3



budget of $750, 000. In order for the University to proceed with the expenditure
of these funds, it is necessary to have an expenditure authorization from the
Board of Trustees.

        On motion by Mr. Hillenmeyer, seconded by Mrs. Blazer, and passed,
 an expenditure authorization of up to $795, 000 from the Tobacco Research--
 Trust Fund was approved for projects and expenses contained in a budget previ-
 ously approved by the Kentucky Tobacco Research Board. (See PR 5 at the end
 of the Minutes. )


        I. Interim Financial Report Accepted (FCR 1)

        There being no questions, on motion by Mr. Hillenmeyer, seconded by
Mr. Cooper, and passed without dissent, the interim financial report for the
three-months' period ending September 30, 1970 was accepted and ordered
filed. (See FCR I at the end of the Minutes.)


       J. Audit Reports for the University of Kentucky for 1969-70
Accepted (FCR 2)

       Mr. Hillenmeyer reported that copies of the audit reports had been
mailed to the Executive Committee members in advance of the meeting and the
Finance Committee had studied said reports and recommended their acceptance.

       On motion by Mrs. Blazer, duly seconded, and passed, the following
reports submitted by the firm of Peat, Marwick, Mitchell and Company were
accepted and ordered filed:

       1. University of Kentucky Detailed Financial Report June 30, 1970

       2. University of Kentucky Financial Report (Short Form) 1969-70

       3. Purchasing Letter 1969-70

       4. Cash Reconciliation June 30, 1970

       5. Management Letter June 30, 1970

(See FCR 2 at the end of the Minutes. )


       K. Bids Received on $28, 100, 000 Revenue Bond Anticipation Notes
of 1970

       The University of Kentucky currently has outstanding Revenue Bond
Anticipation (Second Renewal) Notes in the amount of $28, 800, 000 which mature