xt78sf2m6h7f https://nyx.uky.edu/dips/xt78sf2m6h7f/data/mets.xml Lexington, Kentucky University of Kentucky 19570717 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1957-07-sep17. text Minutes of the University of Kentucky Board of Trustees, 1957-07-sep17. 1957 2011 true xt78sf2m6h7f section xt78sf2m6h7f 











          Minutes of the Meeting of the Board of Trastees of the University
of Kentucky, September 17, 1957.


          The Board of Trustees of the University of Kentucky met in the
President, s Office at 9:10 CST, Tuesday, September 17, 1957. with the
following members present: Governor A. B. Chandler, Chairman: R. P.
Hobson, Dr. Ralph J. Angelucci, Mrs. Paul G. Blazer, Carl Dempewolfe,
Ben Butler, J. Stephen Watkins, W. F. Foster, Dr. Daniel C. Elkin.
Robert R. Martin, Louis Cox, Robert C. Stilz, Dr. Harry Denham,  Harper
Gatton and Wood Hannah, Sr,  President Frank G. Dickey and Secretary
Frank D. Peterson were also present.


         A. Approval of Minutes.

         Upon motion duly made, seconded and carried, the minutes of the
Board of Trustees of June 11; and the minutes of the Executive Committee
of July 19, 1957, were approved as published.



         B. Financial Report.

         Mr. Peterson made financial report for the two months period ended
August 31, 1957. He read the following letter and submitted a balance sheet
and other statements concerning income and expenditures.




 









UNIVERSITY



  t ~OF KEN4TUCKY


LEXINGTON
                    September 16, 1957



Dr. Frank G. Dickey, President
University of Kentucky
Lexington, Kentucky

Dear Doctor Dickey:

         I am submitting herewith the Financial Report of the University cover-
ing fund transactions for the two-month period ended August 31, 1957, consisting
of a balance sheet and relating financial statements.

          The income received during this period for general fund purposes
amounted to $3,508, 6Z7. 13, or 30. 1% of the budget estimate of $11,641, 148.84.
The income realized came primarily from state appropriations and federal
grant sources totaling $3, 163, 190. 17.

         Current fund expenditures and encumbrances outstanding fa'r the
period totaled $1,949,95144, which is 16. 7% of the departmental appropriations
amounting to $11,655, 505, 53,

         The appraisal value of the University Plant and the net investment
therein as of August 31, 1957, is indicated by the following statement.


                    Fixed Asset



Land
Buildings
Equipment
Construction in Progress



Total Fixed Asset



Less---
Revenue Bonds Outstanding
Receivable from Commonwealth
          of Kentucky
Note Payable (South Farm)


       Net Investment in Plant



$ 1,681,9Z4.
33, 516, 099.
10, 502,495.
  4, 337, O0M



43
00
031
001



$50, 037,518.46



$ 8,301,000.00

  3, 287, 000. 00
    Z00, 000. 00


$38, 249, 518. 46



1. Holmes Hall $1, 131,000; Shawneetown Apartments $2, 156,000; Phi Delta
  Theta Bldg. $150, 000; Six Sorority Bldgs, $900, 000.




 









         The advance from the Commonwealth of Kentucky is temporary and
repayment will, be made as soon as the bonds are sold for the construction of
Shawneetown, $2, 156, 000, and Holmes HIall, $1, 131, 0O0.

         The schedule below shows bonds outstanding on the 30th of june, 1957,
with interest and principal payments due during tihe fiscal year 1957-58.



Bond Issue

Ist PWA Refunding Issue
2nd PWA Refunding Issue
Dormitory Revenue Issue
Auditoriam-Field House 4ssue
Library Service Bldg, Issue
Stadium Addition Rev. Issue
Dormitory Rev. Issue (456 Rose)
Journalism Building Issue
Dormitory Rev. Issue ~476 Rose)
Dormitory Rev. Bonds - 1953
Dormitory Rev. Borids-1952
Dormitory Rev. Bonds - 1q954
Dormitory Rev. Bonds- 1955
Dormitory Rev. Bornds 1956
Dorm.RevBonds.l956 (336 Clifton)



Bonds Out-
s tandinS,

$  176, 000
   1 1, 000
   3 1 5, 000
   540, 000
   3 13, 000
   180, 000
   60, 000
   148, 000
   64, 000
   664, 000
 1,19 5, 000
   712, 000
 2, 775, 000
   900, 000
   1.50. 000



