xt7dfn10pj50 https://exploreuk.uky.edu/dips/xt7dfn10pj50/data/mets.xml Lexington, Kentucky University of Kentucky 1976044 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1976-04-may4. text Minutes of the University of Kentucky Board of Trustees, 1976-04-may4. 1976 2011 true xt7dfn10pj50 section xt7dfn10pj50 




I



       Minutes of the Meeting of the Board of Trustees of the University
of Kentucky, Tuesday, May 4. 1976.




       The Board of Trustees of the University of Kentucky met in regular
statutory session at 2:00 p. m., Eastern Daylight Time, on Tuesday, May
4. 1976, in the Board Room on the 18th floor of the Patterson Office Tower
on the Lexington campus of the University, with the following members
present: Professor Michael Adelstein, Mr. William R. Black, Mr. Albert
G. Clay, Mr. Richard E. Cooper, Mr. John R. Crockett, Mr. John R. Gaines,
Mr. George W. Griffin, Mr. James Harralson, Mrs. David Hermansdorfer,
Mr. Thomas B. Kessinger, Mr. Frank Ramsey, Jr., Mr. Homer W. Ranmsey,
Professor Paul G. Sears, Mr. William B. Sturgill, and Dr. John R.
Woodyard. Absent from the meeting were: Mr. Stanley Burlew, Mrs. Robert
0. Clark, Mr. Zirl A. Palmer, and Mr. James A. Sutherland. Members
of the administration present were: President Otis A. Singletary, Vice
Presidents Lewis W. Cochran, Robert Zumwinkle, Stanley \NVall. Peter P.
Bosorrnworth, John T. Smith, Raymond R. Hornback, Jack C. Blanton, and
Donald B. Clapp; Dr. Robert M. Drake, Special Assistant to the President,
and Mr. John Darsie, Legal Counsel. Representatives of the various news
media were also in attendance.


      A. Meeting Opened

      Mr. William B. Sturgill, Chairman, called the meeting to order at
2:00 p. n-:. The invocation was pronounced by Mr. Black. The Secretary,
Professor Paul G. Sears, reported a quorum present and the meeting wvas
declared officially open for the conduct of business at 2:03 p. m.


      B. A Resolution Accepting the Successful Bid on $7, 500, 000 of
          the University of Kentucky Consolidated Educational Buildings
          Revenue Bonds, Series F

      The Chairman then stated that it was in order to receive bids for the
new issue of buildings revenue bonds. Thereupon, the bids which had been
received for the $7, 500, 000 of the University of Kentucky Consolidated Edu-
cational Buildings Revenue Bonds, Series F, dated May 1, 1976, were opened,
fully considered and the best bid determined. Bids were submitted by:

      Blyth Eastman Dillon & Company, Incorporated & Associates
      The First Boston Corporation




 




                                 -2-                                  S.


       Citibank, N. A.                 ) Joint
       Lehman Brothers, Incorporated
       Reynolds Securities, Incorporated  ) Managers
       Bache Halsey Stuart Incoporated
       John Nuveen & Company, Incorporated          ) Joint
       White, Weld & Company, Incorporated
       Johnston, Brown, Burnett & Knight Incorporated  ) Managers
       Salomon Brothers & Associates
       Smith Barney Harris Upham & Company

Copies of the said bids are attached to the Minutes.

       Thereupon, Mr. Clay introduced, caused to be read and moved for
the immediate adoption of a resolution entitled:

      A RESOLUTION ACCEPTING THE SUCCESSFUL BID ON
      $7, 500, 000 OF UNIVERSITY OF KENTUCKY CONSOLIDATED
      EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES F

a true copy of which was presented to the meeting at which said resolution
was proposed and a true copy of which is attached to these Minutes. The
motion on the adoption of said resolution was seconded by Mr. Homer Rar sey.
After full discussion, the Chairman put the question, and upon call of the roll,
the vote was recorded as follows: Voting aye: Professor Michael Adelstein,
Mr, William R. Black, Mr. Albert G. Clay, Mr. Richard E. Cooper. Mr.
John R. Crockett, Mr. John R. Gaines, Mr. George W. Griffin, Mr. James
Harralson, Mrs. David Hermansdorfer, Mr. Thomas B. Kessinger, Mr.
Frank Ramsey, Jr., Mr. Homer W. Ramsey, Professor Paul G. Sears, Mr.
William B. Sturgill, and Dr. John R. Woodyard. Voting nay: None.

