Minutes of Called Meeting of the Executive Committee of the Board of Trustees
of the University of Kentucky April 24, 1953.


      The Executive Committee of the University of Kentucky met in called meeting
at 10:30 a. m. Friday, April 24, 1953. The following members were present:
Guy A. Huguelet, Chairman; H. D. Palmore, Harper Gatton and R. P. Hobson.
Absent: J. C. Everett.


      A. Purpose of Meeting.

      The Comptroller stated that the University, with the approval of the State
Property and Building Commission, had applied to the Federal Housing and Home
Finance Agency for a loan to assist in the construction of the women' s residence
hall, to be located north of Patterson Hall.  The application has been approved
for Project No. Ky. 15-C H-4, University of Kentucky. The interest rate on this
loan agreement, which is dated April 1, 1953, if accepted and approved by the
University of Kentucky and executed prior to April 30, 1953, will carry a Federal
Government interest rate of 3. 01% per annum, whereas, if it is approved and
authorized executed thereafter, the government interest rate will be 3. 5% per
annum. Therefore, we wish the Committee to consider the Loan Agreement
which has been prepared by federal authorities.



     B. Federal Government Loan Agreement, Women' 8 Residence Hall.

     The Comptroller referred to the purpose of this meeting and submitted loan
agreement for Project No. Ky. 15-CH-4, University of Kentucky, Contract No.
H-157. He stated that the loan agreement provides for the issuance of 722 bonds
of a denomination of $ 1, 000. 00, negotiable, serial, coupon bonds payable to the
bearer at an interest rate of 3. 01 per annum, payable semi-annually for a period
of forty years.

     This loan agreement is very similar to the loan agreement approved by
the Executive Committee of the Board of Trustees July 18, 1952, for loan to
assist in the construction of a men' s dormitory to be located east of Rose Street.
He called attention to the following changes: (1) The redemption provisions pro-
vide that the bonds be non-callable through May 1, 1963. Bonds maturing May
1, 1964 through May 1, 1993, may be callable on at least 30 days advance notice,
at the option of the borrower, upon any interest payment date in iniverse numerical
order, at the following prices plus approved interest to redemption date:

               May 1, 1964 through May 1, 1968 at 103;

               May 1, 1969 through May 1, 1973 at 102;

               May 1, 1974 through May 1, 1978 at 101 ;

               May 1, 1979 through Mayl, 1983 at 100X,

               May 1, 1984 through May 1, 1993 at 100.