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         AA. Resolution of the Board of Trustees of the University ot
Kentucky Accepting the Successful Bid for the Purchase of University of
Kentucky Community Colleges Educational Buildings Refunding Revenue Bonds.
Series J (FCR 14)

         Mr. Hardymon reminded the Board that the Committee had been
reviewing the University's loans and bonds with outside professional help
because of the current interest rates. He said that FCR 14 involves
Community Colleges Educational Buildings Refunding Revenue Bonds. He
reported that seven bids had been received at 9:30 a.m. and the low bid was
5.2399X from Chemical Securities, Inc. He commented on the savings and
noted that the refunding program continues to be a success for the
University. He made a motion to approve the bid of Chemical Securities,
Inc. as contained in FCR 14. Mr. Chellgren seconded the motion and it
carried. (See FCR 14 at the end of the Minutes.)

          BB. A Resolution of the Board of Trustees of University of
Kentucky. Authorizing the Issuance of $7.585.000 (Plus or Minus up to
$755,000) Consolidated Educational Buildings Refunding Revenue Bonds,
Series K (Second Series) (FCR 15)

          Mr. Hardymon stated that FCR 15 is asking the Board's approval for
another refunding project. He informed the Board that it involves
Educational Buildings Refunding Revenue Bonds for the Lexington Campus and
the Finance Committee would like to request bids in time for consideration
at the June meeting, providing the Committee feels the bids are justified.
He indicated that, in his opinion, the interest rates would not be changing
in the next month and moved that FCR 15 be approved. His motion was
seconded by Dr. Meriwether and passed. (See FCR 15 at the end of the
Minutes.)

          CC. Coldstream Research Campus Ground Lease (FCR 16)

          Mr. Hardymon reported that FCR 16 involves a Coldstream Research
Campus ground lease. The Committee recommends that the President be
authorized to execute a ground lease between the University of Kentucky and
Kentucky Technology, Inc. for lot 17 for the purpose of developing the
Kentucky Technology Center, a multi-building, multi-tenant complex. After
providing some background information, he reviewed the terms of the lease
and moved approval of FCR 16. The motion, which was seconded by Mr.
Wilcoxson, carried. (See FCR 16 at the end of the Minutes.)

          DD. Meeting Adjourned

          There being no further business to come before the Board, the
Chairperson adjourned the meeting at 2:18 p.m.

                                   Respectfully submitted,



                                   Lois C. Weinberg
                                   Secretary
                                   Board of Trustees

(PR's 2, 4A, 4B, 5A, 5B, 5C, 5D, and 5E; FCR's 1, 2, 3, 4, 5, 6, 7, 8, 9,
10, 11, 12, 13, 14, 15, and 16 which follow are official parts of the
Minutes of the meeting.)