RESOLUTION



          RESOLUTION  OF   THE   BOARD   OF  TRUSTEES   OF
          UNIVERSITY OF KENTUCKY ACCEPTING THE SUCCESSFUL
          BID FOR THE PURCHASE OF UNIVERSITY OF KENTUCKY
          COMMUNITY   COLLEGES    EDUCATIONAL   BUILDINGS
          REFUNDING REVENUE BONDS, SERIES J.

          WHEREAS, pursuant to a resolution of the Board of
Trustees  (the   "Board") adopted   on  April 6,  1993, the    Board
authorized  the  advertisement   for  bids  for  the  sale  of   the
$29,670,000  (plus or minus up to $2,965,000) of University of
Kentucky Community Colleges Educational Buildings Refunding Revenue
Bonds, Series J, dated May 1, 1993 (the "Series J Bonds"); and

          WHEREAS, the sale of the Series J Bonds has been adver-
tised in accordance with law for the receipt of bids for the Series
J Bonds at 9:30 A.M., E.D.T., on May 4, 1993, and the Board will
accept the lowest and best bid received upon the advice of J.J.B.
Hilliard, W.L. Lyons, Inc., the Financial Advisor to the Board; and



          WHEREAS, all bids
Series J Bonds from the Board
and are as follows:



BIDDERS



INTEREST
  RATES



received for the purchase of said
of Trustees have been duly considered



AMOUNTS BID FOR SAID
$29,670,000 PRINCIPAL
AMOUNT OF BONDS, PLUS
ACCRUED INTEREST FROM
     MAY 1, 1993



INTEREST
COST



1. Chemical Securities


2. Goldman Sachs


3. Clayton Brown & Assoc.


4. Prudential Securities


5. Morgan Stanley


6. Merrill Lynch


7. Bear Stearns



5.00% - 5.10%


5.00% - 5.15%


4.70% - 5.20%


5.00% - 5.20%


5.00% - 5.25%


2.80% - 5.50%


5.00% - 5.30%



$29,087,432.45


$29,078,899.20


$29,076,647.35


$29,076,600.00


$29,076,837.50


$29,076,704.30


$29,076,600.00



2



5. 2399%



5. 277 3%



5. 3268%



5. 3318%



5.3587%



5. 3892%



5.4050%