2



was inadvisable to offer such $75, 000 of bonds for sale and that the Official
Statement disseminated among prospective purchasers had not offered such bonds
for sale. He further stated that due to such lapse of time there would be funds
available from such bond issue which could be used in connection with the con-
struction of community college facilities in Madisonville, Kentucky, and that the
resolution authorizing such bonds should be amended to specifically provide that
part of the proceeds of such bond issue could be used for such purpose. Pro-
spective bidders for such bonds had been advised that the resolution authorizing
such bonds would be amended to permit this. He further stated that an interest
payment would fall due on May 1, 1971 and that it would be advantageous for such
bonds to not be delivered until that date with the result that it was advisable that
the maturity date of April 14, 1971 of $11, 811, 000 of Revenue Bond Anticipation
(Renewal) Notes be extended from April 14, 1971 to May 5, 1971 by the execution
of an agreement to this effect with the holder of all such Notes, Chemical Bank,
New York, New York, which was agreeable to such extension, the interest rate
during such extended period to be at 4 3/4%, the same rate which such Notes bear
to maturity He finally stated that due to amendments to the Internal Revenue
Code and regulations and rulings thereunder since the original authorization of
such bonds, it would be well to amend the resolution authorizing such bonds to
provide that nothing would be done which would make such bonds arbitrage bonds
within the meaning of the Internal Revenue Code and regulations and rulings there-
under,

      Thereupon, Mr. Goss introduced, caused to be read and moved the
immediate adoption of a resolution entitled:

      A RESOLUTION Constituting a Second Amendment to and Amending
      as Previously Clarified and Amended "A RESOLUTION AUTHORIZING
      THE ISSUANCE OF $12, 200, 000 COMMUNITY COLLEGES EDU-
      CATIONAL BUILDINGS REVENUE BONDS, SERIES A, AND $4, 489, 000
      COMMUNITY COLLEGES EDUCATIONAL BUILDINGS REVENUE BONDS,
      SERIES B, OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
      KENTUC KY
                                AND
      IN ANTICIPATION OF THE ISSUANCE OF SAID BONDS, AUTHORIZING
      THE ISSUANCE, JOINTLY WITH THE STATE PROPERTY AND
      BUILDINGS COMMISSION OF KENTUCKY, AND SUBJECT TO THE
      APPROVAL AND CONCURRENCE OF SAID COMMISSION, OF REVENUE
      BOND ANTICIPATION NOTES IN THE MANNER AUTHORIZED BY KRS
      56. 513, THE SAME TO BE PAYABLE (A) AS TO PRINCIPAL SOLELY
      FROM THE PROCEEDS OF THE COMMUNITY COLLEGES EDUCATIONAL
      BUILDINGS REVENUE BONDS, SERIES A AND B, HEREIN AUTHORIZED,
      WHEN SAID BONDS ARE SOLD AND DELIVERED (OR FROM THE
      PROCEEDS OF RENEWAL NOTES OR IN PART FROM THE SOURCE
      HEREIN PROVIDED THEREFOR), AND (B) AS TO INTEREST FROM THE
      SOURCES HEREIN PROVIDED THEREFOR; AND REQUESTING APPROVAL
      AND CONCURRENCE OF SAID COMMISSION,"