5



$16, 300, 000 Bond Anticipation Notes for the Community Colleges Project author-
ized May 6, 1969, by the Board of Trustees, expire on April 14, 1970. He then
stated that University officials and the Finance Committee of the Board of
Trustees acting upon the advice of bond counsel and fiscal agents and with the
approval of the Department of Finance of the Commonwealth recommend to the
Board of Trustees that the University remain in the short-term market for an-
other year and that renewal of such Notes be aiithorized. Renewal of the notes
will permit the University to delay long-term financing to take further advantage
of the improving long-term market and to sell and obtain the proceeds from the
Series B Bonds as to w-hich a Federal agency has made a guaranteed bid, but
wNill not pay for the Bonds until the Project is about 80%o completed. After this
introduction and explanation by Mr. Ruschell, Mr. Hillenmeyer introduced,
caused to be read and moved immediate adoption of a resolution entitled:

        "A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
        UNTVERSITY OF KENTUCKY AUTHORIZING THE ISSUANCE,
        JOINTLY WITH THE STATE PROPERTY AND BUILDINGS
        COMMISSION OF KENTUCKY, AND SUBJECT TO THE AP-
        PROVAL AND CONCURRENCE OF SAID COMMISSION, OF
        ITS $16, 300. 000 REVENUE BOND ANTICIPATION (RENEWAL)
        NOTES ACCORDING TO AUTHORITY OF KRS 56. 513. PAYABLE
        AS TO PRINCIPAL AND INTEREST SOLELY AS HEREINAFTER
        PROVIDED, AND NOT CONSTITUTING GENERAL OBLIGATIONS
        OF THE UNTVERS'TY, THE BOARD, OR THE COMMONWEALTH,
        AND REQUESTING APPROVAL AND CONCURRENCE OF THE
        SAID COMMISSION,"

a true copy of which wxras & presented to the meeting at which such resolution was
proposed, and a true coo\ of whaich is attached to these Minutes.

       The motion for the adoption of the said Resolution was seconded by Mr.
Bell. After full discuss.ion. the chairman pi-t the question and upon call of the
roll. the vote a;;as record-d as follows:

      Voting 'Ave": Mr. Jesse M. Alverson, Mr. Thomas P. Bell, Mrs.
Rexford S. Blazet, Mr. Albert G. Clay, Mr. Richard E. Cooper, Mr. Robert
H. Hi.llenmeyer, Dr. N. NT Nicholas and Mr. James H. Pence.

      Voting "'Nay": None

      The chairman then announced that the Resolution had been duly adopted
and was in fill force and effect.

      Mr. Hillenrreye r thereupon introduced, caused to be read and moved im-
mediate acceptlncee and approval of the forms of the Invitation to Submit Proposa.l
and the Official Statement Relating to the Issuance and Sale $16, 300, 000 Bond
Anticipation Notes datea AorA..l 13, 1970, the forms of which shall be substantially
in the forms of Such instruments which were presented to the meeting.