6



deemed appropriate and consistent, including the redemption date, and to
approve the form of Notice of Sale of Bonds, Official Terms and Conditions
of Bond Sale, Official Bid Form, and Preliminary Official Statement, to
whatever extent is deemed appropriate in order to carry out any of the
foregoing, and in order to provide the most favorable conditions for the
sale of such Refunding Bonds, with the provision that no bid for the
purchase of such Bonds can be accepted without specific formal action by
either the full Board or the Executive Committee of the Board, acting
pursuant to recommendations of the Finance Committee of the Board.

       Mar. Clay further stated that he had made such determinations which
were set out in revised forms of a Notice of Sale of Bonds, Official Terms
and Conditions of Bond Sale, and Official Bid Form, and that the President
of the University had approved the fixing of such terms and conditions by
signing a Certificate attached to each of such instruments, stating that he
had made such determinations and had approved same prior to their use.

       Thereupon, a motion was made by Trustee Clay and seconded by Trustee
Lassetter that a Resolution entitled:

       A RESOLUTION AUTHORIZING THE ISSUANCE OF UNIVERSITY OF
       KENTUCKY COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REFUNDING
       REVENUE BONDS, SERIES 0 (SECOND SERIES), DATED OCTOBER 1, 1986.

be adopted and that the official documents referred to therein relating to
the advertisement and sale of said Bonds be approved, a true copy of which
Resolution and the documents referred to therein being attached to these
Minutes. Upon such Resolution and documents having been fully considered,
a vote was taken on such motion which resulted as follows:

       Yeas for the Motion                     Nays Against the Motion

       Robert T. McCowan                                None
       Raymond F. Betts
       William R. Black
       Albert G. Clay
       David R. Driscoll, Jr.
       Tracy Farmer
       Donna G. Greenwell
       George W. Griffin
       Henry E. Hershey
       T. A. Lassetter
       W. Bruce Lunsford
       Frank Ramsey
       James L. Rose
       Constance P. Wilson

       Thereupon, the Chairman declared that such Resolution had been
adopted and that said documents referred to therein had been approved.
(See FCR 6 at the end of the Minutes.)