                Totals                      $8,353,000



          The value of inventories as of June 30, 1957, was
amount was made up from the inventories as listed below,



inventor

Campus Bookstore
Caps and Gowns
General Stores
Work in Progress

     Total Inventory



Principal  Interest

$ 34, 000  $  3, 080. 00
  14, 000    4, 725. 00
  14, 000     6, z05 00
  45, 000    14, 23L.5
  27,000      9,70000
  15,000      5,587e50
  2,500      1,684,37
  11,000      3,918.75
  2,000      1,872.50
  16,000     Z2,642,50
  20,G00     35,969.50
  11,000     21,05Z.50
  38,000     92,832,50
  10,000    41,820.00
  2,000      6,430,00

$261,500   $271,751.37



$334, 517v 61.



This



Division of Colleges

    $ 34,924,93
       4, 664. 65
     130, 500. 00
     164, 428 03

     $334,517.61



     Respectfullly submitted,



     Frank D. Peterson
     Vice President
     Business Administration




 






University of Kentucky
BALANCE SHEET
  August 31, 1957



ASSE TS


Current Funds
GenerarL-
   Mbash in Bank
   Petty Cash Fund
   State Allotments:
   Current Year
   Prior Year
   Revolving Funds
   Inventories
   Deferred Charges
   Due from Other Govt. Uni
   Unrealized Incomne

      Total General

Re s tric ted:
n    k1W in nk
Petty Cash Advances
Due from other funds
Investments

      Total Restricted
      Total Current



D

C

$







its



,ivision
of
alleges



Agricultural
Experiment
Station



3 1, 703. 76
40, 000. 00

805, 119,63
  5, 040.00
694,976.20
334, 517 61
52, 666.20
    239, 02



$ 103,516.79
    10, 000.00

    69, 172. 90
    14,954, 10
    596, 068.53



A gric ultural
Extension
Division



$ 683, 273,11


   113, 88831



Total



$   818,493. 66
     50, 000. 00

     988, 180 84
     19, 994. 10
  1, 29 1, 044. 73
    334, 517. 61
    52, 666, Z0
        239 OZ0



  5, 056, 103, 33  1,593,810.52  1,482,607.86  8,132,521471

$ 7,020,365,75 $2, 387, 52Z2 84 $2, 279, 769. 28 $11,687,657.87


$   152,014.03 $  157,136.03 $  138,719,34 $   447,869,40
      5,863.76      3,600.00       Z,Z50,00       11,713.76
      67, 940.49                                   67, 940.49
  1,759,898,44      15,027.00                  1,774,925.44

$ 1,985, 716.72 $  175,763.03 $  140,96934 $ Z,302,449,09
t 006, 082,47 $2,563,285.87  2,40738.62$13,990, 106= 96



Plant Funds:
Unexpended:
   Gash n Br ank
   Cash on Deposit-Trustee.
   State Allotments
   Revolving Funds
   Investments
   Due from Other funds
   Unrealized Income

       Total Unexpended

 Investment in Plant:
   Construction Author,
   Fixed Assets

      Total Invested
      Total Plant



Other Funds
  ~ashi ank
  Notes Receivable
  Investments

  Total Other Funds



Total Assets



$    80, 130, 00
      3, 012. 88
    269, 109,27
  2,369,422.16
     68,113,13
   210,392,00
   317,65Z.00



$



$



156, 056. 03



$    80, 13 0. 00
      3, 012, 88
    269,109I  7
  Z,5Z5,478,19
     68,113, 13
     Z10, 392, 00
     3 17, 652.00



$ 3,317,831.44  $  156, 05603 $              $ 3,473,887.47


$ 4,337,000.00 $              $              $ 4,337,000,00
41,13Z,129,11  4,459,5Z8.38    108,860.97  45, 700, 518 46

$45,469, lZ9, 11 $4,459,528.38 $ 108,860,97  $50, 037, 51   46
    $48,786,60.55 $4615-, 8,110,6,7         $ 53 5 T,-4'0-5,

    Loan          Endowment      Agenc y


$     9 ,801,9 1 $  7, 603. 35 $  83,534,46  $  100,939,72
     46,235.16                                     46, 235 16
     55,500,00     Z04,674.90     16,381.74      276,556.64

