Office of the President
                                                     June 25, 1986




                                                     FUR 14


Members, Board of Trustees:


        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


Recommendation: that the Board of Trustees approve a Resolution authorizing
the President of the University to fix the date and hour of the sale of the
Bonds referred to in the title of the Resolution set out above, to arrange for
publication of the Notice of Sale of Bonds with respect thereto, and to take
certain other action in connection therewith. This Resolution is a companion
Resolution to the Resolution also to be approved specifically authorizing the
issuance and sale of the Bonds. The purpose of the Resolution is to grant to
the President the authority to fix the date and hour of the sale and the time
of publishing same so that action can be taken expeditiously when market
conditions warrant, without the necessity of further action by the full Board
or the Executive Committee.

Background: These are Advance Refunding Bonds for the purpose of effecting a
substantial savings in the net interest cost of the Bonds which bear interest
at rates ranging from 8% to 10.20% per annum. The Bonds will be advertised for
sale only if it is concluded immediately prior to such advertisement that
market conditions are favorable to the issuance of such Bonds and to the goal
of achieving a substantial interest cost savings to the Board and to the
University.







Action:  Approved   VP        Disapproved                Other

Date: June 25, 1986