3.



         Estimated cash receipts from State Tax collected
         in Novernber based on amount received last year.. $50,000.
         Obligations excess receipts        ..            $10",OOO.00

         State Warrants
             On hand ..................................    45,950.98
             Certified to Auditor in NYersember .29,633.16
             2stimate of amount to be certified in
               December .2. 3000.00
                     Totsl .$ 98,614.14

                                   Very truly

                                      D. R. Peak, Business Agent

     Whereupon the folloving resolutions were offered, sooonded,
and unanimou sly adcpted:

          Be it Resolved, By the Executive Committee of the
     University of ICentuoky, that Richard C. Stoll, Chairman
     of the Executive Committee of the University of Kentuckt,
     aad D. R. Peak, Business i-gent of the University, be,
     and they are hereby authorized to borrow for and on be-
     half of the University of lentucky the sum of seventy-
     five thousand dollars (05,00O) at one time, or from time
     to time, either in or out of the State, for a period of
     90 days, and the said Richard C. Stoll an d D. IT. Peak
     shall be authorized to determine the rate of interest to
     be paid not exceeding 6%; and they are also authorized
     to execute any reneral or renerals of any notes executed
     for the said sunm so borrowed, either in whole or in part,
     from time to time.

          Be it Resolved, By the Executive Committee of the
     University of Kentucky, that Richard C. Stoll, Chairman
     of the Executive Committee of the Universit,y of Kentucky,
     and D. K. Peak, Business Agent of the Univervity, be,, ad
     they are hereby authorized to borrow for and on behalf
     of the University of Ientucky the sum of forty thousand
     dollars ($40,000) at one time, or.from time to time, from
     the Phoenix and Third National Bank of Lexington, Xentuoky,
     fcr- a period of 90 days, and the said Richard C. Stoll
     and D. Rf. Peak shall be authorized to execute any renewal
     or renewals of any notes executed for the said sum so
     borrowed, either in whole or in part, from time to time.

          Be it Resolved, By the Executive Committee of the
     University of lentucky, that Riohrrd C. Stoll, Chairman
     of the Executive Committee of the University of Kentucty,
     and D. R. Peak, Business Agent of the University, be,
     and they are hereby authorized to turn over to the Phoenix
     and Third Nttional Bank of Lexingto#, Xentucky, any State
     warrants held by the University of Xcntucky to be used
     as collateral on loans made to the University by the
     aforesaid bank.