xt7d7w67440d https://exploreuk.uky.edu/dips/xt7d7w67440d/data/mets.xml Lexington, Kentucky University of Kentucky 19651229 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, 1965-12-nov29-ec. text Minutes of the University of Kentucky Board of Trustees, 1965-12-nov29-ec. 1965 2011 true xt7d7w67440d section xt7d7w67440d
Minutes of a Special Meeting of the Executive Committee of the Board
of Trustees of the University Lof Kentucky, Monday, November 29, 1965.
A special meeting of the Executive Committee of the Board of Trustees
of the University of Kentucky was convened in the Board of Trustees' Room in
the Administration Building on the campus of the University at Lexington, Kentucky,
on the 29th day of November, 1965, at 8:00 p.m. ,EST, uponcall Ofethe Chairman of
the Executive Committee in conformity with the By-Laws. Dr. Ralph J. Ange-
lucci, Vice Chairman of the Board of Trustees and Chairman of the Executive
Committee, was in the Chair presiding. Upon call of the roll, it was ascer-
tained that the following members of the Executive Committee were present:
Dr. H. B. Murray and Judge J. A. Sutherland, Member and Secretary. Absent:
Mr. Smith Broadbent and Mr. Robert Hillenmeyer.
Also present were Robert F. Kerley, Vice President-- Business Affairs
and Treasurer, A. D. Albright, Executive Vice President, John C. Darsie, Jr.,
University Counsel, and Cornelius W. Grafton and Lillian M. Fleischer of the
Louisville law firm of Grafton, Ferguson & Fleischer, Bond Counsel to the
Board of the Universitv in connection with its "Housing and Dining System Rev-
enue Bonds, " to be dated June 1, 1965.
A. Meeting Opened
It having been determined that a quorum was present for the transac-
tion of business, the Chairman called the meeting to order.
He reported that he had called this special meeting, upon notice duly
given to all members of the Executive Committee in accordance with the By-Laws,
and declared that the meeting had been properly convened and was in official
session.
B. Adoption of Resolution Determining Amount and Maturity Schedule
of Housing and Dining System Revenue Bonds, Series I, Authorizing Completion
of Trust Indenture, Approving Instruments for Use in Public Offering of Series
H and Series I Bonds; Setting Date for Opening of Bids, and Authorizing Notices
of Public Offering
The Chairman reminded the members of the Executive Committee
that at its regular statutory quarterly meeting held on September 21, 1965,
the Board of Trustees had taken action to approve and authorize establishment
of the University's "Housing and Dining System" and the issuance of the Board's
"University of Kentucky Housing and Dining System Revenue Bonds" for the
purpose of refinancing outstanding revenue bonds previously issued by the
Board for educational buildings for housing and dining purposes, auxiliary
enterprises and necessary appurtenant facilities at the Main Campus of the
University at Lexington, Kentucky; but expressly excluding educational build-
ings for housing and dining purposes provided for fraternities and sororoties and
all educational buildings for such purposes otherwise than at the Main Campus
2
of the University in Lexington, Kentucky. At that time the Board of Trustees
approved and authorized the execution of a Trust Indenture, the terms, text and
provisions of which had been negotiated and agreed upon with the Housing and
Home Finance Agency of the United States, wherein provision was made for
(a) the issuance of "Housing and Dining System Revenue Bonds, Series A to G,
Inclusive," aggregating in principal amount the sum of $8, 175, 000 to be issued
to HHFA in exchange for HHFA's surrender for cancellation of all of its holdings
of previously issued and outstanding revenue bonds for housing, dining, Student
Center, and other auxiliary purposes, (b) "Housing and Dining System Revenue
Bonds, Series H, " in a then-undetermined amount in order to refinance and
provide for the payment of previously issued revenue bonds for such purposes
held by private investors, and also to provide those portions of the costs of the
"First Housing Complex Project" as are ineligible and unallowable for Federal
financing, and (c) the "Housing and Dining System Revenue Bonds, Series I, "
in an undetermined amount, to provide for the payment of all costs of the afore-
said "First Housing Complex Project" as are eligible and allowable for
Federl. financing purposes,
The Chairman further reminded the members of the Executive Committee
that at a recessed meeting held on November 19, 1965, the Board of Trustes had
taken action to amend the theretofore approved form of said "Trust Indenture"
in certain respects, and to complete the same with regard to the principal
