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       0.    Acceptance of Interim Financial Report for the University of Kentucky for the
             Ten Months Ended April 30. 2000 (FCR 1)

      Mr. Chellgren stated that FCR 1 is the acceptance of the Interim Financial Report for the
University of Kentucky for the Ten Months Ended April 30, 2000. At that particular date, the
University had received some 88% of the budget realized to date, and the expenditures were 78%
of the budget. Total assets were $2,407,557 and the total endowment fund balance was almost
$273,000,000. Mr. Chellgren moved adoption of FCR 1. The motion, seconded by Mr.
Williams, passed. (See FCR 1 at the end of the Minutes.)

      P.    Disposal of Surplus Property (FCR 2)

      Mr. Chellgren stated that FCR 2 is the disposal of surplus property and individual items
of less than $ 10,000 in value. He noted that the list was attached to FCR 2, and moved adoption
of FCR 2. His motion, seconded by Ms. Wickliffe, carried. (See FCR 2 at the end of the
Minutes.)

      Q.    Report of Leases (FCR 3)

      Mr. Chellgren stated that FCR 3 is the report of the leases from the administration. There
are 26 renewals, 25 of them being renewed at the existing terms and conditions, and one renewal
with a rate increase. On motion made by Mr. Chellgren, seconded by Mr. Guthrie and carried,
FCR 3 was approved. (See FCR 3 at the end of the Minutes.)

      R.    Approval of Leases (FCR 4)

      Mr. Chellgren stated that FCR 4 is the report of leases above $30,000 that requires
Finance Committee and Board approval. There are fourteen leases, one new and thirteen
renewals. He mentioned that the new lease is for almost 22,000 square feet of office and
classroom space, at an annual lease rate of $196,020 for the Lexington Community College. Mr.
Chellgren moved adoption of FCR 4. The motion, seconded by Ms. Sparks, carried. (See FCR 4
at the end of the Minutes.)

      S.    Patent Assignment Report (FCR 5)

      Mr. Chellgren stated that FCR 5 is the Patent Assignment Report. There are five patents,
"Iodo-nonoxynol-9-Derivatives and Methods for Their Use," "Materials and Methods Useful to
Affect Growth and Development of Lepidoptera Larvae," "Cutter Assembly for a Microscope
and Related Method," "System and Method for Intranasal Administration of Opioids," and
"Water-Soluble Derivatives of Camptothecin/Homocamptothecin." Mr. Chellgren moved
adoption of FCR 5. Ms. Wilson seconded the motion, and it passed. (See FCR 5 at the end of
the Minutes.)

      T.    Room and Board Rates 2000-2001 School Year (FCR 6)

      Mr. Chellgren stated that FCR 6 is to approve the room and board rates for the 2000-2001
school year. He noted that the Board and the administration should take some pride in that the
basic charge goes up less than 2%, some $60 on a base of some $3,722 for the basic residence