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[6]

Part of Minutes of the University of Kentucky Board of Trustees

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-6- P. Financial Statement of Spindletop Hall, Inc. (FCR 2) On motion by Mr. Clay, seconded by Mr. Farmer and passed, the Board of Trustees accepted the financial statement of Spindletop Hall, Inc. for the year ended December 31, 1980. Q. Authorization to Expend from Maintenance Reserve by Sigma Alpha Epsilon Fraternity (FCR 3) Acting on the recommendation of the Finance Committee, Mr. Clay moved that the Vice President for Business Affairs and Treasurer be authorized to request funds from the "Maintenance Reserve Account" as recommended in FCR 3 for the purpose of paying the cost of replacing two water heaters at the Sigma Alpha Epsilon Fraternity House. His motion was seconded by Mr. Frank Ramsey and passed with all present voting "aye". (See FCR 3 at the end of the Minutes.) R. Resolution Approving Report of the Director, Auxiliary Services, Reciting Inspection of the Housing and Dining Buildings and Appurtenant Facilities of the University's Housing and Dining System, Previously Approved by the President as Required in Connection with the Delivery to the Purchasers of the University's $4,200,000 "Housing and Dining System Revenue Bond Anticipation Notes, Series L," Sold at Public Sale on March 10, 1981 (FCR 4) The members of the Board were reminded that the Executive Committee at its meeting held on March 10, 1981, awarded at public sale the University's $4,200,000 Housing and Dining System Revenue Bond Anticipation Notes, Series L. The Series L Notes were sold for the purpose of providing for payment of the costs of constructing an addition to the University's Student Center. One of the conditions set forth in the Board's June 1, 1965, Trust Indenture with Farmers Bank & Capital Trust Company, Frankfort, Kentucky, as Trustee, creating and establishing the issue of "Housing and Dining System Revenue Bonds," is that each Series of Bonds may rank on a basis of parity as to security and source of payment with all previously issued Bonds only if there is a written report, made by a proper member of the University's staff, approved by the President, and submitted to and approved by the Board, showing that there has been a physical inspection of all the facilities of the System and that they are found to be in a good and tenantable state of repair, ordinary wear and tear excepted. Mr. Albert Clay tendered to the Board such a certificate made under date of March 23, 1981, signed by the Director, Auxiliary Services, and bearing the written endorsement of approval of the President. He requested that the same be approved by the Board. Mr. Clay moved that the tendered certificate of the Director, Auxiliary Services, be approved, and his motion was seconded by Mr. Homer Ramsey. After discussion, the Chairman put the question and upon call of the roll, the motion was approved by unanimous vote of all members present. (See FCR 4 at the end of the Minutes.)