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Image [2] of Minutes of the University of Kentucky Board of Trustees, 1994-01-jan12-ec.

Part of Minutes of the University of Kentucky Board of Trustees

-2- represents a spread of less than one/lOOth of one percent. He then provided the following information: Principal amount of bond sale Final maturity Cumulative savings on this sale Present value of savings 4.61 of the refunded bonds $55,540,000 Year of 2011 $3,219,062 $2,285,299 Mr. Hardymon also informed the members of the Committee of the total savings to-date from bond refinancing: Average annual savings of debt service Up-to-date cumulative savings Present value Annual savings $178, 837.00 Over $9.7 million Over $7.1 million $695,017 Mr. Hardymon's motion was seconded by Mr. Sturgill and passed. (See PR 1 at the end of the Minutes.) C. Meeting-Adjourned There being no further business to come before the Executive Committee, the meeting adjourned at 12:13 p.m. Respectfully submitted? Lois C. Weinberg Secretary Board of Trustees (PR 1 which follows is an official part of the Minutes of the meeting.) /8701