      The Chairman then announced that the resolution had been duly adopted
and was in full force and effect.


      C. Minutes Approved

      On motion duly made, seconded and carried, the reading of the Minutes
of the April 6, 1976 meeting of the Board of Trustees was dispensed with
and the Minutes were approved as published.


      D. 1976-77 Meeting Dates

      On motion duly made, seconded and carried, the dates for meetings
during the 1976-77 fiscal year were established. The schedule of the meetings
is included at the end of the Minutes.




 




- 3-



       Mr. Sturgill announced that the June 15, 1976 meeting of the Executive
Committee was cancelled and that there would be a full Board meeting on
Tuesday, June 22, 1976.


      E. Introduction of Guests

      President Singletary introduced Dr. Thomas Lewis the new Dean of
the College of Law, and Mr. Michael McLaughlin, the new President of
Student Government who will be sworn in as a member of the Board of Trustees
at the June 22 meeting. He also announced that Dr. Frank Buck had agreed
to serve as Academic Ombudsman for 1976-77.


      F. President's Report to the Trustees (PR 1)

      In the interest of saving time, President Singletary did not review
his monthly report, but suggested that the members read it at their leisure.


      G. Recommendations of the President (PR 2)

      President Singletary recommended that PR 2, Recommendations of the
President, be approved as a whole. Without discussion, on motion by Mr.
Clay, seconded by Mr. Frank Ramsey. PR 2, Recommendations of the President,
was approved and ordered made an official part of the Minutes of the meeting.
(See PR 2 at the end of the Minutes.)


      H. Supplemental Recommendations of the President (PR 3)

      President Singletary recommended that the College of Architecture
Library be named for Hunter M. Adams, noting that the recommendation
came from the College of Architecture and the University Libraries with
the concurrence of the Committee on Naming University Buildings.

      On motion by Mr. Cooper, seconded by Mr. Homer Ramsey, and
passed the College of Architecture Library was named the Hunter M. Adanms
Library of Architecture. (See PR 3 at the end of the Minutes.)


       I. Candidates for Degrees-- University System (PR 4)

       Noting that the May meeting of the Board of Trustees was held for the
primary purpose of approving candidates for degrees to be conferred at the
May commencement exercises, President Singletary recommended that PR 4
be approved.



-._




 




-4-



       On motion by Mr. Kessinger, seconded by Mr. Cooper, and passed
the President was authorized to confer upon each individual whose name
appears on the list provided, the degree to which he is entitled upon certifica-
tion by the Dean of Admissions and Registrar that the individual had satisfactorily
completed all requirements for the degree for which he had made application
and as approved by the University Senate. (See PR 4 at the end of the Minutes.)


      J. Candidates for Degrees-- Community College System (PR 5)

      President Singletary recommended that the degrees and certificates
specified on the list provided be awarded to the persons named, upon certification
that the requirements for the degrees or certificates have been satisfactorily
completed. It was so moved by Mr. Harralson. His motion was seconded by
Mr. Crockett and passed without dissent. (See PR 5 at the end of the Minutes.)


      K. Budget Revisions for 1975-76 (PR 6)

      Upon the recommendation of President Singletary, Mr. Clay moved
that the revisions in the 1975-76 Budget as proposed in PR 6 be authorized
and approved. His motion was seconded by Mr. Griffin and carried. (See
PR 6 at the end of the Minutes. )


       L. Change of Departmental Titles (PR 7a and 7b)

       Suggesting that PR 7a and 7b be acted on together, President Singletary
recommended approval of change in titles for two departments in the College
of Dentistry and the College of Medicine.

