Office of the President
                                               May 3, 1994







Members, Board of Trustees:

      RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
      KENTUCKY ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE
      OF UNIVERSITY OF KENTUCKY HOUSING AND DINING SYSTEM
      REVENUE BONDS, SERIES 0.

Recommendation: that the Board of Trustees approve a Resolution accepting the
successful bid of J.J.B. Hilliard. W.L. Lyons, Inc. with reference to the sale of the
$2,205,000 (plus or minus up to $220,000) of University of Kentucky Housing and
Dining System Revenue Bonds, Series 0, dated May 1, 1994, at a net interest cost
of 5.9270%.

Background: On AprI 5. 1994, the Board of Trustees approved a Resolution
authorizing the issuance of $2,205,000 (plus or minus up to $220,000) of University of
Kentucky Housing and Dining System Revenue Bonds, Series 0, dated May 1, 1994,
and the public advertising for sealed, competitive bids to be received on May 3, 1994.
Bids were received by the Controller & Treasurer, tabulated by J.J.B. Hilliard, W.L.
Lyons, Fiscal Agents for the bonds, and reported to the Finance Committee. The
recommended bid is the lowest net interest cost to the University.

Three bids were received and tabulated as follows:

J.J.B. Hilliard, W.L. Lyons, Inc.                    5.9270%
Prudential Securities, Inc.                          6.0340%
Morgan Keegan & Company                              6.0634%



Dated: May 3. 1994



Action: Approved     V         Disapproved             Other