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[9]

Part of Minutes of the University of Kentucky Board of Trustees

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- 9 - President Wethington recognized David Carter and Ruth Galloway who were in the audience and asked them to stand and be recognized, following which they received a round of applause. X. Property Conveyance to Kentucky Department of Transportation - Coldstream Farm (FCR 10) Mr. Hardymon stated that the Department of Transportation has requested title to 8.6 acres along the front of Coldstream Farm on the Lexington/Georgetown Road (U.S. 25) to enable improvements in the width of U.S. Highway 25. In addition, the Department of Transportation, as a part of the highway project, will construct a storm sewer that, in part, crosses the western portion of Coldstream Farm. He said that the purchase price is $116,711 for the 8.6 acres and the purchase price of $9,523 for the storm sewer easement. He asked Mr. Ed Carter to comment on FCR 10. Mr. Carter displayed a map of the property and provided a brief review of the land that would be involved in the transaction. On motion made by Mr. Chellgren, seconded by Dr. Meriwether and carried, FCR 10 was approved. (See FCR 10 at the end of the Minutes.) Y. A Resolution Authorizing the Issuance of University of Kentucky Community Colleges Educational Buildings Refunding Revenue Bonds, Series J. Dated May 1. 1993, of the Board of Trustees of the University of Kentucky (FCR 11) Mr. Hardymon reminded the Board of the successful savings on refinancing bonds that had previously taken place. He reported that there is a lot of volatility going on in the interest market and explained the plan for trying to get additional savings. He noted that five additional refunding candidates have been identified: three were community college bonds and two were University System bonds. The University and the financial advisor will determine on April 22 whether or not to proceed with the sale of the community college bonds on May 4. It is anticipated that the University System bonds would be sold later in the year. The Finance Committee recommends approval of the Resolution. A motion was made by Mr. Wilcoxson and seconded by Dr. Meriwether to approve FCR 11. The motion passed. (See FCR 11 at the end of the Minutes.) Governor Breathitt expressed his appreciation to Mr. Hardymon for his leadership and to the members of the Finance Committee for their hard work. He noted the importance of the Finance Committee and the Investment Committee to the Board and the University.