$   111,537.07  $  Z1Z,Z78,25 $ 99,916,20   $   4Z3,731L52

                                              $67,9Z5, 944.41



3




 






University of Kentucky
BALANCE SHEET
  August 31, 1957



LIABILITIES


Current Funds
  ~WneralZ
  estty Cash Liability
  Res.for Encumbrances:
     Current Year
     Prior Year
   Res.for Inventories
   Resofor Fire Losses
   Other Liabilities
   Due to Other Funds
   Unappropriated Surplus
   Appropriation Balance

       Total General

Restricted:
   Oatstanding Checks
   Fund Balances



       Total Restricted
       Total Current

Plant Funds:
unexpended:
   7esf-or-Encumbrances:
   Curirent Year
   Prior Year
   Due to Other Funds
   Appropriation Balance



       Total Unexpended

 Xnvestment in Plant,
   ME0Nc's Payable
   Other Liabilities
   Net Invested in Plant
       Total Invested
       Total Plant



Other Funds
   Principal Balances
   Expendable Balances

       Total Other Funds



Total Liabilities



Division
of



Agricultural
Experiment



Agric ultural
Extension



College          Station       Division          Total

$   40, 000.00 $    10, 000, 00 $            $    50, 000, 00

    335,749,38     68,568.58      3,094.77       407,41Z.68
    344,417,47     142,617.76    53,769.09       540,804.3Z
    334,517.61                                   334,517.61
    26, 163.24                                   26, 163.24
    5Z,666.20                                    52.666 ZO
    210,392.00                                   210, 39Z,00
    67,608,01    29Z,539,72                     360,147,73
  5,608,851.84  1,873,796.78 ,2ZZ,905.47     9,705,554.09

$ 7, 020, 365, 75 $2,387,522,84 $2, 279, 769 28  $11,687,657.87


$     6,415.94 $             $               $     6,415,94
  1,979,300.78    175,763r03   140,969.34     , 2296, 033. 15



$ 1,985,716,72 $  175,763M03 $  140,969.34  $ 2,30Z,449,09
  $9006',082, 47 $ 2, 563_,2~8 5.8-7 $2,420,738 6z  $ 13,990, 10696




$     6,352,85 $    22,985.00 $              $    29,337.85
  Z, 177,474 67    46,002.95                   2, 2Z3,477, 6Z
     67,940,49                                    67, 940.49
  1, 066, 063,43   87,068.08 $               $ 1,153,131.51



$ 3,317,831.44 $   156,056.03 $              $ 3,473,887,47


$ 8,301,000,00 $             $               $ 8,301,000.00
  3, 287, 000, 00  200,000.00                  3,487,000.00
  33,881,1Z9,11  4,Z59,528,38   108,860,97   38, 249, 518,46
$45,469, 1z9, 11 $4,459,528.38 $  108,860.97  $50, 037, 5 18. 46
$48;786:960:55 $4,615,564741 $  1 089, 86 0.~97-M53,51lT 7759

   Loan          Endowment         Ae cj


$    73,399,81 $   207,724.05 $              $    281,123,86
     38,137,26       4,554.20    99,916,20       142,607.66

   $  111,537.07 I  2.12, 78.2Z5__$-  7991,'T67lu  42Z37,711,52


                                             $67,925, 244. 41




 






C



         University of Kenitucky
STATEMENT OF UNREALIZED INCOME
For the Current Fiscal Period which Began
July 1, 1957 and ended August 31, 1957


             General Fund



Budget
E stimate



Realized
to Date



Unrealized
fbalance



Division of Colle es
Eaucational and General:
   State Appropriations
   Fed.Grants (through the State)
   Student Fees
   Endowment Income
   Sales and Services and Rentals
   Returned Checks

      Subtotal

 Auxiliary Enterprises

       Total-Colleges


Agricultural Ex!periment Station
-Nucational and General:
  State Approprlaftons
  Federal Grants (direct)
  Sales and Services

      Total-Experiment Station


Agricultural Extension Division
Educational -and G;eneal
  State Appropriatlons
  Federal Grants (direct)

      Total-Agr, Extension

      Total- General


Plant Fund:
et Service Income



$5, 042,000,00 $1,581,000.00 $3,461,000.00
    139,530,10     84,965.60      54,564.50
  1, 118,2W000    116,636.95  1,001,563o05
     10,Z44,50      8,700.00       1,544.50
     20,000,00      1,820.75       18,179.25
                       670.04*       670.04

