4



without a park. The University of Kentucky owns some property at the Southeast
Community College for which it has no immediate plans. The Finance Committee,
therefore, recomnmends and Mr. Sturgill so moved that the Vice President and
Treasurer of the University be authorized to negotiate a lease with the City of
Cumberland to make this land available for use as a city park. His motion was
seconded and passed without dissent. (See FCR 2 at the end of the Minutes.)


      L. Management Letter from External Auditor Accepted (FCR 3)

      Mr. Sturgill said the Finance Committee had met with a representative of
Coopers & Lybrand who reviewed recommendations and suggestions made the
previous year relating to internal improvements made, and recommendations and
suggestions which would benefit the University auditing system. Mr. Sturgill then
moved that the Management Letter as submitted by Coopers & Lybrand, Certified
Public Accountants, for the fiscal year ending June 30, 1973 be accepted. His
motion was seconded by Mr. Alverson and passed. (See FCR 3 at the end of the
M inute s. )


      M. Financing of Additional Community College Facilities (FCR 4)

      Mr. William Sturgill, Chairman of the Finance Committee, explained that,
since the adoption of the "Basic Resolution" relating to Community Colleges
Educational Buildings Revenue Bonds on May 6, 1969, several clarifying and
amending resolutions had been adopted relative to said "Basic Resolution". He
then stated that, in the opinion of the Finance Committee of the Board, it would
be desirable at this time to adopt a resolution representing a composite of the
"Basic Resolution" and the amendments and clarifications thereof. Mr. Sturgill
then moved that the Board adopt the resolution entitled:

      A RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNI-
      VERSITY OF KENTUCKY, RELATING TO THE COMMUNITY
      COLLEGES EDUCATIONAL BUILDINGS PROJECT OF THE
      UNIVERSITY OF KENTUCKY, AND TO THE CREATION AND
      ESTABLISHMENT OF A NEW ISSUE OF COMMUNITY COL-
      LEGES EDUCATIONAL BUILDINGS REVENUE BONDS OF
      THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KEN-
      TUCKY, AS INITIALLY ESTABLISHED IN AND BY A RESOLU-
      TION ADOPTED BY SAID BOARD OF TRUSTEES ON MAY 6,
      1969, AS CLARIFIED BY A CERTAIN RESOLUTION ADOPTED
      MAY 5, 1970, AND AS AMENDED BY A RESOLUTION ADOPTED
      NOVEMBER 17, 1970; RECOGNIZING AND ACKNOWLEDGING
      THE NECESSITY AND DESIRABILITY OF ADOPTING, AT THIS
      TIME, THIS RESOLUTION, WHEREIN THE SAID INITIAL
      RESOLUTION OF MAY 6, 1969, IS REPRODUCED AND RE-
      ADOPTED TO INCORPORATE THEREIN THE AFORESAID