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[7] > Image [7] of Minutes of the University of Kentucky Board of Trustees, 1973-02-feb20.

Part of Minutes of the University of Kentucky Board of Trustees

OF KENTUCKY HEREBY RESOLVES. AS FOLLMIS: Section 1. For the purpose of refinancing $32,145,000.00 principal amount of "University of Kentucky Consolidated Educa- tional Buildings Revenue Bonds, Series D", dated May 1, 1971, at a lower interest cost to the University (being the callable Bonds of said issue maturing on and after May 1, 1982), there are hereby authorized to be issued and sold at competitive public sale a series of "University of Kentucky Consolidated Educational Buildings Refunding Revenue Bonds, Series D", (the "Refunding Bonds"), which Refunding Bonds shall be dated as of March 1, 1973, and shall be issued pursuant to authoriz- ing Resolution substantially in the form of Exhibit A herein- after mentioned. Section 2. The Board of Trustees recognizes and acknowl- edges that because of the technical nature of Bond refunding transactions, coupled with the highly restrictive proposed Federal income tax regulations regarding "arbitrage" Bonds, promulgated by the United States Internal Revenue Service pursuant to Section 103(d) of the Internal Revenue Code of 1954, as amended, it is not possible as of the date of the adoption of this Resolution for the Financial Advisor to deter'mlv,; with specificity the exact principal amount of Refunding Bonds - 3 -