A RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVER-
   SITY OF KENTUCKY AUTHORIZING THE REFINANCING AT A
   LOWER INTEREST COST TO THE UNIVERSITY OF ALL OUT-
   STANDING AND CALLABLE "UNIVERSITY OF KENTUCKY CON-
   SOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES
   Dv, DATED MAY 1, 1971; APPROVING, SUBJECT TO FINAL
   REFINEMENT AND COMPLETION, A RESOLUTION AUTHORIZING
   "UNIVERSITY OF KENTUCKY CONSOLIDATED EDUCATIONAL
   BUILDINGS REFUNDING REVENUE BONDS, SERIES D", DATED
   MARCH 1, 1973, AND AN OFFICIAL STATEMENT IN RESPECT
   OF SUCH REFUNDING ISSUE; AUTHORIZING THE FINANCIAL
   ADVISOR TO THE UNIVERSITY TO PROCEED WITH THE IMPLE-
   MENTATION OF THE PROJECT; AND AUTHORIZING AND
   DIRECTING THE EXECUTIVE COMMITTEE OF THE BOARD OF
   TRUSTEES TO RECEIVE, CONSIDER AND ACCEPT, IN THE
   SOUND DISCRETION OF SAID EXECUTIVE COMMITTEE, PRO-
   POSALS FOR THE PURCHASE OF SUCH REFUNDING BONDS.



   WHEREAS, under date of May 1, 1971, pursuant to authoriza-

tion by this Board of Trustees, there were issued $34,700,000.00

principal amount of "University of Kentucky Consolidated Educa-

tional Buildings Revenue Bonds, Series D" (the "Series D Bonds");

and

   WHEREAS,  all of said Consolidated Educational Buildings

Revenue Bonds, Series D, maturing on and after May 1, 1982,

are subject to redemption at the option of the Board of Trustees

on May 1, 1981, at a redemption premium of three percent (3%),

and on May 1, 1981, $32,145,000.00 principal amount of said

Series D Bonds will be outstanding and redeemable; and



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