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       U.    Resolution of the Board of Trustees of the University of
Kentucky Accepting the Successful Bid for the Purchase of $22.300.000
Principal Amount of University of Kentucky Consolidated Educational
Buildings Revenue Bonds, Series L. Dated May 1. 1991 (FCR 11)

       Mr. Ockerman announced that bids had been received for the
purchase of $22,300,000 of University of Kentucky Consolidated
Educational Buildings Revenue Bcnds, Series L, dated May 1, 1991. He
reported that the bids had been referred to the Finance Committee and
the Committee recommended that the best bid be accepted.

       The Controller and Treasurer presented to the Finance Committee,
after the analysis, the best offer for the purchase of said Consolidated
Educational Buildings Revenue Bonds, Series L, dated May 1, 1991, and
thereupon Mr. Ockerman entertained a motion that a Resolution, the form
of which had been distributed to the members of the Board of Trustees
prior to the meeting and was available at such meeting, be adopted,
which Resolution was entitled:

       RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
       ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $22,300,000
       PRINCIPAL AMOUNT OF UNIVERSITY OF KENTUCKY CONSOLIDATED
       EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES L, DATED MAY 1, 1991

       The motion for adoption of said Resolution accepting the
successful bid of Lehman Brothers was made by Senator Huddleston and
seconded by Mr. Rose. Upon a vote being taken on such motion the result
was as follows:

       Yeas for the Motion              Nays for the Motion

       Ted B. Bates                            None
       Raymond F. Betts
       Carolyn S. Bratt
       William E. Burnett, Jr.
       Albert B. Chandler
       Tracy Farmer
       Edythe Jones Hayes
       Walter D. Huddleston
       Sean Lohman
       Foster Ockerman
       Judith Rhoads
       Jim Rose
       Jerome A. Stricker
       William B. Sturgill
       Billy B. Wilcoxson
       Henry R. Wilhoit, Jr.

       Thereupon, the Chairman declared that such motion had carried and
that such Resolution, a copy of which Resolution is attached to the
Minutes of this meeting, and made a part thereof as if copied in full
herein, had been adopted. He directed that the good faith check of the
successful bidder be deposited and the checks of the unsuccessful
bidders be returned to such bidders. (See FCR 11 at the end of the
Minutes.)