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[143] > Image [143] of Minutes of the University of Kentucky Board of Trustees, 1995-02-apr4.

Part of Minutes of the University of Kentucky Board of Trustees

REVISED Office of the President April 4, 1995 - ~FC& 17 Members, Board of Trustees: RESOLUTION OF OFFICIAL INTENT OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY. TO FINANCE CONSTRUCTION OF A HOUSING AND DINING PROJECT FROM PROCEEDS OF A PROPOSED ISSUE OF UNIVERSITY OF KENTUCKY HOUSING AND DINING SYSTEM REVENUE BONDS Recommendation: that the Board of Trustees approve the Resolution expressing its official intent to issue University of Kentucky Housing and Dining System Revenue Bonds, and that the proceeds of such Bonds will be used, in whole or in part, to reimburse authorized expenditures for the proposed project prior to the issuance of such revenue bonds. The Resolution states that such Bonds will be issued to finance the construction of (i) renovations to Donovan Hall, (ii) renovations to four buildings in the Greg Page Student Housing Complex, and (iii) renovations to Haggin Hall, and that the Bonds may be issued as separate issues of bonds. Background: The University presently has outstanding Housing and Dining System Revenue Bonds, Series B, C, D, E, F, G, I, J, K, L, M, N and 0 (the Series N Bonds having been issued to advance refund the Series J Bonds scheduled to mature on and after June 1, 1995, and the Series L Bonds scheduled to mature on and after June 1, 1997), all secured by a pledge of the Revenues derived from the operation of the University's Housing and Dining System and by a statutory mortgage lien against all of the buildings of the System. The Bonds which the Board expresses its intent to issue will rank on a parity with the said outstanding Series of Bonds. Pursuant to the income tax regulations of the Internal Revenue Service, in order for expenditures made for a public project prior to the issuance of revenue bonds to be reimbursed to the issuer upon the issuance of such bonds, it is necessary that the issuer express its official intent to issue such bonds and reimburse such expenditures prior to the issuance of such bonds. Action: Approved / Disapproved Other Dated: April 4. 1995