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Part of Minutes of the University of Kentucky Board of Trustees

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Minutes of the Meeting of the Executive Committee of the Board of Trustees of the University of Kentucky, Wednesday, January 12, 1994. The Executive Committee of the Board of Trustees of the University of Kentucky met at 12:00 Noon (Lexington Time) on Wednesday, January 12, 1994 in the Board Room on the 18th floor of the Patterson Office Tower on the Lexington Campus. A. Meeting Opened and Roll Called Governor Edward T. Breathitt, Chairperson, called the meeting to order at 12:06 p.m., and the invocation was pronounced by Mr. Sturgill. The following members of the Executive Committee of the Board of Trustees answered the call of the roll: Governor Edward T. Breathitt (Chairperson), Mr. James F. Hardymon, Mr. William B. Sturgill and Lois C. Weinberg. Absent from the meeting were Dr. Robert P. Meriwether and Billy B. Wilcoxson. The University administration was represented by President Charles T. Wethington, Jr.; Chancellor Ben Carr; Vice Presidents Joseph T. Burch and Donald B. Clapp; and Mr. Paul VanBooven, Associate General Counsel. Members of the general public and the news media were also in attendance. A quorum being present, Governor Breathitt declared the meeting officially open for the conduct of business at 12:08 p.m. B. Resolution of the Executive CQmmittee of the Board of Trustees of the University of Kentucky Accepting the Successifuli Qdfor the Purczhase of University of Kentucky Cmm unity Colleges Eduational Buildings Refunding Revenue Bonds. Series A. C. F and H (Second Series). Dated January 1. 1994 (PR 1) Mr. Hardymon, Chairperson of the Finance Committee, stated that this sale is a continuation of the efforts in refinancing the revenue bonds. He moved that the Board of Trustees approve a Resolution accepting the successful bid of Dillon Reed & Co., Inc. with reference to the sale of the $55,415,000 (plus or minus up to $4,540,000) of University of Kentucky Community Colleges Educational Buildings Refunding Revenue Bonds, Series A, C, F and H (Second Series), dated January 1, 1994, at a net interest cost of 4.7442%; and that the Executive Committee of the Board of Trustees approve the form of Official Statement as prepared by J.J.B. Hilliard, W.L. Lyons, Inc. the Financial Advisors to the Board of Trustees. Mr. Hardymon reported that the bids were received at 10:00 a.m. and Dillon Reed & Co., Inc. submitted the low bid of 4.7442%. He noted that the bids were very tightly grouped, and the second lowest bid was submitted by Lehman Brothers at a net interest of 4.7540%. This