 $6, 329, 974. 60 $1,792,453.2 6 $4,537,521.34
                   28,3%
    554,434,00     35,85Z.01      518,581.99

 $6, 884,408 60 $1, 828,05.e7 $5, 056, 103. 33
                   !6. 6%T



 $  708,000,00 $   2.10,000.00 $  498,0 0000
    805,447,81     176,540.00     628,907.81
    650,000,00     183,097.Z9    466,902,71

$2, 163,447. 81 $  569,637,Z9 $1,593,810.52
                    26. 3%  



$  828, 000,00 $  250,000.00 $   578, 0 00
  1,765,Z9Z,43    860,684,57     904,607.86

$2,593,292.43 $1, 110, 684. 57 $1,482,607.86
                    42Z. 8%6 -  
$11,641, 148. 84 $3,5'WZ74 .13 $8, 132, 521 71
                   -30. I%


$   403,997,00 $    86,345,00 $   317,65Z,00
                    Z t,, 4%



*Negative Figure.




 





d



              U~niversity of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
     For the Current Fiscal Period which began
       July 1, 1957, and ended August 31, 1957



Division of Colleges



Dept;
Approp.



Expendi-
tbre s



Encum-
brances



Free
Balance



Admin. & General
  Gen. ,Adrniln,, Offices
  Student Services
  Staff Welfare
  Gen. Institu, Serv,

       Subtotal


Instruction &Research
College of _
   Agr. & Home Econ,
   Arts & Sciences
   Commerce
   Education
   Engineering
   Law
   Medicine
   Pharmacy
   Graduate School
   Org. Act, Rel, Edtxc,
   Research
   Libraries
   Adult & Exten. Educ.

      Subtotal


Other Expenses
Oper. and Maint. Plant
Auxiliary Enterprises
Working Capital
Clearing Accounts

      Subtotal


Total Division of Col

Agr. Exper. Station

Agr. Exten, Div,

      Combined Total



$



184, 659 D 32
253,495.04
88. 000. 00



$   34,414. 59
    38,926.94
    11,763. 02



$  1,510,66
   5, 128, 73



$   148, 734, 07
    209,439,37
    76, Z36, 98



    128,234.62       10,656,25     17,803.ZZ       99,775,15

$   654,388%98   $   95,760o80   $ Z4, 44 2. 6 1$  534,185.57




$   361,219.81   $   52,764.68   $  5,968.78   $   302,486.35
  1, 927, 066o41    252,510.49     20 ,390.90    1,654,165.02
    264,603.00       38,477,90      8,216.33       217,908.77
    461,018.02       64,598M98      2,015.84       394,403.20
    510,966.99       72,230,69      4,190.98       434,545.32
    99,631,34       13,229,08         60,00        86,342.Z6
    141,000.00       17,026.37      2,913.26       121,060.37
    89,250500        3,900,42       Z,820.60       8z,528.98
    18,325,00        2,401,77        257o00        15,666.23
    36,968.00        4,124,85      2,957.75        29,885.40
    20,1900,00       1, 26300        984.81        17,75Z,19
    337,563, 73      54,436,b0      5,066,84       278,060.69
    270,437,50       3Z,526,12      3,476,16       234,435S22

$ 4,538,049,80   $  609,490.55   $ 59,319,25   $ 3, 869, Z40. 00
                           14. 77o


$ 1,098,877,00   $   93,797,56   $161,12248    $   843,956.96
    399,681.00       23,150,60     35,811.72       340,718M68
    75,000.00       19,973S69     53,305,46         1,720.85
    Z6,163.24        5,385.60      1,747.86        19,029,78

$ 1,599,721.24   $  142,307,45   $2591,987.552  $ 1, 205,4Z6. 7
                            24. 67

$ 6,792, 160,02  $  847., 558.80  $335, 749,38  $ 5,608,85S184
                            17, 4%
  2 ,228, 656, 71   286,291.35     68,568,58     1, 873, 796. 78
                            15. 9%
  2, 634,688.80     408,688.61      3, 094.72     2, 222,905.47
                            15 6%0
$11, 655, 505 53  $1,542,538.76  $407,41Z2.68  $ 9,705,554, 09
                            16.7_




 






             University of Kentucky
STATEMENT OF PLANT FUND APPROPRIATIONS
    For the Current Fiscal Period which Began
    July 1, 1957 and ended August 31, 1957



Division of Colleges



Dept.
AppDroP.



