"First Notice"
                       NOTICE OF REDEMPTION

        RE: UNIVERSITY OF KENTUCKY COMMUNITY COLLEGES EDUCATIONAL
             BUILDINGS REVENUE BONDS, SERIES E, DATED APRIL 1, 1986

        Notice is hereby given that the Board of Trustees of
University of Kentucky has provided for the refunding of the Series
E Bonds maturing on and after May 1, 1997, bearing CUSIP numbers
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 E Bonds scheduled to mature on and
after May 1, 1997, on May 1, 1996.   The Series E Bonds called for
redemption shall be payable solely from the investments held in
escrow, and said Series E 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 E
Bonds have been issued.

        The remaining Series E 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 REVENUE BONDS, SERIES E, DATED APRIL 1, 1986

        Owners of the above-identified Bonds scheduled to mature on
May 1,  1997  through  2006,  bearing  CUSIP  numbers   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 $5,100
per $5,000 Bond (102%) 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.