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