5
                                          Premium
                             Principal       or     Interest Effective
       Firm                   Amount      Discount    Rate    Interest

 Bank of America                          Premium
 Bankers Trust Company     $23, 100, 000  $813. 84  3. 75    3. 746

                                          Premium
 Northern Trust Company    $ 5,000, 000  $150. 00   3. 64    3. 637

                            Average Interest Cost              3. 727


       Noting that the net interest rate of 3. 727% compared most favorably
with the net interest rate of 6. 47% on the current notes, on motion by Mr.
Hillenmeyer, seconded by Mrs. Blazer, and all members present voting
"aye", the recommendation of Mr. Forgy relative to the awarding of bids was
approved.


       L. Adoption of Resolution Amending the Resolution Providing for
Community Colleges Educational Buildings Revenue Bonds

       Thereupon, it was pointed out by the administration that, due to the
passage of time, there had been certain changes in the procedures involved by
which the United States of America makes grants and loans in connection with
financing facilities for public higher education, and other changes which make
it advisable for the Resolution adopted on May 6, 1969, which created and
established a new issue of Community Colleges Educational Buildings Revenue
Bonds to be amended. Thereupon, Mr. Hillenmeyer introduced, caused to be
read and moved the immediate adoption of a resolution, the form of which was
presented to the meeting, and is attached to the Minutes at which such reso-
lution was introduced, and the title to which is as follows:

          A RESOLUTION amending "A RESOLUTION creating and
          establishing a Community Colleges Educational Buildings
          Project of the University of Kentucky; creating and estab-
          lishing a new issue of Community Colleges Educational
          Buildings Revenue Bonds of the Board of Trustees of the
          University of Kentucky; providing for the issuance from
          time to time of said bonds; providing for the payment of
          the principal of and interest on said bonds and repealing
          all resolutions or parts of resolutions in conflict with this
          resolution. "

       Such motion was seconded by Mr. Cooper. Upon a vote being taken upon
such motion and upon call of the roll, the vote was recorded as follows:

Voting "Aye": Mr. Albert G. Clay, Mrs. Rexford S. Blazer, Mr. Thomas P.
Bell, Mr. Richard E. Cooper, Mr. Robert H. Hillenmeyer.