Finance Committee Report
                                              January 16, 1973


                                              FC R 5


Members, Board of Trustees:

           RESOLUTION REGARDING CONVERSION OF'
               DORMITORY ELECTRICAL SERVICE



           Whereas, it has become necessary to provide in the University's
residence halls and other buildings in the Housing and Dining System, the
capability of distributing 12 KV electrical power in accordance with an agree-
ment previously executed with Kentucky Utilities Company, and,

           Whereas, the cost of installing the aforesaid distribution system
has been estimated to exceed the sum of three hundred thousand dollars,

           NOW THEREFORE BE IT RESOLVED THAT:

           1. In accordance with Section 907 of the Trust Indenture made
by the Board of Trustees to Farmers Bank & Capital Trust Company, Frank-
fort, Kentucky, securing the University of Kentucky Housing and Dining Sys-
tem Revenue Bonds, the Board finds that the unanticipated conversion of the
aforesaid systems has resulted in a situation where the available budgeted
resources of the Housing and Dining System are inadequate to meet the costs
to be incurred.

           2. The Vice-President - Business Affairs and Treasurer is
hereby authorized and directed to deliver to the aforesaid Trustee, an au-
thenticated copy of this resolution, together with a request for the payment
of the costs of converting the 4 KV distribution systems in the residence
halls and other buildings in the Housing and Dining System to a 12 KV distri-
bution system from funds available in the System Repair and Maintenance
Reserve insofar as said payment may be made without reducing the said re-
serve below the permanent minimum balance required by the said Trust In-
denture.