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[111] > Image [111] of Minutes of the University of Kentucky Board of Trustees, 1994-04-may3.

Part of Minutes of the University of Kentucky Board of Trustees

WHEREAS, the matter of which bid is the most advantageous and with the most favorable net interest cost to the Board has been sufficiently considered. NOW, THEREFORE, THE BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY DOES HEREBY RESOLVE, AS FOLLOWS: 1. Determination of Best Bid; Acceptance. That the bid of J.J.B. Hilliard, W.L. Lyons, Inc. for the purchase of said $2,205,000 principal amount of University of Kentucky Housing and Dining System Revenue Bonds, Series 0, dated May 1, 1994, be accepted and confirmed, said bid being at a price of $2,165,770.05 for said $2,205,000 principal amount of Bonds, and adjusted to a price of $ 2,165,770.05 for $ 2,205,000.00 principal amount of Bonds, plus accrued interest from May 1, 1994, to the date of delivery of the Bonds, such Bonds being payable as follows: Maturity Maturity June 1 Amount Rate June 1 Amount Rate 1995 $ 65,000 5.50 % 2005 $ 105,000 5.60 % 1996 65,000 5.50 % 2006 115,000 5.70 % 1997 70,000 5.50 % 2007 120,000 5.80 % 1998 75,000 5.50 % 2008 125,000 5.875% 1999 80,000 5.50 % 2009 135,000 5.875% 2000 80,000 5.50 % 2010 140,000 5.875% 2001 85,000 5%50 % 2011 150,000 5.875% 2002 90,000 5.50% 2012 160.000 5.875% 2003 95,000 5.50% 2013 170.000 5.875% 2004 100,000 5.50% 2014 180.000 5.875% and being a bid at an average net interest cost to the University of 5.9270 % per annum; and said bid is hereby determined to be the best bid with the most favorable net interest cost to the University for said Bonds; and the principal maturities and inter- est rates on said Bonds are, hereby fixed at the principal maturities and interest rates set out above. 2. All Other Bids Rejected. That all other bids are hereby rejected, and the good faith deposit of the successful purchaser will be deposited in immediately available funds prior to the close of business on May 4, 1994, and the amount thereof will be credited (without interest) against the purchase price of the Bonds on the date of delivery to such purchaser. 3. Delivery of Bonds; Application of Proceeds. That said Bonds shall be delivered by the Chairman of the Board of Trustees and/or other proper officers of the Board to said pur- chaser as soon as the Series 0 Bonds are printed and ready for delivery, and all of the proceeds of the Series 0 Bonds shall be used only as provided in the Seventh Supplemental Trust Indenture pursuant to which the Series 0 Bonds will be issued. 3