Expendi-
tures



Encum.-
brances



Retirement of Indebtediess:
Ist -, WA. Bond isTa  
2nd P. W. A, Bond Is.
Dorm,. Rev, Bond Issue
Audit-Field H. Issue
Lib. & Serv, Bldg. .ssue
Stad. Add, Issue
Dorm, Rev. Issue,
   456 Rose
 Journ. Bldg. Bond Issue
 Dorm. Rev. Issue, 476
   Rose
 Stud, Dorms, U.K.       I
 Stud, Dorm. -Kappa Sigma 1
 Stud, Dorm, -Laambda Ci hi
 Stud, Dorm-Phi Sigma K.
 Stud, Dorm, -Pi Kappa A . I
 Dorm, Rev. Bond 1952
 DorrmnRev. Bond 1954    4
 DormrRevBond 1955
 Coooperstown Apts. 1,
 Dorm, Rev, Bond 1956
 Six Sorority Dorms
 Dorm. Rev. Bond 1956
 336 Clifton Ave.

 Total-Retirement of
      Indebtedness   $6E



57, 140, 00
18,848. 38
24, 215 . Z5
)4, 23 1 , 03
75, 277. 01
20 F678. 21

6, 254. 52
27, 473. 50



5, 071 , 93
1O9 144, 32
10, 503. 59
L0,69 . 08
9, 938. 58
11,064_ U1
r8, ZZ4. 50
4Q, 117. 00



;6 ,613. 50



$



9,415 00



$



5Z, 425. 00



$ 37, 140.00
   9,433. 38
   24, 15. 25
   11,806. 03
   75, Z77. 01
   20, 678. 21



6, 254. 52
27,473. 50



5, 071, 93
19, 144. 3
10, 503. 59
10, 692, 08
9, 938. 58
11, 064 1 1
78, 224. 50
40, 117.00



156,448. 50



165, 00



58, 186. 00



58, 186. 00



8,448.00                                        8,448.00


82,121.51     $ 6z,005.00      $             $6ZO,116.51
                          9. 1YTo



Cash on Deposit with Trustee:
VormRev,1onds 195Z
   Reserve            $ 43t
 Dorm Rev. Bonds 1952
   Reserve-Invested     41,
 Dorm. Rev. Bonds 1954
   Reserve              27:
 Dorm. Rev 1Bonds 1954
   Reserve-Invested     26,

   Total.-Cash on De-
     posit with
     Trustee          $  3,



372.v 97



$  



$



, 435, 63*



, 753. 04



$ 43,372.97



41, 435. 63*



27, 753. 04



* 677. 50*                                    26, 677. 50*



012.88      $               $              $  3,01Z.88



*Negative Figure



C



Free
Balance




 





I



             University of Kentucky
STATEMENT OF PLANT FUND APPROPRIATIONS
    For the Current Fiscal Period which Began
    July 1, 1957, and ended August 31, 1957



Division of Colleges

Division of Colle es
' ons$ruc tion:,
   Tolmes HalhjUniv.
     Appropriation
   Phi Delta Theta Frat.
   Shawneeton Apts.
   Six Sorority Dorms.
   Holmes Hall-Bond Pro
     ceeds
   Donovan Hall Equipmen
   College of Pharmacy
   Bldg.
   Swine Barn
   Medical School
   Medical School Federal
   Grant
   Medical School Library
   Acqu, and Supplies

   Total-Construction

   Total-Plant Funds-
     Division of Col-
     leges


Agr. Exper.Sta.Constr,


   Combined Totals



Departmental
Appropria tLion



$    2,031,49
     7, 076. 97
   110, 724, 06
   36, 739, 66

   130, 116,45
t    3, 8811, 1

    15, 097,61
    11, 163, 3 7
    65, 280, 77



Expendi-
tures



$



Encum-
brances



$



390. 09



342. 65



7, Z64. 50



Free
Balance



$    2,031.49
     7, 076. 97
   110, 7Z4. o6
   36, 739. 66



129, 726 36
3,881 11



14, 754, 96
11, 163. 37
58, 016. 27



75, 000. 00



75, 000, 00



                                   6, 352e 85      6, 35Z. 85*

$ 457,111I49     $  7,997.24    $ 6,352_85     $ 442,761,40
                             3. Pr

$1, 142, 245,88  $ 70,002.24    $ 6,352.85    $1,065,890.79
                              6. 7%

   110,573,23    $    520n15    $ 22,985, 00  $    87,O68,08


$1,252, 819, 11  $ 70,522.39    $ 29,337.85   $1, 152,958, 87
                              8.0%



*Negative Figure



r




 





g



           University of Kentucky
STATEMENT OF OTHER FUND TRANSACTONS
  For the Current Fiscal Period which began
  July 1, 1957 and ended August 31, 1957



Restricted Funds:
DIVeMR of Colleges
Agr. Exp, Station
Agr. Exten, Div.

