17



                                                    Amount per $1000 Principal
                                                    Amount of Bonds, Plus Ac-
                                    Interest        crued Interest From Decem-
Bidder                             Rate(s)         ber 1, 1956

1. United States of America act-   2-3/4% on             $1000
   ing by and through the Housing  all Bonds
   and Home Finance Adminis-
   trator

2.

3.

4,

5.


       WHEREAS, the matter of which bid is the most advantageous to the Board
of Trustees of the University of Kentucky has been sufficiently considered,

       NOW, THEREFORE, THE BOARD OF TRUSTEES OF THE UNIVERSITY
OF KENTUCKY HEREBY RESOLVES AS FOLLOWS:

       Section 1. That the bid of United States of America acting by and through
the Housing and Home Finance Administrator for the sale of said $1, 131, 000
of University of Kentucky Dormitory Revenue Bonds of 1956, Holmes Hall, dated
June 1, 1956, be and is hereby accepted and confirmed by the Board of Trustees
of the University of Kentucky, said bid, together with this resolution of ac-
ceptance thereof, constituting a firm contract for the purchasing and selling of
said Bonds, subject only to the provisions of the notice of sale of such Bonds
and the Statement of Terms and Conditions of Bond Sale with reference to such
Bonds, the said bid being at a price of $ 1000 per $1000 principal amount of
Bonds, plus accrued interest from December 1, 1956, all of such Bonds to bear
interest to maturity at a coupon rate of two and three-quarters per cent per
annum, payable semi-annually on June 1 and December 1 of each year, and the
said bid being hereby determined to be the highest and best bid to the Board
of Trustees of the University of Kentucky for said Bonds, and the interest cou-
pon rate to maturity on all of said Bonds is hereby fixed at said rate of two
and three-quarters per cent, as set out in said successful bid.

       Section 2. That said Bonds numbered 1 to 1131, inclusive, shall be
delivered by the Treasurer and/or other proper officials of the Board of Trus-
tees of the University of Kenuucky to such purchaser in accordance with the
resolution authorizing said Bonds, upon payment of the purchase price for
same, and the proceeds of all of said Bonds shall be used only as provided in
said resolution authorizing said Bonds.

       Section 3, That the acceptance of such bid subjects the Board of Trustees
to no liability if for any reason it is unable to obtain the unqualified final ap-
proving opinions of Chapman & Cutler, Lawyers, of Chicago, Illinois, and Skaggs,
Hays & Fahey, Lawyers, of Louisville, Kentucky, but the purchaser shall not
be required to take up said Bonds without the unqualified final approving opinions