8 -



members of the University Senate look forward to the opportunity to meet the Board.
President Wethington encouraged the members of the Board to attend the social.


      0.    Acceptance of Interim Financial Report for the University of Kentucky
for the Four Months Ended October 31, 1997 (FCR 1)

      Mr. Hardymon, Chairperson of the Finance Committee, reported that the Finance
Committee met prior to the Board meeting and reviewed 14 items for consideration. He
complimented the Finance Committee for their involvement in discussions about the
items. He said FCR 1 is a recommendation that the Board accept the University of
Kentucky consolidated financial report for the four months ended October 31, 1997. He
reported that the realized income is 41% of the 1997-98 estimate, and the expenditures
and commitments arc 35% of the approved budget. The University has a strong balance
sheet, and the Committee feels very comfortable with the report. He moved approval of
FCR 1. Mr. Shoop seconded the motion, and it passed. (See FCR 1 at the end of the
Minutes.)

      P.    Report of Lease (FCR 2)

      Mr. Hardymon said that FCR 2 is a report of a lease that is less than $30,000 per
year. It involves the renewal of a lease between the University of Kentucky (Hazard
Community College) and Breathitt County Farm Bureau for the use of 2,726 square feet
of office space. He moved approval of FCR 2. His motion, seconded by Mr. Miles,
carried. (See FCR 2 at the end of the Minutes.)

      Q.    Approval of Lease (FCR 3)

      Mr. Hardymon said that FCR 3 involves a lease that has an annual value greater
than $30,000 per year. He recommended that the Vice President for Fiscal Affairs be
authorized to negotiate and execute an addendum of a lease between the University of
Kentucky (Pharmacy Continuing Education) and Norma Curless for the renovation of
1,100 square feet of existing space at an annual rate of $1,845 bringing the total amount to
$50,320.45. He moved approval of FCR 3. Mr. Reed seconded the motion, and it
passed. (See FCR 3 at the end of the Minutes.)

      R.    Capital Construction Report (FCR 4)

      Mr. Hardymon said that FCR 4 is a quarterly capital construction report for the
three months ending September 30, 1997. The report reflects the activity of the
consultants' work as well as the construction work for that quarter. He said that the
Finance Committee reviewed the report and moved approval of FCR 4. Mr. Shoop
seconded the motion, and it carried. (See FCR 4 at the end of the Minutes.)