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Part of Minutes of the University of Kentucky Board of Trustees

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Office of the President January 12, 1994 PR'1 Members, Board of Trustees Executive Committee: RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF UNIVERSITY OF KENTUCKY COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REFUNDING REVENUE BONDS, SERIES A, C, F AND H (SECOND SERIES), DATED JANUARY 1, 1994. Recommendation: (i) 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 $5,540,000) 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%; (ii) 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. Background: On December 14, 1993, the Board of Trustees approved Resolutions authorizing the issuance of $55,415,000 (plus or minus up to $5,540,000) of University of Kentucky Community Colleges Educational Buildings Refunding Revenue Bonds, Series A, C, F and H (Second Series) dated January 1, 1994. Said Resolutions also authorized the public advertising for sealed, competitive bids to be received for said Bonds. Bids were received by the Controller and Treasurer and tabulated by J.J.B. Hilliard, W.L. Lyons, Inc., the Financial Advisors for the bonds. The recommended bid is the lowest net interest cost to the University. Six bids were received and tabulated as follows: Dillon Reed & Co., Inc. 4.7442% Lehman Brothers 4.7540% Kemper Securities, Inc. 4.7569% Chemical Securities, Inc. 4.7592% Morgan Stanley & Co., Inc. 4.7752% Merrill Lynch 4.8570% Dated: January 12, 1994 Action: Approved V - Disapproved Other