- 4 -



       J.   Report of Leases (FCR 2)

       Mr. Hardymon reminded the Board of FCR 5, dated October 5, 1985,
that authorized the President or his designated representative to enter
into leases and easements not exceeding $30,000 in value and required
that all leases entered into under this authority be reported to the
Board. He commented on the two renewals of leases and recommended that
the report be accepted and made a matter of record. His motion was
seconded by Mr. Chellgren and passed. (See FCR 2 at the end of the
Minutes.)

       K.   Approval of Lease (FCR 3)

       Mr. Hardymon reported that FCR 3 involves an addendum to a lease
between University of Kentucky (Hospital Accounting) and CHM Property
Partners, for property located at 191 West Lowry Lane effective March 1.
1994 through June 30, 1994 for the installation of a communications
network. He noted that the original lease was approved at an annual
rental cost of $55,398.22 and this addendum brings the total annual
rental to $60,867.56. He recommended approval of FCR 3. Mr. Chellgren
seconded the motion, and it passed. (See FCR 3 at the end of the
Minutes.)

       L.    1993-94 Budget Revisions (FCR 4)

       Mr. Hardymon said that FCR 4 is a budget revision reporting
updates mainly from federal appropriations. He highlighted several items
in the report and recommended approval. His motion, seconded by Mr.
Sturgill, passed. (See FCR 4 at the end of the Minutes.)

       M.    John H. Clark Gift of Property (FMR 51

       Mr. Hardymon reported that John H. Clark of Lexington, Kentucky
has designated a farm in Woodford County valued at approximately $897,500
(160 acres) be given to the University. He said that Mr. Clark will
retain the use of the property during his lifetime or until he
relinquishes such interest.  Eventually, the property will be sold by the
University and the proceeds used by the University of Kentucky Equine
Research Foundation to fund research in the Department of Veterinary
Science. Mr. Hardymon recommended approval. Mr. Clay seconded the
motion and it passed. (See FCR 5 at the end of the Minutes.)

       President Wethington expressed appreciation to Mr. Clark for the
gift. He also thanked Mr. Clay and Mr. Shoop, who serve as members of
the Equine Research Foundation Board, and Mr. Albert Clay, Chairperson of
that Board, for their assistance in getting this fine gift for the
University.

       N.    Ralph G. Anderson Pledge (FCR 6)

       Mr. Hardymon recommended that the Board accept the pledge of
$2,000,000 from Ralph G. Anderson, Cincinnati, Ohio, for help in
constructing a new mechanical engineering building on the Lexington
Campus. He asked Chancellor Hemenway to comment on the pledge.