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Personal Property. He reviewed the items in Exhibit 1 and recommended
approval of FCR 1. Mr. Ulmer seconded the motion and it passed. (See FCR 1
at the end of the Minutes.)

       R.    Policv for Disposition of Personal Property (FCR 2)

       Mr. Hardymon moved that the Board approve the Policy for Disposition
of Personal Property as an Administrative Regulation. He noted that
approval of the Board is required for each property disposition except in
those specific cases where the property is acquired with federal or private
gifts or grants and where (1) the University is required to transfer the
property by the terms of a sponsor's regulations or conditions or
(2) the grant is contracted or transferred to another organization under
circumstances where the granting agency expects that the personal property
will be transferred with the grant. Dr. Meriwether seconded the motion and
it carried. (See FCR 2 at the end of the Minutes.)

       S.    Report of Leases (FOR 3)

       Mr. Hardymon reviewed the Report of Leases and made a motion for
approval. He noted that these leases were under $30,000 in value. Mr.
Chellgren seconded the motion and it carried. (See FCR 3 at the end of the
Minutes.)

       T.    CQapital Construction Report (FOR 4)

       On motion made by Mr. Hardymon, seconded by Mrs. Bell and carried,
the quarterly Capital Construction Report was approved. (See FCR 4 at the
end of the Minutes.)

       U.    Philip Morris. Inc. Contribution (F0R5)

       Mr. Hardymon moved that the Board accept a gift of $274,000 from
Philip Morris, Inc. to the College of Agriculture. He said that the gift
will be divided among tobacco research, extension and education programs,
undergraduate scholarships, and graduate fellowships in the College. Mr.
Hardymon's motion was seconded by Mr. Ulmer and passed. (See FCR 5 at the
end of the Minutes.)

       V.    John William Pruett, Jr. Bequest (FCR 6)

       Mr. Hardy-mon moved that the Board accept a bequest valued at $107,000
from John William Pruett, Jr. He said that this is mainly a collection of
18 Paul Sawyier watercolors that are of superbly high quality and in
remarkable condition. Mr. Shoop seconded the motion and it carried. (See
FCR 6 at the end of the Minutes.)

       W.    Dow Corning Foundation Pledge (FCR 7)

       Mr. Hardymon moved that the Board accept a pledge of $100,000 from
Dow Corning Foundation to Elizabethtown Community College. He said that it
is a pledge to make installment payments of $50,000 in the first quarters of
1995 and 1996. His motion was seconded by Mrs. Bell and passed. (See FCR 7
at the end of the Minutes.)