      Subtotal


Loan Fund:
1x dncipai
Expendable

      Subtotal


Endowment Funds:
Pri ncip al
Expendable

      Subtotal


A ency Funds:
Balane



Combined Totals



Balance



Disburse-



Balance



July I, 1957    Receipts       ments         August 31, 1957


$1,955,799.81  $518,815,08   $495,314.11    $1,979,300.78
   172,744.90    43r315.26     40,Z97.13       175,763.03
   156,735,Z8    31,744.32     47,510o26       140,969.34

$Z, Z85, Z79. 99  $ 593,874,66  $583,121.50  $2, 296, 033. 15



$   73,399.81  $              $             $   73,399,81
    37,491.01       649,74           3.49       38,137.26

$  110,890,8Z  $    649.74    $      3.49      111,537.07



$  207,724.05  $              $             $  207,724.05
     4,481.70        72.50                       4,554.20

$  212,205.75  $     72,50    $             $  Z12 278, 25



$  IZ9,984,73  $121,061,91   $151,130.44   $   99,916,20

$2, 738, 361. 29  $715,658.81  $734,255.43  $2, 719, 764.67




 





11



           Each member received a copy and, after a general discussion,
 upon motion duly made, seconded and carried, the report was authorized re-
 ceived and made of record.


          C. Bond Issue Resolution, Shawneetown, Autfforized.

          Mr. Peterson stated that this Board had heretofore authorized con-
 struction of apartment houses known as Shawneetown.  The State Property
 and Building Cornmission had heretofore authorized and approved the request
 of the University of Kentucky for the construction of apartment houses and the
 issuance of revenue bonds to pay the cost of constructing these buildings. He
 further stated that there is presently great need for additional housing for
 married students and staff members of the University. He recommended
 authorization and sale of $2, 156, 000.00 revenue bonds.






          Whereupon Dr. Ralph J. Angelucci introduced and caused to be
read in full a proposed Resolutiorn entitled "A RESOLUTION OF THE BOARD
OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY, AUTHORIZING AND
PROVIDING FOR THE ISSUANCE, SALE: AND DELIVERY OF Y HOUSING
REVENUE BONDS OF 1956, SHAWNEETOWN, I OF THE UNIVERSITY OF
KENTUCKY TO PAY THE COSTS (NOT OTHERWISE PROVIDED) OF CON-
STRUCTING AN ADDITIONAL HOUSING PROJECT UPON THE CAMPUS OF
THE UNIVERSITY

         WHEREAS, the University of Kentucky and its students are not now
being provided with adequate buildings for educational purposes, and in order
to provide the same it is necessary that there be constructed additional
buildings and appurtenances to be used as housing facilities upon a site which
is hereinafter described and which is a part of the campus of the University,
and

         WHEREAS, preliminary plans and specifications for such con-
struction have been prepared and submitted to the Board of Trustees, and

         WHEREAS, under the provisions of Section 16X 340 et seq. of the
Kentucky Revised Statutes, the Board of Trustees of the University of Kent
tucky, as the governing body of said State Educational Institution, is au-
thorized to issue Bonds as hereinafter provided for the purpose of financing
all or a part of the cost of said buildings and appurtenances, and

         WHEREAS, it is necessary that the Board of Trustees provide at
this time for the borrowing of not to exceed $2, 156, 000 to provide for the
estimated total costs thereof,

         NOW, THEREFORE, THE BOARD OF TRUSTEES OF THIE UNI-
VERSITY OF KENTUCKY HEREBY RESOLVES AS FOLLOWS:




 











          Section 1 it is hereby determined arnd declared that the proper
accommod5onofthe students of the UrniverslYy of Kentucky for educations
al purposes requIres that additional bui.dings be constructed upon the campus
of the Zjn-iversity at Lex-ington, Kentucky, the same 'o comprise six buildings
with 186 apartments for student and faculty famixles, arnd other necessary
appurtenant facilities (collectrvely referred lo herein as the ,Project"), The
plans and specifications of said Project as prepared and submitted to this
Board are hereby in all respects approved.

