(c) To change (1) the tentative estimated amount of such Refunding
               Bonds to be initially offered for sale, (2) the tentatively
               estimated amounts cf maturities of such Bonds for each of the
               years, 1987 through 2008, and/or (3) the date of such Bonds and
               all other dates pertaining to the Bonds, to the extent that any
               such changes shall be deemed appropriate and consistent,
               including the redemption date; and

          (d) To approve the form of Notice of Bond Sale, Official Terms and
               Conditions of Sale of Bonds, Bid Form, and Preliminary Official
               Statement, to whatever extent is deemed appropriate in order to
               carry out any of the foregoing, and in order to provide the
               most favorable conditions for the sale of such Refunding Bonds.

          2. That all of such action is authorized to be taken by the

President, with the provision that no bid for the purchase of such Bonds can be

accepted without specific formal action by the Executive Committee of this

Board, acting pursuant to recommendations of the Finance Committee of this

Board.

           Adopted June 25, 1986.



                                             Chairman, Board of Trustees
                                               University of Kentucky

  Secretary, Board of Trustees

(Seal)

                                 CERTIFICATION

           I, GEORGE W. GRIFFIN, Secretary of the Board of Trustees of the
University of Kentucky, Lexington, Kentucky, hereby certify that the foregoing
is a true copy of a Resolution adopted by the Board of Trustees of said
University at a meeting held on June 25, 1986, as recorded in the official
Minute Book of said Board of Trustees, which is in my custody and under my
control, that said meeting was held in accordance with all applicable require-
ments of Kentucky law, including KRS 68.810, 61.815, 61.820, and 61.825, that a
quorum was present at said meeting, and that the aforesaid Resolution is of
record in the office of the Board, has not been modified, amended, or
rescinded, and is in full force and effect at this date.

           WITNESS my signature and the Seal of said Board this June _, 1986.



                                                 Board of Trustees of
                                                 University of Kentucky
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