NOTICE OF SALE OF NOTES



                     UNIVERSITY OF KENTUCKY
                       Lexington, Kentucky


        $4,200,000 HOUSING AND DINING SYSTEM REVENUE BOND
                  ANTICIPATION NOTES, SERIES L


     The Board of Trustees of the University of Kentucky (the
'Board"), a public body corporate, educational agency and
instrumentality, and a political subdivision of the Commonwealth
of Kentucky, hereby gives notice that until the 4th day of May,
1982, at the hour of 2:00 P.M., E.S.T., it will receive in the
office of Jack C. Blanton, its Vice President for Business
Affairs, in the Administration Building on the Campus of the
University at Lexington, Kentucky 40506, proposals for the
purchase of its $4,200,000 Housing and Dining System Revenue Bond
Anticipation Notes, Series L (the "Notes"), dated June 1, 1982,
maturing on June 1, 1986. The Notes are Renewal Notes issued for
the purpose of retiring $4,200,000 Housing and Dining System
Revenue Bond Anticipation Notes, Series L, dated March 17, 1981,
and are to be issued in anticipation of the issuance of
$4,100,000 Housing and Dining System Revenue Bonds, Series L (the
"Bonds") maturing serially in various amounts on June 1, in each
of the years 1987 through 2008, callable on any interest payment
date on or after June 1, 1996. The right is reserved in the
University to issue additional Renewal Notes.

     Details regarding the Notes and the Bonds, together with
Invitation to Submit Proposals for the Purchase and Official Bid
Forms, and financial and other pertinent information concerning
the University and the Housing and Dining System are contained in
the 'Official Statement" which may be obtained by addressing the
Vice President for Business Affairs, as above, or the Fiscal
Agent, First Kentucky Securities Corporation, State National Bank
Building, P. 0. Box 554, Frankfort, Kentucky 40602.

     The Bonds are not general obligations of the Board, the
University, or the Commonwealth of Kentucky, but are special
obligations payable solely from a first lien and charge upon the
defined Revenues of the University's Housing and Dining System,
comprising all of the student housing, dining and student center
facilities (except fraternity and sorority houses) at the Main
Campus of the University at Lexington, Kentucky (the "System"),
and will rank on a basis of parity and equality as to security
and source of payment with Housing and Dining System Revenue
Bonds, Series A to Series K, inclusive, previously issued and now
outstanding in the aggregate principal amount of $32,730,000
under a Trust Indenture dated June 1, 1965, as supplemented by a
Trust Indenture dated December 1, 1978, made by the Board with