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purpose of financing the renovation of Cooperstown and Shawneetown
apartments. He said that revenue to repay the bonds would be pledged from
the Housing and Dining System, and the System finances are in good shape
to handle the pledge. He recommended approval of FCR 7. Mr. Shoop
seconded the motion, and it carried. (See FCR 7 at the end of the
S. Report on Refinancing of Bond Issues
Mr. Hardymon reported that nine refunding bond issues had been
brought to the Board from January 1, 1993 through March 31, 1994. He said
that the savings generated from these nine bond issues on a nominal basis
was $11.7 million, the present value savings is $8.6 million, and the
average annual savings is $806,674. He said that, in his opinion, this
was a project well worth the effort put forth by the administration, the
Finance Committee and the University's financial advisors.
Governor Breathitt thanked Mr. Hardymon for his report and for
effectively guiding the University through the refinancing process.
T. Meeting adjourned
There being no further business to come before the Board, the
meeting adjourned at 2:13 p.m.
Lois C. Weinberg
Board of Trustees
(PR's 2, 3A, 3B and 3C; and FCR's 1, 2, 3, 4, 5, 6, and 7 which follow are
official parts of the Minutes of the meeting.)