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