      Mr. Homer Ran sey moved that the title of the Department of Pedodontics
in the College of Dentistry be changed to the Department of Pediatric Dentistry
and the title of the Department of Cell Biology in the College of Medicine be
changed to the Department of Medical Microbiology and Immunology. His
motion was seconded by Professor Sears and carried. (See PR 7a and 7b at
the end of the Minutes.)


      M. Amendments to the Governing Regulations (PR 8a and 8b)

      Since the proposed amendments to the Governing Regulations had been
on the table since the April 1976 meeting of the Board, there was no discussion,
and on motion by Mr. Frank Ramsey, seconded by Mr. James Harralson,
PR 8a and 8b were approved as recommended. (See PR 8a and 8b at the end
of the M inute s, )




 




- 5-



       N. Operating Budget for 1976-77 (PR 9)

       President Singletary opened his budget presentation by noting that the
funds in the Executive Budget adopted by the Legislature provided for approxi-
mately 50% of the new state funds requested. The University's operating budget
for 1976-77 totaled $186, 809, 300 of which $88, 081, 500 comes from state
appropriations. Other sources of support include student fees, federal
appropriations, county appropriations, endowment income, investment income,
gifts and grants, institutional sales and services, income derived from the
operation of the University Hospital, fund balances, auxiliary services income,
and restricted funds.

       Increases in budget allocations for 1976-77 were given as follows:

    Fixed costs
       (Maintenance and Operation and Staff Benefits)  $  782,100
    Program expansion and enrichment                      2, 735, 000
    New programs                                            261, 500
    Salary increases and related staff benefits      4, 484, 300
    Total                                               $8, 262, 900

       The President noted that the single largest increase in the budget
is the salary increases for the employees of the University of Kentucky. The
biennial budget request included a request for funds to provide an average
salary increase of 10%, plus funds to adjust the salary scales of certain
categories of classified employees to make them nmore competitive. Funds
were provided in the Governor's Executive Budget to provide a maximum
increase of 5% plus salary catch up for the Community College faculty,
Funds in the University's budget will provide an increase averaging 5% plus
additional adjustments in some classified scales. Funds were not provided
for salary catch up for faculty on the Lexington campus or certain categories
of classified employees. Salaries for the faculty have fallen about $1, 300
below the median salary in like institutions in surrounding states and classified
salaries have fallen behind salary scales for comparable positions at the local
and state levels. The University cannot permit the continued erosion of its
competitive salary situation. Therefore, salaries will be the top priority
after fixed costs in the next biennial budget request.

       At the conclusion of Dr. Singletary's presentation Professor Adelstein
distributed copies of a paper showing the results of a study he had made on
faculty salaries, which reinforced the President's concern that salary erosion
could not be allowed to continue. A copy of the study is appended at the end
of the Minutes.

       Mr. Sturgill thanked President Singletary for his presentation and
asked if there were any questions. There being none, Mr. Frank Ramsey




 




-b-



moved that the 1976-77 operating budget as submitted be approved in
accordance with the recommendation in PR 9. His motion was seconded
by Mr. Kessinger and passed. (See PR 9 at the end of the Minutes.)


       0. Approval of Capital Construction Projects (PR 10)

       President Singletary recommended that the Board approve four capital
construction projects as listed in PR 10 for submission to the Council on
Public Higher Education. Mr. Black so moved. His motion was seconded
by Professor Sears and carried. (See PR 10 at the end of the Minutes.)


       P. Reorganization of the College of Arts and Sciences (PR  1)

       President Singletary explained that the recommendation to establish
two new colleges was the result of a study begun in 1973 by the administration
of the College of Arts and Sciences in an effort to reduce the size and complexity
of the College through the separation of appropriate units. The study was
completed and referred to the University Senate. During 1974-75 the Senate
recommended an internal academic reorganization in the College which was
implemented in the 1975-76 academic year. During 1975-76 the Senate
recommended the further academic reorganization proposed in the recommenda-
tion made in PR 11.


