5 .



held during the coming summer to nominate and elect a member who
shall take the place of Mr. J. I. Lyle, whose term of office ex-
pires in January, 1924.   He stated that the Executive Committee
at its previous meeting had authorized the Secretary to prepare
the forms and issue the call for the election.

     (7) Insurance on Buildings.   President CA.Vey stated to the
Board that an investigation had been made by members of a committee
appointed for the purpose of considering the advisability of
changing the insurance on buildings.   He summarized the situa-
tion as follows:  (a) On April 16, insurance rates in Lexington
will be increased 3%.   (b7) One insurance company doing business
in Kentucky makes the statement that the rerating shortly to be
made in Lexinmton will make an increase of from 15% to 46% in in-
surance  rates.   (c) Under the aoAnsurance plan a revaluation
would have to be made and the raise necessitated would be t159,O0 ,
in order to raise the valuation of buildings from an 8"o to a 90%
basis.   (d) The premium under a coinsurance plan would be $5,200
less than under the present rating, over a period of five years.
(a) The University has a credit of two years on the present pre-
mium paid two years ago.    (f) T'he actual cost of coinsurance for
five years would be $26,800.   Deducting the credit given for the
premium already paid, the actual cost necessary to extend insurance
over a five year period would be between $814,OOO and $17,000O
(g) If any change in the plan of insurance is going to be made, it
is necessary to do it at once before any changes are made in the
retes.   (hl At the present time the University carries insurance
in the amount of 1$85'7,BOO.  The nfew valuation necessary would
place the amount of insurance at approximately 1,016 ,800.    By
changing the insurance new, we should have a net saving of about
$55,200 over a period of five years.

     The matter was dis cussed at length.   A motion was made by
Mr. Lyle, duly seconded, ded adopted authorizing the President to
place insurance on buildings on a 90% coinsurance basis, for a
period of five years.

     (8) RevaluatioA of Buildings.  The Board then discussed the
matter of revaluation of buildings.    The point was made that in
order to get coinsurance it is necessary to get a valuation-made
by some concern whose valuation would be accepted by the insurance
companies.   A motton was made, seconded, and adopted, authoriz-
ing that a revaluation be made by Combs Lumber Company of Lexing-
ton, Kentucky.

     (9) The Budget for 1923-1924.   President MeVey presented to
the Board the University budget for 1923-1924, aend stated that the
bud-et amounted to approximately the same as for the fiscal year
just closing.   The budget was examined by the Board.    After
slight adjustments, a motion was made, seconded, and adopted, ap-
proving the budget as presented.    (The budget is published as a