Obligations intended to fund such Capital Expenditures. "To reimburse" means to make such a
restoration.
       "Reimbursement Bonds" means Obligations that are issued to reimburse the Borrower for
Capital Expenditures previously paid by or for the Borrower.

       "Reimbursement Regulations"means Treasury Regulations   1.150-2 and any amendments
thereto or superseding regulation, whether in proposed, temporary or final form, as applicable,
prescribing conditions under which the proceeds of Obligations when allocated or applied to a
reimbursement will be treated as "spent" for purposes of   103 and 141 to 150 of the Code.

       SECTION 2. Declaration of Official Intent.

       (a) The Borrower declares that it reasonably expects that the Capital Expenditures
described in Section (b), which will be paid prior to the issuance of any Obligations intended to
fund such Capital Expenditures, will be reimbursed with the proceeds of Obligations, representing
a borrowing by the Borrower in the maximum principal amount for such reimbursements, funding
of a debt service reserve and payment of costs of issuance of approximately $4,800,000; and

       (b) The Capital Expenditures to be reimbursed are to be used for 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.

       SECTION 3. Reasonable Expectations. The Borrower does not expect any other funds
(including the money advanced to make the Capital Expenditures that are to be reimbursed), to
be reserved, allocated on a long-term basis, or otherwise set aside by the Borrower or any other
entity affiliated with the Borrower, with respect to the Capital Expenditures described in 2(b).

       SECTION 4. Effective Date. This Resolution shall be effective from and after its date
of adoption.

      Adopted at a duly convened meeting of the Board of Trustees of the University of
Kentucky on the 6th of May, 1997.


                                                       UNIVERSITY OF KENTUCKY

Attest:


                                                              Chairman, Board of Trustees


Bv:,L~e&
             Secretarv~