A RESOLUTION OF THE EECUTIVE COH-MTTEE OF THE
         BOARD OF TRUSTEES OF TaE UNIVERSITY OF KENTUCKY
         AUTHORIZING ANTI DIRECTING TEM TRUSTEE TO PUR-
         CHASE ELIGIBLE OBLIGTIONS IN CONNECTION WITH
         "UNIVERSITY OF KENTUCKY CONSOLIDA=D EDUCATIONAL
         BUILDINGS REFUNDING REVENUE BONDS, SERIES D",
         DATED MARCH 1, 1973.




         TH EXECUTIVE COMITTEE OF THE BOARD OF TRUSTEES OF

THE UNIVERSITY OF KENTUCKY HEREBY RESOLVES, AS FOLLIOS:


         Section 1. It is acknowledged and recognized that

this Executive Coamittee has heretofore adopted a Resolution

authorizing the issuance, sale and delivery of $31,000,000.00

principal amount of "University of Kentucky Consolidated Educa-

tional Buildings Refunding Revenue Bonds, Series D", dated March

1, 1973, and that said Bond authorizing Resolution requires the

acquisition by the Trustee of certain Eligible Obligations in

order that the Refunding transaction therein contemplated may

be properly effectuated. Accordingly, First Security National

Bank and Trust Company of Lexington, Lexington, Kentucky, Trustee

in connection with said Bonds dated March 1, 1973, is hereby

authorized and directed to purchase from the proceeds of said

Bonds dated March 1, 1973 certa:Tnh Eligible Obligations, particu-

larly described, as follows:



- lda -