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Part of Minutes of the University of Kentucky Board of Trustees

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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. WHEREAS, the Board of Trustees of the University of Kentucky has on this date adopted a Resolution entitled: A RESOLUTION AUTHORIZING THE ISSUANCE OF UNIVERSITY OF KENTUCKY COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REFUNDING REVENUE BONDS, SERIES D (SECOND SERIES), DATED AUGUST 1, 1986. WHEREAS, such Resolution provides for the issuance of $7,805,000 of such Refunding Bonds, maturing on May I of each of the years 1987 through 2008, with provision that the amount of the Bonds may be revised and that the maturities thereof may also be changed within certain parameters specified in such Resolution, and WHEREAS, the timing of the sale of Refunding Bonds is frequently critical to the success of the issue, and maximum flexibility is needed 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 WHEREAS, it is therefore deemed appropriate for the Board to authorize the President of the University to take certain steps, when he deems it in the best interest of the University, to proceed with the sale of the Bonds at what he concludes is the most advantageous time, and under the most advantageous conditions, as herein set out, and - 1 -