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[6] > Image [6] of Minutes of the University of Kentucky Board of Trustees, 1971-10-nov15.

Part of Minutes of the University of Kentucky Board of Trustees

-6- Mr. Forgy explained that in connection with the financing of a new stadiullm, parking areas to be used in connection therewith and other necessary appUrtenances the State Property and Buildings Commission of the Common- wealth of Kentucky had already adopted on Novembnber 11, 1971, a resolution authorizing the issuance of $9. 000, 00G of revenue bonds and in anticipation of the issuance of such bonds the issue, sale and delivery of $9, 000, 000 of notes, all subject to the Board of Trustees making a formal application to the Com- mission that the Commission proceed with the necessary steps in such financing. After the matter had been discussed, Mr. Chandler introduced, caused to be read and moved the immediate adoption of a resolution entitled: A RESOLUTION AUTHORIZING AN APPLICATION TO BE MADE TO THE STATE PROPERTY AND BUILDINGS COM- MISSION OF THE COMMONWEALTH OF KENTUCKY FOR SUCH COMMISSION TO AUTHORIZE, ISSUE, SELL AND DELIVER $9, 000, 000 OF ITS REVENUE BONDS AND IN ANTICIPATION THEREOF TO AUTHORIZE. ISSUE, SELL AND DELIVER $9, 000, 000 OF NOTES, ALL IN ACCORDANCE WITH A RESOLUTION ALREADY ADOPTED BY SUCH COM- MISSION ON NOVEMBER 11, 1971, APPROVING THE TERMS OF SUCH RESOLUTION OF SUCH COMMISSION. AUTHORIZING THE EXECUTION OF A LEASE OF THE PROPERTIES BEING FINANCED BY THE PROVISIONS OF SUCH RESOLUTION. AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH THE UNIVERSITY OF KENTUCKY ATHLETIC ASSOCIATION AND AUTHORIZING THE EXECUTION OF A DEED BY THE BOARD TO SUCH COM1MISSION OF THE PROPERTIES CON- STITUTING THE PROJECT W-HICH WILL BE FINANCED BY THE ISSUANCE OF SUCH BONDS AND NOTES. a true copy of which was presented to the meeting at which such resolution was proposed and a true copy of which is attached to these Minutes. The motion for the adoption of said resolution was seconded by Mr. Pence. Prior to the vote on the motion, Mr. Wendelsdorf requested that it be made a matter of record that he felt that now is not the timne to engage in such a project. Following this discussion, the Vice Chairman put the question, and upon call of the roll, the vote was recorded as follows: Voting "Aye": Mr. Clay, Mrs. Blazer, Mr. Chandler, Mr. Cooper, Mr. Goss, Mrs. Clark, Mr. Pence and Mr. Wright. Voting "Nay": None. Q. Report on Inv stnmients (ICR 1) On motion by Mrs. Blazer, seconded, and passed, the report on