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(the "Series A Resolution") a special called meeting of the Executive
Committee was called for the purpose of ratifying, confirming and approving
the Series A Resolution as corrected to reflect the principal maturities of
the Series A Bonds to be issued in a total principal amount of $21,000,000,
as determined by Executive Order of the President of the University of
Kentucky, and the clarifying language as to those provisions affected by
the reduction in principal amount of the Series A Bonds to be issued, and
also for the acceptance of the bid for the purchase of the Series A Bonds.

      Thereupon, a Resolution entitled:

      RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE
      UNIVERSITY OF KENTUCKY RATIFYING, CONFIRMING AND APPROVING THE SERIES
      A RESOLUTION AS CORRECTED TO REFLECT THE PRINCIPAL MATURITIES OF THE
      SERIES A BONDS TO BE ISSUED IN THE TOTAL PRINCIPAL AMOUNT OF
      $21,000,000, AND RELATED CLARIFYING LANGUAGE.

having been presented to this Executive Committee for consideration, it was
moved by Trustee Clay and seconded by Trustee Farmer, that said Resolution
be adopted.

      The Resolution was read to the members of the Executive Committee in
its entirety and after consideration, a yea and nay vote was taken on the
motion to adopt said Resolution, which resulted as follows:

      Yeas for the Motion                 Nays Against the Motion

      Robert T. McCowan                            None
      Albert G. Clay
      Tracy Farmer

      The Chairman declared that the motion had carried and the Resolution
as corrected was adopted. (See PR 3A at the end of the Minutes.)

      D. Resolution of the Executive Committee of the Board of Trustees of
the University of Kentucky Accepting the Successful Bid for the Purchase of
the University of Kentucky Hospital Revenue Bonds, Series A, Dated August
1, 1986 (PR 38)

      Mr. King called the attention of the members present to the fact that
a Notice of Bond Sale had been published in the LEXINGTON HERALD-LEADER,
THE COURIER-JOURNAL (Statewide Edition) and THE DAILY BOND BUYER, fixing
the deadline for submitting bids for the purchase of the Series A Bonds for
10:30 a.m. on July 29, 1986. Mr. King declared that the bidding on the
Series A Bonds was closed and then produced all the sealed bids which had
been received. The bids were then publicly opened, read and referred to
the Board's financial advisor, M.B. Hilliard, W.L. Lyons Incorporated,
and Mr. Henry Clay Owen, Controller and Treasurer of the University, for
analysis and report as to which bid offered the lowest net interest cost to
the Board of Trustees. (A written report of each of such bids immediately
follows the Minutes of this meeting and is attached hereto and made a part
hereof.)