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    S. Resolution Autihorizing Issuance of Housing and Dining
        System Revenue Bonds (FCR 4)

    At the request of Mr. Griffin, Mr. Blanton explained the events
which have occurred since the Board of Trustees authorized at its
meeting on June 20, 1978, the issuance of Series J and K bonds
in the amounts of $6,325,000 and $284,000 respectively. Inasmuch
as HUD has agreed to purchase Series K bonds in the amount of
$4,584,000 at an interest rate of 3% per annum, it was Mr.
Blanton's recommendation, concurred in by the Finance Committee
of the Board, that the earlier action be rescinded and a new
resolution be adopted.

    Mr. Griffin introduced, caused to be read and moved immediate
adoption of a Resolution entitled:

    Authorizatior of $1,900,000 "University of Kentucky Housing
and Dining System Revenue Bonds, Series J,' and $4,584,000
"University of Kentucky Housing and Dining System Revenue Bonds,
Series K"; Approval and Authorization for execution of a Loan Agree-
ment with the United States Department of Housing and Urban
Development (HUD). wherein HUD will agree to appear at the public
sale and submit a purchase bid for the Series K Bonds at face
amount, and at an interest rate of 3% per annum, subject to
acceptance of equal or better bids; Approval and Authorization of
theerequired "Series J and Series K Supplemental Trust Indenture"
with Farmers Bank , Capital Trust Company, Frankfort, Kentucky,
as Trustee; Delegation to the Statutory Executive Committee of
the Board of full authority to act in receiving, considering
and acting upon Durchase bids for the Series J and Series K
Bonds when the same are publicly advertised for sale, as
required by law; Reauesting that the State Property and Buildings
Commission take proper action to approve and authorize issuance
of the Series J and Series K Bonds; and Rescinding in its entirety
that certain Resolution which was adopted by the Board at its
meeting of June 20, 1978, authorizing the issuance of the Series
J and Series K bonds because that Resolution has been overtaken
by events, which are recited in full.

and a true copy of which is attached to these Minutes. The motion
for the adoption of the said resolution was seconded by Mr. Frank
Ramsey. After a full discussion, the Chairman put the question
and upon call of the roll the vote thereon was recorded as
follows: Voting Aye: Chairman William B. Sturgill, Dr. Michael
Adelstein, Mr. William R. Black, Governor Albert Benjamin
Chandler, Mrs. Robert O. Clark, Mr. William B. Terry, Mr. John
R. Gaines, Mr. L. D. Gorman, Mr. George W. Griffin, Jr., Mrs.
David Hermansdorfer, Dr. David A. Hull, Mr. Thomas B. Kessinger,
Mr. Zirl Palmer, Mr. Frank Ramsey, Jr., Mr. Homer W. Ramsey,
Mr. Eugene Tichenor, Professor Constance P. Wilson, Dr. John R.
Woodyard. Voting Nay: None.