EXHIBIT B

                           "First Notice"
                       NOTICE OF REDEMPTION

        RE: UNIVERSITY OF KENTUCKY COMMUNITY COLLEGES EDUCATIONAL
             BUILDINGS REFUNDING REVENUE BONDS, SERIES D (SECOND
             SERIES), DATED OCTOBER 1, 1986

        Notice is hereby given that the Board of Trustees of
University of Kentucky has provided for the refunding of the Series
D (Second Series) Bonds maturing on and after May 1, 1997, bearing
CUSIP  numbers  914386-    ;  914386-    ; 914386-     ;  914386-
914386-   ;   914386-    ;   914386-   ;   914386-    ;   914386-
914386-   ; 914386- _     and 914386-    ; through the deposit      in
escrow with National City Bank, Lexington, 801 East Main Street,
Lexington, Kentucky 40507, as Trustee Escrow Agent, of direct
obligations of the United States of America maturing in such
amounts and on such dates as will be sufficient to pay the interest
on said Bonds as same becomes due, and, will be sufficient to
redeem said Series D (Second Series) Bonds scheduled to mature on
and after May 1,   1997,  on May 1,   1996.   The Series D   (Second
Series) Bon.ds called for redemption shall be payable solely from
the investments held in escrow, and said Series D (Second Series)
Bonds shall no longer be secured by the pledge of the Revenues of
the Community Colleges Educational Buildings Project created by the
Resolution of the Board of Trustees of University of Kentucky
pursuant to which the Series D (Second Series) Bonds have been
issued.

        The remaining Series D (Second Series) Bonds scheduled to
mature on May 1, 1994 through May 1, 1996 will be paid as and when
they become due. Attention is called to the fact that no action is
required by the owners of such called Bonds until May 1, 1996.
Funds sufficient for the payment of the interest on the Bonds
through May 1, 1996, and the redemption price of the Bonds to be
redeemed on May 1, 1996, have been placed on deposit and invested
in United States Government obligations.     (Signed) National City
Bank, Lexington, Escrow Agent.

                           "Second Notice"
                        NOTICE OF REDEMPTION

        RE: UNIVERSITY OF KENTUCKY COMMUNITY COLLEGES EDUCATIONAL
             BUILDINGS REFUNDING REVENUE BONDS, SERIES D (SECOND
             SERIES), DATED OCTOBER 1, 1986

        Owners of the above-identified Bonds scheduled to mature on
May 1,  1997  through   2010,  bearing   CUSIP  numbers  914386-
914386-   ;   914386-    ;   914386-   ;    914386-    ;   914386-
914386-   ;   914386-    ;  914386-    ;  914386-    ;   914386;   and
914386-   ; are advised that such Bonds are called for redemption
on May 1, 1996, at the principal corporate trust office of National
City Bank, Lexington, 801 East Main Street, Lexington, Kentucky
40507. Owners of said called Bonds are notified to present them as
set out above and upon surrender thereof, said Bonds will be
redeemed at a price of $5,150 per $5,000 Bond (103%) plus accrued
interest to May 1, 1996.    Interest on said called Bonds will no
longer accrue after May 1,    1996.   (Signed)  National City Bank,
Lexington, Escrow Agent.