       Professor Adelstein moved that the present School of Music, Department
of Art and Department of Theater Arts be separated from the College of Arts
and Sciences to form a new College of Fine Arts composed of these units and
that the present School of Journalism and Department of Human Communication
be separated from the College of Arts and Sciences to form a new College of
Communications composed of these units. All existing courses, programs and
degrees offered by these units will be transferred from the College of Arts
and Sciences and continued by the units. This academic reorganization will
be effective with the opening of the 1976-77 fall semester. His motion was
seconded by Professor Sears and passed. (See PR 11 at the end of the Minutes.)


      Q. Interim Financial Report (FCR 1)

      Mr. Clay, Chairman of the Finance Committee, noted that the Interim
Financial Report for the period ending March 31, 1976, indicated the University
was "on target" and moved that the report be accepted. His motion was seconded
by Dr. Woodyard and passed. (See FCR 1 at the end of the Minutes. )




 




-7-



       R. Agreement with Spindletop Hall, Inc. (FCR 2)

       Mr. Clay said that the Finance Committee had examined the agreement
with Spindletop Hall, Inc. and recommended approval. Mr. Clay so moved.
His motion was seconded by Mr. Cooper and passed. (See FCR 2 at the end
of the Minutes. )


       S. Implementation of Malpractice Legislation (FCR 3)

       Mr. Clay moved that the recommendation in FCR 3 be adopted. His
motion was seconded by Mr. Crockett and passed. (See FCR 3 at the end of the
Minutes. )


       T. Report of Investments (ICR 1)

       Mr. Griffin, Chairman of the Investment Committee, moved that the
report of investments for the period ending March 31, 1976 be accepted. His
motion was seconded by Mr. Black and passed. (See ICR 1 at the end of the
Minutes.)


      U. Medical Staff Bylaws, Rules and Regulations (MCR 1)

      Dr. Bosomworth explained that the Medical staff of the University Hospital
is required by the Joint Commission on Accreditation of Hospitals to have bylaws
and rules and regulations. He said that the proposed revisions in the bylaws
and the newly established rules and regulations had been considered by the
Medical Center Committee and been approved by that group.

      Dr. Woodyard moved approval of the revisions in the medical staff
bylaws and the newly established rules and regulations as set forth in MCR 1.
His motion was seconded by Mr. Black and passed. (See MCR 1 at the end
of the Minutes.)


      V. Meeting Adjourned

      'There being no further business to con-e before the meeting, on motion
duly made, seconded and carried, the meeting adjourned at 3:20 p.mn.

                                  Respectfully submitted,




                                  Paul G. Sears, Secretary, Board of
                                    Trustees, University of Kentucky




 




                                   -8-



(Copies of Bids, Resolution Accepting Bids, Notice of Sale of Bonds, and
Official Statement for the $7, 500, 000 University of Kentucky Consolidated
Educational Buildings Revenue Bonds; Schedule of Meeting Dates; PR's 2,
3, 4, 5, 6, 7a, 7b, 8a, 8b, 9, Adelstein Study of Faculty Salaries, PR's
10 and 11; FCR's 1, 2, and 3; ICR 1; and MCR 1 which follow are official
parts of the Minutes. )




 








OFFICIAL BID FORM



                                               $7,500,000
                 BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
                 CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS
                                                SERIES F
                                         DATED MAY 1, 1976

TO THtE HONORABLE CHAIRMAN AND                                                          May 4     ,1976
MlEMBERS OF THE BOARD OF TRUSTEES
OF UNIVERSITY OF KENTUCKY
Lexington, Kentucky 40506

(;entlemen:

          We have examined your "Notice of Sale of Bonds" and "Official Statement" as to the sale of the above
bonds. By our submission of this bid, we evidence our agreement to the terms and conditions of your sale offering
as represented therein.

