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for a loan for revenue bonds for use in improving these facilities. The
documented letter from the Director states that the facilities are in good and
tenantable state of repair. The Finance Committee reviewed the documentation
and recommends approval of FCR 8. Mr. Wilcoxson moved approval. The motion,
seconded by Mrs. Sims, passed. (See FCR 8 at the end of the Minutes.)

     R.   Resolution of the Board of Trustees of the University of Kentucky
Accepting the Successful Bid for the Purchase of University of Kentucky
Housing and Dining System Revenue Bonds. Series M (FCR 9)

     Mr. Hardymon said that FCR 9 was the review of any bids that might be
received as a part of the process for FCR 8. He explained that the University
had to go out for bids to determine whether there was a better interest rate
than the government loan rate. He reported that bids were to be received at
10 a.m. and no bids were received. Therefore, the U.S. Department of
Education 5.5% guarantee on the $2,866,000 of revenue bonds seemed to be the
best approach. He said that the Finance Committee recommends the Board
approve FCR 9. On motion made by Mr. Chellgren, seconded by Mrs. Weinberg and
carried, it was approved. (See FCR 9 at the end of the Minutes.)

     S.  Resolution of the Board of Trustees of the University of Kentucky
Accepting the Successful Bid for the Purchase of $20,970.00 (Plus or Minus
up to 10%) Principal Amount of University of Kentucky Hospital Refunding
Revenue Bonds. Series A (Second Series), Dated January 1. 1993 (FCR 10)

     Mr. Hardymon reported that FCR 10 was brought about by the low interest
rates that are now available. The Finance Committee had a review made of some
of the outstanding bonds to determine whether they should be refinanced. He
reminded the Board that this report was given to them at the last meeting and
with the Board's approval the $20,970,000 University of Kentucky Hospital
Refunding Revenue Bonds, Series A, was put out for bid. Four bids were
received at 10 a.m. and Hilliard & Lyons' bid of 5.35% was accepted by the
Finance Committee. He reported that this refinancing will provide $1,534,000
gross interest savings, and he recommended approval. Mrs. Sims moved
approval. The motion, seconded by Mr. Rose, passed unanimously. (See FCR 10
at the end of the Minutes.)

     T.  A Resolution Authorizing the Issuance of University of Kentucky
Consolidated Educational Buildings Refunding Revenue Bonds, $Edies  
(Second Series). Dated March 1. 1993, of the Board of Trustees of the
University of Kentucky (FOR 11)

     Mr. Hardymon recommended that the Board approve a Resolution authorizing
the issuance of $6,340,000 of University of Kentucky Consolidated Educational
Building Revenue Bonds, Series F (Second Series), dated March 1, 1993. He
explained that this is another refinancing of bonds and the date to accept
bids will be March 2. He said that the estimate on this savings is obviously
lower because of the smaller number of dollars, but it is still a substantial
potential savings. Mr. Ulmer moved approval. Mr. Wilcoxson seconded the
motion, and it passed. (See FCR 11 at the end of the Minutes.)