- 6 -



      Mr. Ockerman thanked President Wethington for the comprehensive
explanation of the budget request, all the members of the Board for
attending sessions to review the document, Mr. Carter, and others of the
administrative staff for the tremendous amount of time and effort placed
in preparing the document. He entertained a motion for approval. Mr.
Wilcoxson so moved. The motion, seconded by Judge Stephens, passed
unanimously.

       K.    Disposal of Personal Property (FOR 1)

       Mr. Ockerman, Chairman of the Finance Committee, recommended that
the routine report on the disposal of surplus equipment be approved.
Professor Rhoads so moved. The motion, seconded by Mr. Shoop, carried.
(See FCR 1 at the end of the Minutes.)

       L.   Designation of Depository Bank (FCR 2)

       With the Finance Committee so recommending, Mr. Ockerman
entertained a motion that the Board of Trustees designate Wachovia Bank
and Trust Company, N.A. to serve as a depository bank for the University
of Kentucky Health Profession and Nursing Student Loans.  On motion made
by Mrs. Hayes, seconded by Dr. Meriwether and passed, FCR 2 was
approved. (See FCR 2 at the end of the Minutes.)

       M.    Acceptance of Audit Report for the University of Kentucky
for 1990-91 (FCR 3)

       On recommendation of the Finance Committee, Mr. Ockerman
entertained a motion that the Board accept the University of Kentucky
financial statements for the year ended June 30, 1991. Mr. Sturgill so
moved. His motion was seconded by Mr. Wilcoxson and passed. (See FCR 3
at the end of the Minutes.)

       N.    Report of Leases (FOR 4)

       On motion made by Mr. Ulmer, seconded by Professor Rhoads and
carried, the Board accepted the Report of Leases in FCR 4. (See FCR 4 at
the end of the Minutes.)

       0.    1991-92 Budget Revisions (FCR 5)

       With the concurrence of the Finance Committee, Mr. Ockerman
recommended that the Board approve the 1991-92 budget revisions. Mr.
Sturgill so moved.  The motion, seconded by Mrs. Sims, carried.   (See
FCR 5 at the end of the Minutes.)

       P.   Acceptance of Gift from the U.S. Department of Education
t(FR 7)

       Mr. Ockerman reviewed the background information and recommended
that the Board accept the gift of $1,000,002 from the U.S. Department of
Education. On motion made by Professor Rhoads, seconded by Dr. Foster
and carried, the Board approved FCR 7. (See FCR 7 at the end of the
Minutes.)