          We hereby offer to purchase the entire $7,500,000 of said identified bonds, and will pay you for said Bonds
an aggregate sum of S  3g-   73   . p          plus accrued interest from May 1, 1976 to date of delivery and
payment, upon condition that the Bonds are caused to mature as to principal on May I in the respective years, and
interest coupon rates are established and made applicable to said Bonds, as shown in the following schedule:
     Year          Amount       Coupon Rate               Year          Amount         Coupon Rate
     1977         S 50,000           sr 0  %              1990        S   110,000           5 D   %
     1978           45,000         M   X.  %              1991            120,000         r
     1979           50,000            RSIp. %              1992           125,000           c     %
     1980           55,000          a      %              1993            140,000            /1.I/  %
     1981           55,000                  %              1994           145,000         L2  L    %
     1982           60,000                  %              1995           150,000            3a     %
     1983           65,000                 %              1996            170,000         L4     . %
     1984           70,000          a *__%                1997            175,000          L       %
     1985           70,000          z      %               1998           190,000          L       %
     1986           75,000          ^      %               1999         1,100,000          loi*   %
     1987           90,000                 %              2000          1,250,000          4 i
     1988           95,000                  %             2001          1,400,000                %
     1989          105,000                  %             2 2002        1,540,000            *.6    %


          This bid is made with the understanding that the University will furnish, without cost to the successful bidder,
the unqualified approving legal opinion of Chapman and Cutler, Chicago, Illinois, and Stoll, Keenon & Park, Lexington,
Kentucky, the executed Bonds and the customary closing certificates, including the usual certificate that at that time
no litigation affecting the legality of the Bonds is pending or known to the signers of such certificate to be threatened.

          We enclose as evidence of our good faith a certified or bank check in the amount of $75,000.00, payable
to the Treasurer of the Commonwealth of Kentucky. In the event this bid is accepted and should we fail to comply
with the terms of this bid, said check is to be forfeited by us as agreed liquidated damages; otherwise said check is
to be promptly returned to us.



es




 




i.



The foregoing is our purchase bid. We submit our own computation thereof only for your information and



convenience:

    (a) Total interest cost at coupon rates from May 1, 1976 to final maturity

    (b) Plus discount or less premium

    (c) Net Interest Cost

    (d) Equivalent to



-s /g O '740. '


$  l _ _ OA
   I o f ,oR
      _ G54717 %-



         Accepted by thc Board of Trustees and receipt of bid deposit acknowledged this May 4, 1976.

                                                  BOARD OF TRUSTEES
                                                  UNIVERSITY OF KENTUCKY
                                                  Lexington, Kentucky


                                                  BY4/j3tZ                             7-
                                                      Chairman

                                                 Attest:         Q      ,
                                                         A t: cretary                         (Seal)

Return of bid deposit hereby acknowledged:



Authonzed Kepresentative




 








OFFICIAL BID FORM



                                             $7,500,000
                BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
                CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS
                                             SERIES F
                                       DATED MAY 1, 1976

TO THE HONORABLE CHAIRM~lAN AND                                                    Mlay   4  ,1976
MEMBERS OF THE BOARD OF TRUSTEES
OF UNIVERSITY OF KENTUCKY
Lexington, Kentucky 40506

(;entlemen:

          We have examined your "Notice of Sale of Bonds" and "Official Statement" as to the sale of the above
bonds. By our submission of this bid, we evidence our agreement to the terms arid conditions of your sale offering
as represented therein.

