WHEREAS, the matter of which bid is the most advantageous and with the most favorable net
interest cost to the Board has been sufficiently considered.



          NOW, THEREFORE, THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES OF
UNIVERSITY OF KENTUCKY DOES HEREBY RESOLVE, AS FOLLOWS:



        1.    Determination     of   Best    Bid:   Acceptance.        That   the   bid   of
Griffin, Kubik, Stephens & Thompson        , for the purchase of said $6,645,000 principal amount of
                                     J-M .
 University of Kentucky Housing and Dinlng System Revenue Bonds, Series Q, dated May 1, 1997, be
 accepted and confirmed, said bid being at a price of $ 6,512, 100-00 for said $6,645,000 principal
 amount of Bonds, plus accrued interest from May 1, 1997, to the date of delivery of the Bonds, such
 Bonds being payable as follows:



Maturitv
June I



1998
1999
2000
2001
2002
2003
2004
2005
2006
2007



Amount



$210,000
215,000
225,000
235,000
245,000
255,000
270,000
280,000
295,000
310,000



Rate



Maturitv
June I



5.20
5.20
5.20
5.20
5.25
5.25
5.25
5.30
5.30
5.30



2008
2009
2010
2011
2012
2013
2014
2015
2016
2017



Amount

$325,000
340,000
355,000
375,000
395,000
415,000
440,000
460,000
485,000
515,000



Rate

5.30
5.30
5.30
5.30
5.30
5.30
5.30
5.375
5.375
5,375



and being a bid at an average net interest cost to the University of 5. 47 79% per annum; and said bid
is hereby determined to be the best bid with the most favorable net interest cost to the University for said
Bonds; and the principal maturities and interest rates on said Bonds are hereby fixed at the principal
maturities and interest rates set out above.



       2.     All Other Bids Reiected. That all other bids are hereby rejected, and the good faith
deposit of the successful purchaser will be deposited in immediately available funds prior to the close of
business on May 6, 1997, and the amount thereof will be credited (without interest) against the purchase
price of the Bonds on the date of delivery to such purchaser.

       3.     Delivery of Bonds: Application of Proceeds. That said Bonds shall be delivered by the
Chairman of the Board of Trustees and/or other proper officers of the Board to said purchaser as soon as
the Series Q Bonds are printed and ready for delivery, and all of the proceeds of the Series Q Bonds shall
be used only as provided in the Ninth Supplemental Trust Indenture pursuant to wvhicli the Series Q Bonds
wtill be issued.