Minutes of the Meeting of the Executive Committee of the Board of
Trustees of the University of Kentucky Saturday, June 18, 1994.

       The Executive Committee of the Board of Trustees of the University of
Kentucky met at 11:00 a.m. (Lexington time) on Saturday, June 18, 1994 in the
Board Room on the 18th floor of Patterson Office Tower.

       A.    Meeting Opened

       Governor Edward T. Breathitt, Chairperson, called the meeting to order
at 11:00 a.m., and the invocation was pronounced by Mr. William B. Sturgill.

       B.   Roll Call

       The following members of the Executive Committee of the Board of
Trustees answered the call of the roll: Governor Edward T. Breathitt,
(Chairperson), Mr. James F. Hardymon, Dr. Robert P. Meriwether, Mr. William
B. Sturgill, Mrs. Lois C. Weinberg, and Mr. Billy B. Wilcoxson. Trustee Loys
Mather was also in attendance. The University administration was represented
by President Charles T. Wethington, Jr.; Chancellors Peter P. Bosomworth, Ben
W. Carr, Jr., and Robert E. Hemenway; Vice Presidents Joseph T. Burch, Edward
A. Carter, Donald B. Clapp, Delwood Collins and Eugene Williams; Dr. Juanita
Fleming, Special Assistant for Academic Affairs, and Mr. Paul Van Booven,
Associate General Counsel.

       Members of the general public and the news media were also in
attendance. A quorum being present, Governor Breathitt declared the meeting
officially open for the conduct of business at 11:02 a.m.

       Governor Breathitt thanked the members of the Executive Committee for
making a special effort to be at the meeting. He asked President Wethington
to begin with his report.

       President Wethington also expressed appreciation to the members of the
Executive Committee and Loys Mather for attending the meeting. He noted that
the purpose of the special called Executive Committee meeting was to
establish the Operating Budget for the University for 1994-95.

       C.    Credit Card Update

       President Wethington reminded the members of his commitment at the
last Board meeting to present more information at the Executive Committee
meeting about the administration's decision to discontinue the use of credit
cards for tuition and housing and dining purposes. He said that Dr. Don
Clapp would make a presentation and that Mr. Ken Walker, who was representing
Mr. Lance Dowdy, would also make some comments.

       Through a series of slides, Dr. Clapp provided a brief chronology of
the credit card history, beginning with the acceptance of credit cards in
1988. He presented data showing the cost to the University of using credit
cards as a payment medium. He explained that with the rapidly escalating
rate of use and bank fees it was no longer feasible for the University to
continue the use of credit cards for tuition payment.