          We hereby offer to paurchase the entire $7,500,000 of said identified bonds, and will pay you for said Bonds
an aggregate suilm of $ 7, 387. 865. 15        plus accrued interest from Nlay 1, 1976 to date of delivery and
payment, upon condition that the Bonds are caused to mature as to principal on Mlay I in the respective years, and
interest coupon rates are established and made applicable to said Bonds, as shown in the following schedule:
     Year         Amount       coupon Rate              Year         Amount        Coupon Rate
     1977        $ 5(,00(        6.U0U                  1990       S   110,000         b-!U S
     1978          45,000        6,00     9             1991           120,000         %650U    9
     1979          50,000        6. 00   %              1992           125,000         6.5u %
     1980          55,000        6.0 QS %               1993           140,000         6. 50 %
     1981          55,000        6hiQ    %              1994           145,000         6.50 %
     1982          60,000        6-.0A. %               1995           150,000        ..6h -f  %
     1983          65,000        6.00     %             1996           170,000         A 5.0.n %
     1984           70,000       6- 98                  1997           175,000         6. 50 %
     1985          70,000        6  00. %               1998           190,000         6 . 50 %
     1986          75,000        6.fl.n. %              1999         1,100,000         6 .50 %
     1987          90,000        62 E2 5.%              2000         1,250,000         .6...  %
     1988          95,000        &;n0    %              2001         1,400,000         -6C    %
     1989          105,000       6.-550- %              2002         1,540,000         A, fi   %


         This bid is made with the understanding that the University will furnish, without cost to the successful bidder,
the unqualified approving legal opinion of Chapman and Cutler, Chicago, Illinois, and Stoll, Keenon & Park, Lexington,
Kentucky, the executed Bonds and the customary closing certificates, including the usual certificate that at that time
no litigation affecting the legality of the Bonds is pending or known to the signers of such certificate to be threatened.

         We enclose as evidence of our good faith a certified or bank check in the amount of $75,000.00, payable
to the Treasurer of the Commonwealth of Kentucky. In the event this bid is accepted and should we fail to comply
with the terms of this hid, said check is to be forfeited by us as agreed liquidated damages; otherwise said check is
to be promptly returned to us.

                                                 Respectfully submitted,

                                                   The First Boston Corporation
                                                   BIDDERg  



20 Exchange Place, New York, N.Y.
ADDRESS



10005




 









The foregoing is our purchase bid. Wc submit our own computation thereof only for your information and



convenience:

    (a)  Total interest cost at coupon rates from May 1, 1976 to final maturity

    (b) Plus discount or less premium

    (c)  Net Interest Cost

    (d)  Equivalent to



S 10,572,515.00

s   112,134.85

S 10,684,649.85

       6.6032   %



                                     * *** *** ****


Accepted by the Board of Trustees and receipt of bid deposit acknowledged this May 4, 1976.

                                       BOARD OF TRUSTEES
                                       UNIVERSITY OF KENTUCKY
                                       Lexington, Kentucky


                                       BY
                                            Chairman



Attest:



Secretary



Return of bid deposit hereby acknowledged:
                          /
                   A u t h r i e   ] eI
    Authorized Representative  ' 1  b   -~  



(Seal)




 




A



                                        OFFICIAL BID FORM

                                              $7,500,000
                 BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
                 CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS
                                              SERIES F
                                        DATED MAY 1, 1976

TO THE HONORABLE CHAIRMAN AND                                                        May   4  ,1976
MEMBERS OF THE BOARD OF TRUSTEES
OF UNIVERSITY OF KENTUCKY
Lexington, Kentucky 40506

Gentlemen:

          We have examined your "Notice of Sale of Bonds" and "Official Statement" as to the sale of the above
bonds. By our submission of this bid, we evidence our agreement to the terms and conditions of your sale offering
as represented therein.

