OFFICIAL BID FORM



                            $6,340,000
                      UNIVERSITY OF KENTUCKY
    CONSOLIDATED EDUCATIONAL BUILDINGS REFUNDING REVENUE BONDS
                     SERIES F (SECOND SERIES)
                        DATED MARCH 1, 1993

To the Honorable Chairman and Members of
The Board of Trustees of the University of Kentucky
c/o Mr. Henry Clay Owen
University Controller and Treasurer
369 Peterson Service Building
Lexington, Kentucky 40506

Ladies and Gentlemen:

          Pursuant to your "Notice of Sale of Bonds" as published
in THE COURIER-JOURNAL of Louisville, Kentucky, and in THE BOND
BUYER, New York, New York, and the "Official Terms and Conditions
of Sale of Bonds"' and "Preliminary Official Statement" referred to
therein, by our submission of this Bid, we evidence our agreement
to the terms and conditions of your sale as represented therein.

          We hereby bid for said $6,340,000 principal amount of
Bonds the sum of $                (not less than $6,276,600), plus
accrued interest from March 1, 1993, to the date of delivery, at
the following annual interest rates:

         SCHEDULE OF PRINCIPAL AMOUNTS AND INTEREST RATES

Maturing    Maturity               Maturing    Maturity
May 1       Amount      Rate       May 1        Amount      Rate

1994     $  145,000    _           1999     $1,140,000     _
1995        195,000         %      2000       1,270,000         %
1996        215,000    _           2001      1,405,000    _
1997        215,000         %      2002       1,525,000         %
1998        230,000         %

          We understand that the Board of Trustees will furnish the
final, approving legal opinion of Rubin Hays & Foley, Municipal
Bond Attorneys, of Louisville, Kentucky.   We agree that if we are
the successful bidder, immediately available funds in the amount of
$63,400, payable to the University of Kentucky will be deposited in
Bank One, Lexington, NA, Attn: David Dever, prior to the end of the
business day on March 3, 1993, in accordance with the Notice of
Bond Sale and the Official Terms, with the understanding that the
amount thereof, without interest, will be deducted from the pur-
chase price of the Bonds when tendered to us for delivery.     If we
are the successful bidder, we agree to accept and make payment for
the Bonds in accordance with the terms of sale.



Respectfully submitted,