amount and schedule of principal maturities of the "Housing and Dining System
Revenue Bonds, Series H" -- expressly vesting in this Executive Committee
full power and authority to determine the amount and schedule of principal
maturities for the "Housing and Dining System Revenue Bonds, Series I," and to
proceed with the advertising and public sale of the Bonds of said Series H and
Series I,
The Chairman informed the members of the Executive Committee that
he had called this meeting upon being advised that the Business Staff of the
University, with the concurrence of the Commissioner of Finance of the Com-
monwealth and the Financial Advisors, and upon due consideration of construction
contracts which have been received and considered by the Office of the Com-
missioner of Finance, had arrived at a determination of the aggregate amount of
the "Housing and Dining System Revenue Bonds, Series I," and of the proper
schedule of principal maturities thereof; and was prepared to submit the same
to this Executive Committee for approval and action. In accordance with such
determinations and recommendations, Bond Counsel had been requested to pre-
pare for submission to and examination by this Executive Committee, a recom-
mended form of "Second Supplemental Trust Indenture" to be executed with
Farmers Bank & Capital Trust Company, Frankfort, Kentucky, as Trustee, in
order that an official determination might be made and authorized by this Execu-
tive Committee, He further reported that Bond Counsel had prepared and sub-
mitted a suggested form of "Notice of Sale of Bonds" which met with the con-
currence of the Business Staff of the University and the Financia]. Advisors, and
wa..s represented to be in conformity with the terms and provisions of the public
offering of Said BondE as agreed to with HHFA, The Financial Advisors had
also prepared a preliminary draft of their "Official Statement" which had
necessarily been prepared on the basis of certain estimates, and which was
3
submitted for examination and approval by this Committee, subject to revision
and dissemination after being advised of such action as might be taken by the
Executive Committee at this time. Bond Counsel had also prepared and
submitted Official Bid Forms which, if approved, will be disseminated by the
Financial Advisors in order to assure uniformity of bidding for the purchase
of the Series H and Series I Bonds.
Copies of all of the enumerated instruments, in mimeographed or
printed form, had been made available to members of the Executive Committee,
and each of the same was examined and discussed.
Thereupon Executive Committee Member Murray introduced, caused
to be read in full, and moved immediate adoption of a proposed resolution, as
follows:
A RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE
BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
DETERMINING THE AMOUNT AND MATURITY SCHEDULE
OF THE "HOUSING AND DINING SYSTEM REVENUE BONDS,
SERIES I"; AUTHORIZING COMPLETION OF THE TRUST
INDENTURE IN CONFORMITY THEREWITH; APPROVING
INSTRUMENTS SUBMITTED FOR USE IN CONNECTION WITH
THE PUBLIC OFFERING OF SAID BONDS OF SERIES. H AND
SERIES I; FIXING A DAY AND HOUR FOR THE OPENING AND
CONSIDERATION OF PURCHASE BIDS THEREFOR, SEND
AUTHORIZING THE PUBLICATION OF PROPER NOTICES OF
SUCH PUBLIC OFFERING AS REQUIRED BY LAW
THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF
THE UNIVERSITY OF KENTUCKY DOES HEREBY RESOLVE, AS FOLLOWS:
Section 1. Upon recommendations of the Business Staff of the
University, the Office of the Commissioner of Finance of the Commonwealth
of Kentucky, the Financial Advisors, and Bond Counsel, all of which have been
duly considered and discussed, it is hereby determined that the amount of
the Board's"HouSinfg and Dining System Revenue Bonds, Series I," be, and
it is now, fixed at the sum of Twenty Million Dollars ($20, 000, 000. 00), and
that the principal thereof shall be scheduled to mature on June 1 in the
respective years, as follows:
4
SCHEDULE OF PRINCIPAL MATURITIES
SERIES I BONDS ($20, 000, 000)
PRINCIPAL
AMOUNT
$50, 000
50, 000
50, 000
70, 000
70, 000
120, 000
110, 000
110, 000
110, 000
160, 000
150, 000
200, 000
200, 000
200, 000
240, 000
240, 000
260, 000
250, 000
250, 000
YEAR OF
MATURITY
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
PRINCIPAL
AMOUNT
$290, 000
290, 000
330, 000
700, 000
700, 000
750, 000
750, 000
850, 000
1, 000, 000
1,050, 000
1,200, 000
1, 200, 000
1, 200, 000
1, 250, 000
1,300, 000
1, 350, 000
1,400, 000
1, 500, 000
YEAR OF
MATURITY
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Authority is hereby given for completion of the Trust Indenture
according to the determinations made in this Section 1.
in these respects
Section 2. The form of the proposed "Second Supplemental Trust
Indenture" as prepared and submitted by Bond Counsel is hereby approved in all
respects and shall be executed by the proper officers of the Board and of the
Trustee for the purposes therein expressed; the entire text of said Second Sup-
plemental Trust Indenture being incorporated herein and hereby made a part of
this Resolution, as follows:
5
SECOND SUPPLEMENTAL TRUST INDENTURE
MADE BY
BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY
Lexington, Kentucky
TO
FARMERS BANK & CAPITAL TRUST COMPANY
Frankfort, Kentucky,
As Trustee
COMPLETING THAT CERTAIN TRUST INDENTURE
MADE BY THE PARTIES UNDER DATE OF
JUN}TE 1, 1965
SECURING
UNIVERSITY OF KENTUCKY HOUSING AND DINING
SYSTEM REVENUE BONDS
INITIALLY CONSISTING OF
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
A BONDS
B BONDS
C BONDS
D BONDS
E BONDS
F BONDS
G BONDS
H BONDS
I BONDS
$ 1, 000, 000
$ 275, 000
$ 955, 000
$ 1,835,000
$ 1, 580, 000
$ 1, 155,000
$ 1, 375, 000
$ 6,900,000
$20, 000, 000
DRAFT SUBMITTED TO THE EXECUTIVE
COMMITTEE OF THE BOARD OF TRUSTEES
OF THE UNIVERSITY OF KENTUCKY AT
ITS MEETING OF NOVEMBER 29, 1965
Submitted by:
GRAFTON, FERGUSON &
FLEISCHER
310 We st Libe rty Street
Louisville, Kentucky 40202
(U. Ky. Housing)
6
SECOND SUPPLEMENTAL TRUST INDENTURE
UNIVERSITY OF KENTUCKY HOUSING AND DINING
SYSTEM REVENUE BONDS
Dated as of June 1, 1965
INDEX
Page
Section 1 -
Section 2 -
DETERMINING THE PRINCIPAL AMOUNT OF THE
SERIES I BONDS AND AUTHORIZING THE INSERTION
THEREOF, AS APPROPRIATE, IN Section 405 of'
ARTICLE IV OF THE INDENTURE
PRESCRIBING THE SCHEDULE OF MATURITIES. OF
THE SERIES I BONDS, TO FILL THE BLANKS AP-
PEARING IN THAT CONNECTION IN Section 412 of
ARTICLE IV OF THE INDENTURE
Section 3 - SUPPLEMENTAL PROVISIONS FOR FILLING CERTAIN
BLANKS IN THE BOND FORMS APPEARING IN Sections
1002 and 1003 OF ARTICLE X OF THE INDENTURE
* * * * * a* * * * * * * * *
(U. Ky. Housing)
7
SECOND SUPPLEMENTAL TRUST INDENTURE
SECURING
UNIVERSITY OF KENTUCKY HOUSING AND DINING SYSTEM
REVENUE BONDS
Dated as of June 1, 1965
ISSUED BY BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY
LEXINGTON, KENTUCKY
INITIALLY CONSISTING OF
SERIES A BONDS *$ 1,000, 000
SERIES B BONDS $ 275, 000
SERIES C BONDS $ 955,.000
SERIES D BONDS $ 1, 835, 000
SERIES E BONDS $ 1, 580, 000
SERIES F BONDS $ 1, 155, 000
SERIES G BONDS $ 1, 375, 000
SERIES H BONDS $ 6, 900, 000
SERIES I BONDS $20, 000,000
This SECOND SUPPLEMENTAL TRUST INDENTURE, dated as of the
first day of June, 1965, made by and between BOARD OF TRUSTEES OF
UNIVERSITY OF KENTUCKY, a public body corporate and an educational
institution and agency of the Commonwealth of Kentucky, at Lexington, Kentucky,
(hereinafter called the "Board"), party of the first part, and FARMERS.BANK
& CAPITAL TRUST COMPANY, a combined bank and trust corporation duly
organized and existing according to the laws of the Commonwealth of Kentucky,
having full powers to act as a corporate Trustee, and having its principal office
and place of business in the City of Frankfort, County of Franklin, Common-
wealth of Kentucky, as Trustee, (hereinafter called the "Trustee"), party of
the second part;
WITNESSE TH:
THAT WHEREAS, the Board and the Trustee have heretofore made
and entered into a certain Trust Indenture and a certain Supplemental Trust
Indenture (hereinafter collectively sometimes referred to as the "Indenture")
for the purpose of providing for the security and source of payment of the
Board's "University of Kentucky Housing and Dining System Revenue Bonds,"
dated as of June 1, 1965; and
8
WHEREAS, none of the Bonds referred to in the Indenture and intended
to be secured thereby have, at the date of execution of this Supplemental Trust
Indenture, been sold or issued; and by proper action duly taken by the Execu-
tive Committee of the Board at a properly convened meeting held on November
29, 1965, it has been determined that the Indenture should at this time be
completed in certain respects; and the Trustee is willing to accept the trust
agreed to be undertaken by it under the Indenture, with such completions; and
WHEREAS, it is provided in ARTICLE XII of the Indenture that the
Board and the Trustee, from time to time and at any time, may enter into Sup-
plemental Trust Indentures for enumerated purposes specifically including in
sub-section (5) of Section 1201 of said Article:
"For any other purpose not inconsistent with the terms
of this Indenture, and which shall not impair the security
of the same. "
and it is obvious that the completions herein authorized are not inconsistent
with the terms of the Indenture and will not impair the security of the Indenture;
so that it is in all respects proper that this Second Supplemental Trust Indenture
be executed, and thereby become a part of the Indenture,
NOW, THEREFORE, in consideration of the premises and of the sum
of One Dollar ($1, 00) cash in hand paid by the Trustee to the Board, the receipt
of which is hereby acknowledged, the Board and the Trustee hereby amend and/
or complete certain designated passages of the Indenture, as follows:
Section 1. The Board, acting through its duly authorized Executive
Committee having made a determination of the principal amount of the Series
I Bonds referred to in and secured by the Indenture and having established the
schedule of principal maturities thereof, certain blanks appearing in the Inden-
ture shall be filled as follows:
The two blanks appearing in connection with the limitation
of the principal amount of the Series I Bonds, as appearing
in Section 405 of ARTICLE IV of the Indenture, shall be filled
by inserting "Twenty Million Dollars ($20, 000, 000, 00). l"
Section Z. In Section 412 of ARTICLE IV of the Indenture, the blank
space provided for the schedule of principal maturities of the Series I Bonds
shall be filled as hereinafter set forth (notwithstanding the fact that the blank
space provided for that purpose in the Indenture indicates principal maturities
beginning in 1966 and ending in 2005, whereas the maturity schedule to be
inserted provides for maturities in the years 1969 to 2005, inclusive):
9
"SERIES I BONDS ($20, 000, 000)
PRINCIPAL
AMOUNT
$ 50, 000
50, 000
50, 000
70, 000
70, 000
120, 000
1 10, 000
110, 000
110, 000
160, 000
150, 000
200, 000
200, 000
200, 000
240, 000
240, 000
260, 000
250, 000
250, 000
YEAR OF
MATURITY
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
PRINCIPAL
AMOUNT,
YEAR OF
MATURITY
$290,000
290, 000
330, 000
700, 000
700, 000
750, 000
.750, 000
850, 000
1, 000, 000
1,050,000
1,200,000
1,200,000
1,200,000
1,250, 000
1,300,000
1,350, 000
1,400, 000
1, 500,000
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005"
Section 3. The blanks with reference to the aggregate principal amount
of the Series I Bonds appearing in the "Form of Coupon Bond" and in the "Form
of Fully Registered Bond" in Sections 1002 and 1003, respectively, of ARTICLE
X of the Indenture shall be filled by inserting "20, 000, 000." 1
Section 4. Except as expressly herein completed, the text and import
of the Indenture are hereby in all respects ratified and confirmed and shall
continue in full force and effect.
IN TESTIMONY WHEREOF, the BOARD OF TRUSTEES OF UNIVERSITY
OF KENTUCKY has caused its corporate name to be hereunto subscribed by its
Chairman, or its Vice Chairman, and its corporate seal to be hereto affixed,
and said signature and seal to be attested by its Secretary, and said FARMERS
BANK & CAPITAL TRUST COMPANY, Frankfort, Kentucky, to evidence its
acceptance of the amendments and completions of the Indenture, has caused its
corporate name to be hereunto subscribed by its President or by one of its
Vice Presidents, or by its Trust Officer, and its corporate seal to be hereto
affixed and said signature and seal to be attested by its Secretary, Cashier, or
Trust Officer, or a duly authorized Assistant, all as of the day and year
first above written.
10
BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY
Lexington, Kentucky
(SE.AL)
By
(Signature)
ATTEST:
(Title of Officer)
Secretary
FARMERS BANK & CAPITAL TRUST COMPANY
Frankfort, Kentucky
(SEAL)
By
(Signature)
ATTEST:
(Title of Officer)
(Signature)
(Title of Officer)
(U.K. Housing)
11
STATE OF KENTUCKY )
Ss
COUNTY OF
On this day of , 1965, before me, the under-
signed, a Notary Public in and for said County, in the State aforesaid, appeared
Ralph J. Angelucci and J. A. Sutherland, to me personally
known and to me known to be the Vice Chairman and
Secretary, respectively, of the BOARD OF TRUSTEES OF UNIVERSITY OF
KENTUCKY, one of the corporations described in and which executed the within
and foregoing instrument and who being by me severally duly sworn, did say
that he, the said Ralph J. Angelucci , is the Vice Chairman
of said Board of Trustees, and he, the said J.A. Sutherland, is the Secretary
of said Board of Trustees; that the seal affixed to the within and foregoing in-
strument is the corporate seal of said Corporation; that said instrument was
executed, signed and sealed in behalf of said Corporation by authority of its
.Board of Trustees; and said Ralph J. Angelucci and J. A.
Sutherland, each acknowledged the execution of said instrument to be, and said
instrument to be, the free and voluntary act and deed of said Corporation by
it voluntarily executed through them as its duly authorized officers.
WITNESS my hand and Notarial seal, this day of
1965. My Commission expires
(SEAL) Notary Public in and for the County
and State aforesaid
STATE OF KENTUCKY
SS
COUNTY OF FRANKLIN
On this day of , 1965, before me, the under-
signed, a Notary Public in and for said County, in the State aforesaid, appeared
and
to me personally known and to me known to be the
and , respectively, of FARMERS BANK & CAPITAL
TRUST COMPANY, Frankfort, Kentucky, one of the corporations described in
and which executed the within and foregoing instrument, and who being by me
severally duly sworn each for himself did say that he, the said
is the of said
of said Corporation; that the seal affixed
Corportion, and he, the said
is the
12
to the within and foregoing instrument is the corporate seal of said Corporation;
that said instrument was executed, signed and sealed in behalf of said Corpora-
tion by authority of its Board of Directors; and said named officers each
acknowledged the execution of said instrument to be, and the said instrument
to be, the free and voluntary act and deed of said Corporation by it voluntarily
executed through them as its duly authorized officers.
WITNESS my hand and Notarial seal, this day of
1965. My Commission expires
Notary Public in and for the County
and State aforesaid
(SEAL)
Section 3. The following suggested forms of instruments, prepared
and submitted to this Executive Committee by Bond Counsel and by the Financial
Advisors, are hereby approved and may be used-in connection with the. public
offering of the aforesaid Bonds of Series H and Series I:
(1) Notice of Sale of Bonds;
(2) Bid Form A;
(3) Bid Form B;
(4) Preliminary Official Statement prepared by the Financial Advisors
on the basis of previous estimates, and which may be revised to
conform to the determinations made in Section 1 hereof.
Section 4. The Executive Committee hereby designates December 16,
1965, at the hour of 11:00 A. M., Eastern Standard Time, as the day and hour
for receiving and considering purchase bids which may be tendered and received
in conformity with the instruments approved in Section 3 hereof; hereby
designates the President of the University as the proper officer to whom such
bids may be submitted; and hereby designates the Board of Trustees' Room in
the Administration Building on the Campus of the University at Lexington,
Kentucky, as the place where such bids will, on that day and at that hour, be
opened and considered by the Executive Committee, Publication of the "Notice
of Sale of Bonds" is hereby authorized to be made in The Bond Buyer, New York,
N. Y., and in The Courier-Journal, Louisville, Kentucky, on December 2, 1965.
Section 5. This Resolution shall be in full force and effect from and
after its adoption.
13
(End of Resolution)
The motion for the adoption of the foregoing Resolution was seconded
by Executive Committee Member Sutherland. After further discussion the
Chairman put the question and upon call of the roll, the following vote was
recorded:
Voting "Aye": Dr. Ralph J. Angelucci, Dr. H. B. Murray, Judge J. A. Suther-
land. Voting "Nay": None.
The Chairman then declared that the motion and Resolution had been
adopted and were in full force and effect.
C. Adoption of Resolution Approving and Accepting Loan Agreement
with Department of Housing and Urban Development
The Chairman then reminded the members of the Executive Committee
that the whole program regarding the establishment by the Board of the Uni-
versity's "Housing and Dining System," the refinancing (by exchange or public
sale) of all bonds previously issued by the Board for housing, dining, Student
Center and auxiliary enterprises (omitting housing and dining buildings for
fraternities and sororities and all buildings elsewhere than at the Main Campus
of the University at Lexington, Kentucky) and regarding the financing of the
Board's "First Housing Complex Project," and contemplating the permissive
issuance of additional parity Bonds in the future for the financing of additional
educational buildings for housing and dining purposes, auxiliary enterprises
and necessary appurtenant facilities, had been authorized and undertaken as
a result of negotiations between the Board of Trustees and an agency of the
United States Government formerly known as the Housing and Home Finance
Agency, which has now by law been succeeded by the United States of America,
Department of Housing and Urban Development; such negotiations being to
the end that the Government would agree to receive and accept the new "Housing
and Dining System Revenue Bonds, Series A to G, Inclusive," in exchange for
its holdings of the Board's previously issued revenue bonds for the same
purposes, and at the same respective interest rates, He reminded the members
of the Executive Committee that without such an agreement on the part of the
United States Government the whole program of financing and refinancing would
have been impossible; and further, that in accordance with applications duly
made by the Board of Trustees, the United States Government had agreed that
in connection with the Board' s financing of its "First Housing Complex Project,"
the Government would appear and submit a bid for the purchase of $8, 000, 000
of the Bonds authorized and publicly offered for that purpose at an interest
rate of 3% per annum, thus reducing the interest cost to the University, The
Chairman reported that the University had now received from the United States
of America, Department of Housing and Urban Development, a proposed "Loan
Agreement," dated as of December 1, 1965, conforming to the negotiations and
agreements of the parties and containing the Government's commitment to
14
exchange its bonds to the amount of $8, 175, 000, as provided for in the Trust
Indenture, and to submit a bid for the purchase of the last maturing
$8, 000, 000 of the "Housing and Dining System Revenue Bonds, Series I," ac-
cording to the terms previously proposed. He pointed out that the pr~posed
Loan Agreement provided for payment to the Governmert of a fixed fee for
its field expense in inspecting construction in progress and auditing final
disbursements -- such fixed fee to be in the amount of $7, 500. 00. The Loan
Agreement also contains requirements that the Board and the University
agree to conditions of non-discrimination according to the Secretary of Labor
and Executive Order 11246, dated September 24, 1965. He stated that the
Loan Agreement had been examined by the Business Staff of the University
and by Bond Counsel and was found to be in order, and as anticipated. He
suggested that it would be proper and advantageous at this time for the
Executive Committee to accept said Loan Agreement and authorize the execu-
tion thereof immediately, in order that copies might be returned for immediate
execution on behalf of the Government.
After full discussion, Executive Committee Member Sutherland moved
adoption of a proposed resolution, as follows:
A RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE BOARD
OF TRUSTEES. OF THE UNIVERSITY OF KENTUCKY APPROVING
AND ACCEPTING THAT CERTAIN LOAN AGREEMENT TENDERED
BY THE UNITED STATES OF AMERICA, DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT, DATED DECEMBER 1, 1965,
IDENTIFIED AS PROJECT NO. CH-KY-72(D), CONTRACT NO. H-
302-2988
THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF
THE UNIVERSITY OF KENTUCKY DOES HEREBY RESOLVE THAT the Loan
Agreement which has been tendered to the Board of Trustees of the University
of Kentucky by the United States of America, Department of Housing and
Urban Development, dated December 1, 1965, identified as Project No. CH-
Ky-72(D), Contract No. H-302 -Z88, is hereby approved and accepted with all
of its terms and conditions; and the same is hereby authorized to be executed
in the name and on behalf of the Board of Trustees of the University by
the Chairman or Vice-Chairman, attested under seal by the Secretary; and
copies so executed shall immediately be returned to the Government with
a request for immediate execution on its behalf,
(End of Resolution)
15
The motion for the adoption of the foregoing Resolution was seconded
by Executive Committee Member Murray. After full discussion the Chairman
put the question and upon call of the roll, the following vote was recorded:
Voting "Aye": Dr. Ralph J. Angelucci, Dr. H. B. Murray, Judge J. A.
Sutherland.
Voting "Nay": None.
The Chairman then declared that the motion and Resolution had been
adopted and were in full force and effect.
D. Meeting Recessed
There being no further business before the meeting at this time, on
motion duly made, seconded and unanimously adopted, this meeting of the
Executive Committee was adjourned to convene again at the same place on
December 16, 1965, at 11:00 A.M., EST, for the purpose of receiving and
taking action upon such bids for the purchase of the "Housing and Dining
System Revenue Bonds, Series H and Series I" that might be received prior to
that time; and it was so ordered.
(SEAL)
Chairman, Executive Committee,
ATTEST. Board of Trustees
University of Kentucky
Secretary
CERTIFICATION
I, J.A. Sutherland, Secretary of the Board of Trustees of the University
of Kentucky, and of the Executive Committee of said Board of Trustees, hereby
certify that the foregoing is a true and complete copy of the minutes of a prop-
erly convened special meeting of said Executive Committee held at the University
of Kentucky, Lexington, Kentucky, on November 29, 1965, at 8:00 P.M., EST,
as shown by the official records in my custody and under my control.
WITNESS my hand and the corporate seal of the University, this 29th
day of November, 1965.
Secretary, Executive Committee
of the Board of Trustees
(SEAL) University of Kentucky