5



     E. Library-Service Building Revenue Bonds Authorization.

     President Donovan recalled that the Service Building was de-
stroyed about three years ago and that, since that time, plans and
specifications had been prepared for a new building.   He also re-
ported that the Executive Committee of the Board had accepted a
proceedings contract with a Louisville and Lexington syndicate.
He recalled that the University had available funds amounting to
approximately S3OO,0OO.OO which could be applied to the construc-
tion of the building.  He recommended that the University authorize
the issuance of revenue bonds under Section 162.340 Kentucky Revised
Statutes, to provide the necessary funds with which to complete the
Library-Service Building.

     The Comptroller reported that the Attorney General had examined
the proposed resolution, and approved same.   He read the following
letter:



                     Commonwealth of Kentucky
                   OFFICE OF THE ATTORNEY GENERL
                             Frankfort

                          March 31, 1949

    Wyatt, Grafton and Grafton
    Attorneys at Law
    Marion E. Taylor Building
    Louisville, Kentucky

    Attention: Mr. Arthur Grafton

    Dear IMr. Grafton:       Re: University of Kentucky
                                   Service Building Revenue
                                   Bonds

              Pursuant to your communication of March 30, 1949,
    in regard to the above captioned matter, I have carefully
    examined the proposed bond order which was enclosed with
    your communication.

              I can find nothing to delete from said bond order,
    neither have I any suggestions as to additions or changes
    therein.   It is1 therefore, the opinion of this office that
    said bond order completely covers the legal and factual
    statements necessary in order to comply with the Constitu-
    tion and Statutes relative to the sale of revenue bonds
    relative to the matter mentioned in the caption.