EXHIBIT 1



            RESOLUTION RELATING TO THE
        $8,500,000 UNIVERSITY OF KENTUCKY
        CONSOLIDATED EDUCATIONAL BUILDINGS
             REVENUE BONDS, SERIES H

WHEREAS, the Executive Committee of the Board of
Trustees of the University of Kentucky ("the Board") at
its meeting on January 25, 1983, passed and adopted two
Resolutions, entitled, respectively,

     A   RESOLUTION   AUTHORIZING   THE    ISSUANCE   OF
     $8,500,000 UNIVERSITY OF KENTUCKY CONSOLIDATED
     EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES H, OF
     THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KEN-
     TUCKY

                       - and -

     A   RESOLUTION   AUTHORIZING   THE    ISSUANCE   OF
     $8,500,000 UNIVERSITY OF KENTUCKY CONSOLIDATED
     EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES H, OF
     THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KEN-
     TUCKY AND THE ISSUANCE OF $8,500,000 UNIVERSITY OF
     KENTUCKY   CONSOLIDATED   EDUCATIONAL    BUILDINGS
     REVENUE BOND ANTICIPATION NOTES, SERIES H, OF THE
     BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY IN
     ANTICIPATION OF THE ULTIMATE ISSUANCE OF SAID
     SERIES H BONDS,

said Resolutions being referred to herein, respec-
tively, as "the Series H Resolution" and "the Alternate
Series H Resolution;" and

WHEREAS, pursuant to Section 5.3 of the Alternate
Series H Resolution, on or about February 15, 1983, the
Treasurer of the Board duly polled each member of the
Finance Committee of the Board, all of whom preferred
the issuance of the Series H Bonds authorized by the
Series H Resolution to the issuance of the Series H
Notes authorized by the Alternate Series H Resolution;
and

WHEREAS, pursuant to Section 2.10 of the Series H
Resolution, the Treasurer has caused to be published a
Notice of Bond Sale with respect to the Series H 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