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       U.    Adoption of Resolution Accepting the Successful Bid for the
University of Kentucky Consolidated Educational Buildings Refunding Revenue
Bonds, Series G (Second Series), Series H (Second Series), and Series I
(Second Series), dated May 1, 1987  (FCR 6)

       Mr. Clay announced that bids had been received for the purchase of
Consolidated Educational Buildings Refunding Revenue Bonds, Series G
(Second Series), Series H (Second Series), and Series I (Second Series) of
the University of Kentucky, dated May 1, 1987, until 10:00 a.m. (Eastern
Daylight Time) on this date of April 7, 1987, pursuant to a Notice of Sale
of Bonds which had been published. Since the hour of 1 p.m. (Eastern
Daylight Time) had arrived, it was appropriate that all Purchase Bids
received should be publicly read and fully considered, such bids having
been referred to the Treasurer of the Board and the Fiscal Agent of the
University for analysis. It was further stated that at the time such bids
had been received at 10:00 a.m. on this date, they had been referred also
to the Finance Committee, which had considered such bids and had
recommended that the best bid be accepted as had been recommended by the
Treasurer and the Fiscal Agent with reference to the issuance of such Bonds.

       The Treasurer and the Fiscal Agent presented to the Finance
Committee, after the analysis, the best offer for the purchase of said
Consolidated Educational Buildings Refunding Revenue Bonds, Series G
(Second Series), Series H (Second Series), and Series I (Second Series),
dated May 1, 1987, and thereupon, Trustee Clay moved that a Resolution the
form of which had been distributed to the members of the Board of Trustees
prior to the meeting and was available at such meeting, be adopted, which
Resolution was entitled:

       RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
       ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $35,690,000
       PRINCIPAL AMOUNT OF UNIVERSITY OF KENTUCKY CONSOLIDATED EDUCATIONAL
       BUILDINGS REFUNDING REVENUE BONDS, SERIES G (SECOND SERIES), SERIES
       H (SECOND SERIES), AND SERIES I (SECOND SERIES), DATED MAY 1, 1987;
       FIXING THE PRECISE AMOUNT OF SUCH BONDS TO BE ISSUED; FIXING THE
       REVISED MATURITIES THEREOF; AND AUTHORIZING THE FURNISHING OF A
       NOTICE OF REDEMPTION OF CERTAIN OUTSTANDING BONDS DATED APRIL 1,
       1983, MARCH 1, 1983, AND OCTOBER 1, 1985, TO THE RESPECTIVE OWNERS
       OF SUCH BONDS.

       The motion for adoption of said Resolution was seconded by Trustee
Wilcoxson. Upon a vote being taken on such motion the result was as
follows:

       Yeas for the Motion                    Nays for the Motion

       Robert T. McCowan                               None
       Ted B. Bates
       Raymond F. Betts
       Albert G. Clay
       David R. Driscoll, Jr.
       Tracy Farmer
       Lawrence E. Forgy, Jr.
       Donna G. Greenwell
       Edythe Jones Hayes
       Henry E. Hershey