-4-



   Upon a vote being taken on the motion, the result was as
follows:

        Yeas                                       Nays

   William B. Sturgill                             None
   Albert G. Clay
   Tracy Farmer
   A. Stevens Miles


   Thereupon the Chairman declared that the motion had carried
and that the Resolutions had been passed and adopted and directed
that the same be recorded in the Minutes of the Executive
Committee of the Board of Trustees. (See FCR 3 at the end of the
Minutes.)

    L.   Capital Construction Report (FCR 4)

    On motion by Mr. Clay and second by Mr. Miles, the capital
construction report for the two months ending December 31, 1982
was accepted. (See FCR 4 at the end of the Minutes.)

    M.   Report of Investments (ICR 1)

    Mr. Miles, Chairman of the Investment Committee, recommended
that the report of changes made in investments for the University
of Kentucky and its affiliated corporations for the six months
ended December 31, 1982 be accepted. Without objection, it was
so ordered. (See ICR 1 at the end of the Minutes.)

    N.   Mrs. Sally Hermansdorfer Recognized

    Noting that Mrs. Hermansdorfer was attending her last meeting
as a member of the Board, Mr. Dinkle said he had enjoyed working
with her and thanked her for her service. Mr. Sturgill, speaking
on behalf of the entire Board, expressed thanks to Mrs.
Hermansdorfer for her many contributions and added that it had
been a privilege and pleasure to serve with her. Governor
Chandler commended Mrs. Hermansdorfer as a knowledgeable,
faithful, and dedicated member and said she will be missed.