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      Yeas for the Motion                 Nays Against the Motion

      Robert T. McCowan                           None
      William R. Black
      John S. Cain
      Timothy A. Cantrell
      Albert G. Clay
      George W. Griffin
      Edythe Jones Hayes
      Brereton C. Jones
      R. Larry Jones
      James D. Kemp
      T. A. Lassetter
      W. Bruce Lunsford
      Frank Ramsey
      James L. Rose
      Bobby Watson
      Constance P. Wilson

      Thereupon, the Chairman declared that said Resolution had been
adopted, and that said documents had been approved. (See FCR 15 at the end
of the Minutes.)

       HH.   Authorization of President to Fix Time of Sale of Refunding
Bonds, to Publish Notice of Sale of Bonds, and to Take Other Steps with
Respect Thereto (FCR 14 and FCR 16)

       Thereupon, Mr. Clay stated that the timing of such a sale is quite
important and that maximum flexibility should be afforded to enable the
University to have the opportunity to proceed immediately whenever the
market would be considered by the University, with the advice of its Fiscal
Agent, to be favorable for such an offering of Bonds, and that therefore,
it would be appropriate for the Board to authorize the President to
determine the precise time to proceed with the advertisement of the
Refunding Bonds for sale, subject to the condition that no bid for the
purchase of such Refunding Bonds could be accepted without the approval of
the Board or of its Executive Committee (with the advice of the Finance
Committee of the Board).

       Thereupon, a motion was made by Trustee Clay and seconded by Trustee
Rose that a Resolution entitled:

       A RESOLUTION AUTHORIZING THE PRESIDENT OF THE UNIVERSITY TO FIX THE
       DATE AND HOUR OF THE SALE OF UNIVERSITY OF KENTUCKY COMMUNITY
       COLLEGES EDUCATIONAL BUILDINGS REFUNDING REVENUE BONDS, SERIES D
       (SECOND SERIES), DATED AUGUST 1, 1986, TO ARRANGE FOR PUBLICATION OF
       THE NOTICE OF SALE OF THE BONDS WITH RESPECT THERETO, AND TO TAKE
       CERTAIN OTHER ACTION IN CONNECTION THEREWITH, ALL SUBJECT TO THE
       RATIFICATION AND CONFIRMATION OF THE EXECUTIVE COMMITTEE OF THE
       BOARD OF TRUSTEES OR OF THE FULL BOARD OF TRUSTEES,

be adopted. Upon such Resolution and documents having been read and fully
considered, a vote was taken on the motion to adopt such Resolution, which
resulted as follows: