EXHIBIT B
                      Notice of Redemption

                          "First Notice"

                      NOTICE OF REDEMPTION

        RE:  UNIVERSITY  OF  KENTUCKY   CONSOLIDATED   EDUCATIONAL
             BUILDINGS REVENUE BONDS, SERIES K, DATED SEPTEMBER 1,
             1989

        Notice is hereby given that the Board of Trustees of
University of Kentucky has provided for the refunding of the Series
K Bonds maturing on and after May 1, 2000, bearing CUSIP numbers
914386-   ;   914386-   ;   914386-   ;   914386-   ;   914386-
914386-   ; 914386- _    914386-   ; 914386-    ; 914386-    ; and
914386-   ; through the deposit in escrow with Bank One, Lexington,
NA, Bank One Plaza, Lexington, Kentucky 40586, as Trustee Escrow
Agent, of direct obligations of the United States of America
maturing in such amounts and on such dates as will be sufficient to
pay the interest on said Bonds as same becomes due, and, will be
sufficient to redeem said Series K Bonds scheduled to mature on and
after May 1, 2000, on May 1, 1999.   The Series K Bonds called for
redemption shall be payable solely from the investments held in
escrow, and said Series K Bonds shall no longer be secured by the
pledge of the Revenues of the Consolidated Educational Buildings
Project created by the Resolution of the Board of Trustees of
University of Kentucky pursuant to which the Series K Bonds have
been issued.

        The remaining Series K Bonds scheduled to mature on May 1,
1994 through May 1, 1999 will be paid as and when they become due.
Attention is called to the fact that no action is required by the
owners of such called Bonds until May 1, 1999. Funds sufficient
for the payment of the interest on the Bonds through May 1, 1999,
and the redemption price of the Bonds to be redeemed on May 1,
1999, have been placed on deposit and invested in United States
Government obligations. (Signed) Bank One, Lexington, NA, Escrow
Agent.

                          "Second Notice"

                       NOTICE OF REDEMPTION

        RE:  UNIVERSITY  OF   KENTUCKY   CONSOLIDATED   EDUCATIONAL
             BUILDINGS REVENUE BONDS, SERIES K, DATED SEPTEMBER 1,
             1989

        Owners of the above-identified Bonds scheduled to mature on
May 1,  2000  through  2010,  bearing   CUSIP  numbers   914386-    ;
914386-   ;   914386-   ;   914386-   ;   914386-   ;    914386-   ;
914386-_; 914386-_, 914386- _; 914386-        ; and 914386-   ; are
advised that such Bonds are called for redemption on May 1, 1999,
at the principal corporate trust office of Bank One, Lexington, NA,
Bank One Plaza, Lexington, Kentucky 40586, Owners of said called
Bonds are notified to present them as set out above and upon
surrender thereof, said Bonds will be redeemed at a price of $5,100
per $5,000 Bond (102%) plus accrued interest to May 1, 1999.
Interest on said called Bonds will no longer accrue after May 1,
1999. (Signed) Bank One, Lexington, NA, Escrow Agent.