FCRn 12n



 Office of the President
 May 6, 1997




 Members, Board of Trustees:


 RESOLUTION OF OFFICIAL INTENT OF THE BOARD OF TRUSTEES OF
 THE UNIVERSITY OF KENTUCKY TO FINANCE CONSTRUCTION OF
 AN EDUCATIONAL BUILDING PROJECT FROM PROCEEDS OF A PROPOSED
 ISSUE OF UNIVERSITY OF KENTUCKY CONSOLIDATED EDUCATIONAL
 BUILDINGS REVENUE BONDS

 Recommendation: that the Board of Trustees approve the Resolution expressing its official
 intent to issue University of Kentucky Consolidated Educational Buildings Revenue Bonds,
 and that the proceeds of such Bonds will be used, in whole or in part, to reimburse authorized
 expenditures for the proposed project prior to the issuance of such revenue bonds.

 The Resolution states that such Bonds will be issued to finance the (1) construction of a
 building to provide new facilities to house communications and network systems for the
 University, as well as housing for other University departments which are currently housed
 in various off campus facilities; and (2) the infrastructure for the new building.

 Background: The University presently has outstanding twelve series of Consolidated Educational
 Buildings Project Revenue Bonds, Series D through 0 (as more fully described in the Series
 Resolution), all secured by a pledge of the Revenues (registration fees) and by a statutory
 mortgage lien against all of the buildings of the Consolidated Educational Building Project. The
 Bonds which the Board expresses its intent to issue will rank on a parity with the said outstand-
 ing Series of Bonds. Pursuant to the income tax regulations of the Internal Revenue Service, in
 order for expenditures made for a public project prior to the issuance of revenue bonds to be
 reimbursed to the issuer upon the issuance of such bonds, it is necessary that the issuer express
 its official intent to issue such bonds and reimburse such expenditures prior to the issuance of
 such bonds.




Action taken:   I'Approved       J Disapproved      O Other