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Part of Minutes of the University of Kentucky Board of Trustees

- 8 - 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 Minutes.) 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. Respectfully submitted, Lois C. Weinberg Secretary 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.) /8 788