          We hereby offer to purchase the entire $7,500,00() of said identified bonds, and will pay you for said Bonds
an aggregate sum of $ 7,3Va;60. 00             plus accrued interest from May 1, 1976 to date of delivery and
payment, upon conditionithat thf Bonds are caused to mature as to principal on May 1 in the respective years, and
interest coupon rates are established andl made applicable to said Bonds, as shown in the following schedule:
     Year         Amount       Coupon Rate              Year         Amount          Coupon Rate
     1977         S 50,00()       a/                    1990       S  110,000           i
     1978           45,000         Adz %                 1991          120,000                 %
     1979           50,000                %              1992          125,000                 %
     1980           55,000                %              1993          140,000 s
     1981           55 000 )                             1994           145,000                 %
     1982           60000         6   4                  1995          150,000 A
     1983           65,000                %              1996           170,000                  s
     1984           70.Q000       om     %               11997          175,000                %6  
     1985           70,000    A     i     %              1998           190,000                 %
     1986           75,000                %              1999         1,100,000           b
     1987           90,00( 0                             2000         1,250,000         6
     1988           95,00( 0                             2001         1,400,000        6.6       %
     1989          105,0)0)       EQ      %             2002          1,540,000                %


         This bid is made with the understanding that the University will furnish, without cost to the successful bidder,
the unqualified approving legal opinion of Chapman and Cutler, Chicago, Illinois, and Stoll, Keenon & Park, Lexington,
Kentucky, the executed Bonds and the customary closing certificates, including the usual certificate that at that time
no litigation affecting the legality of the Bonds is pending or known to the signers of such certificate to be threatened.

         We enclose as evidence of our good faith a certified or bank check in the amount of $75,000.00, payable
to the Treasurer of the Commonwealth of Kentucky. In the event this bid is accepted and should we fail to comply
with the terms of this bid, said check is to be forfeited by us as agreed liquidated damages; otherwise said check is
to be promptly returned to us.

                                                  Respectfully submitted, CITIBANK, N.A.                ) JNT.
                                                                  LEHMAN BROTHERS, INC.                   )
                                                       ______-REYNOLDS          SECURITIES, INC.) MGRS.


                                                  BY: First Security         National Bank        &  Trust Co.






                                                      Vice President and Cashier




 




a



         The foregoing is our purchase bid. We submit our own computation thereof only for your information and
convenience:

     (a)  Total interest cost at coupon rates from May 1, 1976 to final maturity      S /0     6505A'f5

     (b) Plus discount or i    _                                               $      /O    77c:      :0

     (c) Net Interest Cost                                                     $ /0. 76A, 5       '5Gp

     (d) Equivalent to                                                                                       %





         Accepted by the Board of Trustees and receipt of bid deposit acknowledged this Mlay 4, 1976.

                                                 BOARD OF TRUSTEES
                                                 UNIVERSITY OF KENTUCKY
                                                 Lexington, Kentucky


                                                 BY
                                                      Chairman

                                                 A ttest: __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
                                                           Secretary                          (Seal)

Return of bid deposit hereby acknowledged:



    Authoricd l epresentative-  




 








OFFICIAL BID FORM



                                              $7,500,000
                 BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
                 CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS
                                               SERIES F
                                        DATED MAY 1, 1976

TO THE HONORABLE CHAIRMAN AND                                                         Mayj    ,1976
MEMBERS OF THE BOARD OF TRUSTEES
OF UNIVERSITY OF KENTUCKY
Lexington, Kentuckv 40506

Gentlemen:

          We have examined your "Notice of Sale of Bonds" and "Official Statement" as to the sale of the above
bonds. By our submission of this bid, we evidence our agreement to the tenrs and conditions of your sale offering
as represtited therein.

          We hereby offer to purchase the entire $7,500,000 of said identified bonds, and will pay you for said Bonds
an aggregate sum of$  7, 3 H42F. C              plus accrued interest from May 1, 1976 to date of delivery and
payment, upon condition 'that the Bonds are caused to mature as to principal on May 1 in the respective years, and
interest coupon rates are established and made applicable to said Bonds, as shown in the following schedule:
     Year         Amount        Coupon Rate               Year         Amount         Coupon Rate
     1977         $ 50,00(          c.2S %                1990       S   110.00()          Gs    o
     1978           45,0(0          C Z L %               1991           120,000           0.    %
     1979