          Section 2.  in order to provide for the paymert of the costs of the
Project there shall be and there are hereby ordered to be issued by the
Board of Trustees of the University of Kentucky, in its corporate capacity
and by and through iLts corporate name, and as a Stare Educational Institution
and Agency, Housing Revenue Bonds of "956, Shawneefown, rn the aggregate
principal amount of $2, 15-, 000, dated October i, 1956, of the denomination
of $1, 000 each. to be numbered consecut.vely from tI .o Z156, both numbers
iaclusive, bearing interest to be evidenced by coupons attached to each
Bond at a rate or rates which, when averaged to rnaturity on the Bonds cov-
ered by the bid, shall not result in an average interest rate on such Bonds
in excess of Two and Three-quarters per cent (2 3/4%) per annum (the exact
rate or rates to be determined at the Feme of the receipt and consideration
of bids for the purchasing of said Bonds, as hereinafter provided), payable
on the first day of April, 1957, and semi annually thereafter on the first
days of October and April in each year nvil mat-uritvy  Said Bonds shall
in all respects conform to and be issued %n accordance with the provisions
of the Trust indenture referred to in Secrion 4 hereof.  The Chairman
and Secretary of the Board of Trustees are hereby authorized and directed
to execute said Bonds, and the Secretary is hereby authorized and directed
to affix to each of said Bonds the corporate seal of fhe Board of Trustees,
The interest coupons shall bear the facsimile signatures of said officers.
However, notwkthstanding any of the foregoing provisions, the Board, at
the option of the purchaser or purchasers of the Bonds and until such time
as the purchaser or purchasers of the Bonds request s) the preparation of
the definitive Bonds, shall issue a single Bond or Bonds with face values in
the amrount of the respective purchases in lieu of individual coupon denomit
nation Bonds. Such single Boauds shall be non-negotiable, registered as to
principal and interest and payable as directed by the purchasers but other-
wise complying 'with the provisions of the Trust indenture. The Board cove
enants that upon request oi the h'older of a single Bond it shall issue at its
own expense and within nimety days from the date of such request, negotiable
bearer coupon Bonds in the denomination of $1,000, according to the pro-
visions governing coupon Bonds in sucn "'rust Indenture, in an aggregate
arnonnt equal to the amount of the si.ngle Bond still outstanding. After said
Bonds have been sold by thie Board of 1rustees or by its Executive Commit-
tee, which is hereby author.ized to act in that connection, at an advertised
public compet6ive sale, and as soon as said Bonds have been received from
the printer and executed by Fhe Chairman and Secretary of the Board of
Trustees the same shall be delivered foT authenticat6on to tte Trustee
named in said Trust Indenture, accompanied by appropriate certifications
as provided in said Trust indenture. including a certification of the identity
of the purchaser or puichasers of said Bonds and the terms upon which the
same may be delivered to said purchaser or purchasers.




 





13



          Section 3. The Secretary of this Board is hereby authorized and
directed to execute ar, appropriate form of "Notice of Sale of Bonds" arid
cause the same to be published one time in The Courier.-journal, a daily new5s-
paper published in Louisville, Kentucky, and of general circulation throughout
the Commonwealth of Kentucky, and one time in The Bond Buyer, a financial
newspaper published in New York, New York, of general circulation throughout
the United States of America, soliciting sealed competitive proposals for the
purchasing of said Bonds, the same to be received in the office of said
Secretary on the campus of the University at Lexington, Kentucky, until some
My ad hour when the Board of Trustees or its Executive Committee will be
in session, Publication in each of said newspapers shall be made not less
than two weeks prior to the time stated in said 'vNotice of Sale of Bonds"
for the opening and consideration of such purchase proposals  An said notice,
purchasers shald be instructed that proposals may be for the purchasing of
(a) the entire $2, 156, 000 of authorized Bonds; or (b) Bonds maturing on
October 1 in the years 1959 to 1971, inclusive, or kc) Bonds maturing on Octo-
ber 1 in the years 1972 to 1986, inclusive, or (d) Bonds maturing on October 1
in the years 1987 to 1996, inclusive; that the bidders may stipulate one or
more interest coupon rates with respect to said Bonds, providing the average
of such rates does not exceed Two and Three-quarters per cent (2 3/4%) per
annumn, and only one coupon rate may be stipulated for Bonds maturing on
the same date. If a bid carries two or more interest rates on a single block
of Bonds, or on combined blocks of Bonds, an average interest rate shall be
computed on the basis of she total interest costs at par for such single block,
or combined blocks, covered by the bid at the offered rates; and if the
average rate so obtained is not more than Two and Three-quarters per cent
(2 3/4%), the bid shall be considered to qualify.  A minimum bid of par
value (plus accrued interest to the date of delivery and payment) shall be
required.  The right to reject bids shall expressly be reserved,

