     RESTATING PROVISIONS OF RESOLUTIONS AUTHORIZ-
     ING THE ISSUANCE OF $2,890,000 UNIVERSITY OF
     KENTUCKY   COMMUNITY   COLLEGES   EDUCATIONAL
     BUILDINGS REVENUE BONDS, SERIES E,

said Resolution being referred to herein as "the
Series E Resolution;" and

WHEREAS, pursuant to Section 2.11 of the Series E
Resolution, the Treasurer has caused to be pub-
lished a Notice of Bond Sale with respect to the
Series E Bonds for the information of potential
bidders and has furnished copies of an Official
Statement and Official Terms and Conditions of
Bond Sale to interested persons requesting the
same; and

WHEREAS, under the terms of the Notice of Bond
Sale and the Official Terms and Conditions of Bond
Sale, it is provided that proposals for purchase
of the Series E Bonds would be received by the
Board until 10:30 a.m. on April 1, 1986; and

WHEREAS, the following proposals for purchase of
the Series E Bonds have been received in due time
and acceptable form: