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issued last Friday by Dr. J. David Grissom, Chairman of the Council on
Higher Education, and himself. President Singletary then requested and
received authorization from the Board to express to Governor Carroll the
University's thanks and appreciation for the intended helpfulness and fairness
of treatment inherent in the Governor's offer to assist the University of
Kentucky and its athletic program. Mr. Sturgill, as Chairman of the Board,
indicated that he also would convey a similar expression to Governor Carroll
on behalf of the Board.



      D. Authorization of $6, 325, 000 "University of Kentucky Housing
and Dining System Revenue Bonds, Series J, " and the Requisite Series J
Supplemental Trust Indenture; Delegation to the Executive Committee of
Full Power to Act in the Sale Thereof; Authorization of 'University of
Kentucky Housing and Dining System Revenue Bonds, Series K, " in an
Amount Estimated to Be $284, 000 and Delegation of Power to the Executive
Committee To Make Final Determinations With Regard to the Details Thereof
and Proceed in the Public Sale Thereof; Requesting that the State Property and
Buildings Commission Approve and Authorize the Issuance of Said Series J
and Series K Revenue Bond Issues.

      Board Member Albert Clay introduced, caused to be read and moved
immediate adoption of a proposed Resolution, copies of which had been sent
out to all Board Members with the Notice of the meeting, as follows:

      A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
      UNIVERSITY OF KENTUCKY (A) DETERMINING THAT THERE
      IS A PRESENT NEED FOR THE IMMEDIATE AUTHORIZATION,
      PUBLIC SALE AND ISSUANCE OF ''UNIVERSITY OF KENTUCKY
      HOUSING AND DINING SYSTEM REVENUE BONDS, SERIES J, "
      IN THE PRINCIPAL AMOUNT OF $6, 325, 000; (B) DETERMINING
      THAT COMPLIANCE HAS BEEN SHOWN WITH PARITY BOND
      CONDITIONS SET FORTH IN THE CONTROLLING TRUST INDENTURE;
      (C) AUTHORIZING SUCH SERIES J BONDS; (D) APPROVING THE FORM
      OF SERIES J SUPPLEMENTAL TRUST INDENTURE PREPARED
      AND TENDERED BY THE FISCAL AGENT AND BOND COUNSEL;
      (E) DETERMINING THAT THERE WILL SHORTLY BE A NEED FOR
      THE AUTHORIZATION AND ISSUANCE OF "UNIVERSITY OF KENTUCKY
      HOUSING AND DINING SYSTEM REVENUE BONDS, SERIES K, " IN
      AN AMOUNT PRESENTLY ESTIMATED TO BE $284, 000, AND THAT
      THE POWER TO AUTHORIZE THE SAME, DETERMINE THE
      DETAILS THEREOF AND PROCEED IN THE PUBLIC SALE THEREOF
      IS DELEGATED TO THE BOARD' S EXECUTIVE COMMITTEE,
      TOGETHER WITH THE POWER TO RECEIVE, CONSIDER AND
      ACT UPON BIDS RECEIVED AT PUBLIC SALE FOR THE SERIES J
      BONDS IN ORDER THAT TH-1EY MAY BE ISSUED WITHOUT DELAY;