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[6]

Part of Minutes of the University of Kentucky Board of Trustees

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WHEREAS, all of said Series D Bonds maturing on and after May 1, 1981, bear interest at rates which are considered by the Board of Trustees to be inordinately high in the light of pre- sent market conditions in respect of public securities, and the Board of Trustees has determined that it would be in the best interests of the University of Kentucky to refund said identified Series D Bonds at a lower interest cost, thereby effecting substantial monetary savings to the University of Kentucky; and WHEREAS, the University has retained Dupree & Company, Inc., Lexington, Kentucky, as Financial Advisor to the Univer- sity in connection with said proposed refunding transaction, and said Financial Advisor has prepared, and has caused Bond Counsel to prepare, certain authorizing and offering documents in substantially complete form, which are, however, subject to refinement and completion when final financial data is assembled, and said parties have further recommended a schedule of acti- vities with respect to said refinancing transaction to the Board of Trustees, and it is appropriate at this time that the Board of Trustees take certain actions. NOW THEREFORE. THE BOARD OF TRUSTEES OF THE UNIVERSITY - 2