Office of the President
                                             June 18, 1991


                                           FCR 1.1



Members, Board of Trustees:

      RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
      KENTUCKY ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE
      OF $36,350,000 PRINCIPAL AMOUNT OF UNIVERSITY OF KENTUCKY
      COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REVENUE BONDS,
      SERIES H, DATED JUNE 1, 1991

Recommendation: (i) that the Board of Trustees approve a Resolution accepting the
successful bid of Goldman, Sachs & Co. with reference to the sale of the $36,350,000
of University of Kentucky Community Colleges Educational Buildings Revenue Bonds,
Series H, dated June 1, 1991, at a net interest cost of 6.8465%; (ii) that the Board of
Trustees approve the form of Official Statement as prepared by Seasongood & Mayer,
the Financial Advisors to the Board of Trustees.

Background: On April 30, 1991, the Board of Trustees approved a Resolution author-
izing the issuance of $36,350,000 of University of Kentucky Community Colleges
Educational Buildings Revenue Bonds, Series H, dated June 1, 1991. Said Resolution
also authorized the public advertising for sealed, competitive bids to be received on
June 18, 1991. Bids were reviewed by the Finance Committee and the recommended
bid is the lowest net interest cost to the University.

Five bids were received and tabulated as follows:

     Goldman, Sachs & Co.                          6.8465%
     Prudential Securities, Inc.                   6.8556%
     Kemper Securities Group                       6.8593%
     Bear, Stearns & Co.                           6.8676%
     Merrill Lynch, Pierce, Fenner & Smith      6.8853%



Action: Approved             Disapproved              Other



Dated: June 18, 1991