          The Secretary is further authorized and directed to execute in mul-
tiple copies a statement giving a more complete and particular description
of the Bonds, provisions for the security and payment thereof, disposition
of Bond proceeds etc. than is possible within the limits of said published
notice; and to furnish copies of such statement to all interested bidders upon
request, Such statement may also contain a particular description of the
terms and conditions upon which the Bonds are offered for sale, in order
to bring about uniformity in the proposals which may be submitted for the
purchasing of said Bonds.

          Section 4.. Said Bonds shall be secured by a Trust Indenture between
the Board of Trustees of the University of Kentucky, party of the first part,
and Farmers Bank and Capital Trust Company, a combined bank and trust
company having corporate trust powers, organized and existing under and
by virtue of the laws of the Commonwealth of Kentucky, and having its prin-
cipal office and place of business in Frankfort, Franklin County, Kentucky,
party of the second part. The Chairman and Secretary of the Board of
Trustees are hereby authorized and directed to make, execute and deliver
such Trust Indenture in substantially the form, text, terms and provisions
hereinafter set out, and this Board of Trustees hereby approves, ratifies
and confirms all of the covenants, provisions and stipulations as set out in
such Trust Indenture, to-wit,




 





14



                            iForm of hidentares

                            TRUST' INDENTT.URF  

          This INDENT JPRE dated as of the first day of October, in the year
Nineteen Hundred Fifty--six 1956), made by and between BOARD OF TRUS-
TEES OF THE tJNWVEPS1TY OF KENTUCKY, a body corporate, as an Edu-
cational Institution and Agency of the Commonwealth of Kentucky (hereinatfter
called the "Board"), party of the first part, arid FARTMERS BANK AND
CAPITAL TRUST COMPANY, a combrined bank and trust company organized
and existing under and by virtue of the laws of the Commonwealth of Ken-
tucky, having f.ll powers to act as a corporate Trustee, and having its prin-
cipal office and place of business in the City of Frankfort, Franklin County,
Kentucky, as Trustee thereinafter called the @"Trustee,,", party of the
second part,

          WiTNESSE TH4

          THAT WHEREAS, pursant to Section 164 160 of the Kentucky Re-
vised Statutes now in full force and effect, the Board is a body corporate
with all powers generally invested in corporations and as such is the governing
body of the University of Kentucky, an Educationa l nstitutiaor and Agency of
the Commonwealth of Kentucky, having full control of the management and
operation of said UTniversity together with the property and fu.ds thereof, and

          WHEREAS, pursuan-t to the provisions of Section 16Z2 340 et seq.
of said Kentucky Revised Statutes, said Board as the governing body of said
State Educational Institution and Agency, is authorized to erect buiidings and,
appurtenances to be used in connection with said Institution for educational
purposes, and

          WHEREAS. the Board has determined t1eat said University and its
students are not at this time prov-ded with adequate buildings and accommoda-
tions for educational purposes. and has determined that it is necessary to
construct six buildings, designed to provxde 186 apartments, with other
necessary appurtenant facilities tcoilectively referred .o herein as the "Project"),
such buildings to be situated upon a site which is a part of the campus of said
University in the City of Lexington,. Fayette County, Kentucky, and which is
hereinafter described and identified for tie purpose of identifying the Project,
and

          WHEREAS, pursuant to Section 162 340 et seq. of the Kentucky
Revised Statutes now in full force and effect, the Board is authorized to pro-
Vide all or a part of the costs of said Project through the issuance and sale
of its Revenue Bonds, payable solely from the income and revenues provided
to the University through the