2.



exceed our legal limrit.  I -ill probably know next week
if    c~ can arragne to borrow in Cincinnati, in ;:hich evcnt
I will have to gat thZ rsolu-ioa -from the University
authorizing it.

                               Ver-' trul- yours

                                  YW. A. }!icDoWSe1

                                         Preiden t

                               November 19, 1920



Yonorable Richard C. Stoll, ChairmIan
     Executive Commi- tee
          Univ-ersity of Kentucky

Dear :rr. Stoll:

     The attached letter of Vim. A.. McDowell, President
of the Phoenix and Third National Bank, gives a correct
statement of the indebteduess of the Utniversity of Zen-
tucky to the Phoenix a:_;d. Third National Bank and to the
Phoenix and Third Trust Company.  The interest that will
have accrued at maturity of the noteS is included.

     At the meeting of the Exexcutive Committee, 3uly 7
1920, an order *was eralered giving authority to borrow
an amount not in excess of $90,000.00.   At the speoial
meet ing, November 1. 1920, an* order was ent ered giving
authority to boxrrow $30,000.00 from the Phoenix and Third
Trust Company.

     The note for $34,5l15,66 is a renewal of the note
usually referred to as the Peabody Note, which, renewal
was authorized at the meeting of October 20, 1920.   1
think the nnly thing necessary to do is to give Mr. Mc-
Dowell a certified copy of the order of October 20, 1920.

     Nothing has been borrowed on the authority to bor-
row; $100,000.00 from the Citizens Union Vational Bank,
Louisville.   Mr. McDowell's letter explains that.
The following obligations will accrue before December 31,
1920;

     Nove:M1er Salaries ................... $57,000.00
     Decemntr Salrries ................... 57,000.00
     Pi 11-s maturing over and above ca.sh receipts
                       .............. *  ....... 40, 0 0,0. U0
                                             154. ;000.00