Minutus of the mreeting of the ;xecutive Committee, University of
Klebtucky, for Fridz y, tNovcnmber 19, 19210




     The Executive Comnnittee of the Bon.rd of Trustecs, University
of Kentucky, met in regular monthly session in the President's
office at the University at the hour of 12:00 o'clo6.o&, noon, No-
vember 19, 1920.   The following members were present:   Richr,.rd
C. Stoll, P. P. Johnston,  Jr., fnd Richard P. Ernst.   President
,rank L. MIoVey and 'Wellington Patrick, Secretaty of the Committee,
wera: present.

     The minutes of the regular moithly meeting for October 20,
and the special meeting on November 1, were read and adopted.

     (1) Borrowing of- Funds.  The followving communioations were
read from MIr. Wl. A. McDowell, President of Phoenix and Third National
Bank; and Senator D. E. Peak, Business Agent of .the. University.

                 Phoenix and Third National Bank
                          Lexington, Kentucky
                               November 13, 1920


    honorable R. C. Stoll

          Lexington, Kentucky

     Dear Sir:

          Referring to your renucst, the University owes us
     a demand note, dated August 30, 1920 for $40,000, a note
     dated November 1, 1920, due January 31, 192'., for $40,606.70,
     and a note dated November 1, 1920, due January 31, 1921,
     for $34,515.67.   This last note is secured by $4O,000- in
     Liberty Bonds.   Yoo can see from the above, which totals
     $115,122.37, that we have exceeded our authority fronm the
     University by slightly over $25000.   We have not exceeded
     our legal authority at the Bank on account of the Liberty
     Bonds being pledged as collateral.

          I will therefore be obliged to you if as soon as
     entirely convenient, you will have a resolution passed
     authorizing the University to borrow from this bank an
     additional $40,000, that is, in addition to the $90,000
     for which we have authority.   This does not, of course,
     take ihto account the $20,300 borrowed from the Phoenix
     and Third Trust Company, for which we have proper author-
     ity.

          It is probable that 'm may have to arrange to borrow
     $75,000 for the University in Cincinnati, as John Dow-ning
     .is very loathe to lend to the University direct, desiring
     endorsement of this bank, which, of course, under the con-
     dition, we cannot give him, as we cannot in any event