xt7dbr8mdb39 https://exploreuk.uky.edu/dips/xt7dbr8mdb39/data/mets.xml Lexington, Kentucky University of Kentucky 1964057 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, 1964-05-apr7. text Minutes of the University of Kentucky Board of Trustees, 1964-05-apr7. 1964 2011 true xt7dbr8mdb39 section xt7dbr8mdb39

Minutes of the Meeting of the Board of Trustees of the University of
Kentucky, Tuesday, April 7, 1964.

The Board of Trustees of the University of Kentucky met in Room 214
of the Student Center on the campus of the University at 10:00 a.m. , Eastern
Standard Time, on Tuesday, April 7, 1964, in regular meeting as provided in
KRS 164. 170, with the following members present: Governor Edward T.
Breathitt, chairman, Dr. Ralph Angelucci, vice chairman, Judge J. A. Suth-
erland, secretary, Mr. Smith Broadbent, Dr. R. W. Bushart, Dr. Harry
Denham, Mr. Sam Ezelle, Mr. W. F. Foster, Mr. Robert Hillenmeyer, Mr.
Gilbert Kingsbury, Dr. H. B. Murray, Mr. Clifford E. Smith, Professor
Paul Oberst (non-voting), and Dr. Dr. Lewis Cochran (non-voting). Absent
were: Dr. Harry Sparks, Mr. Wendell P. Butler and Mr. Floyd Wright.
President Oswald, Dr. Albright, Dr. Willard and Dr. Haun, representing the
administrative staff, and members of the press were also present.

A. Meeting Opened

Since Governor Breathitt sent word that he was delayed, Dr. Ralph
Angelucci, vice chairman, called the meeting to order at 10:20 a.m. and asked
Mr. Gilbert Kingsbury to pronounce the invocation,

Judge Sutherland, secretary, called the roll and reported thirteen
members present and four not answering the roll and indicated that a quorum
was present.

B. Minutes Approved

On motion by Mr. Hillenmeyer, duly seconded, and without objection
the Minutes of the March 20, 1964, meeting of the Executive Committee of the
Board of Trustees were approved as published,

C. President's Report to the Trustees

The chairman called on Dr. Oswald for his Report to the Trustees,
copies of which were made available, Dr. Oswald commented briefly on each
item contained in the report and the Trustees accepted the report with an ex-
pression of appreciation for the many and varied activities being carried on by
members of the faculty and staff of the University.

D, Presentation of "Blue Report"

Dr. Oswald indicated that copies of the "Blue Report" had been mailed
in advance of the meeting to members of the Board, He further indicated that
the items contained therein, while important, were routine in nature and

recommended that, unless members of the Board had questions, the report
be approved as presented.

Dr. Angelucci suggested that unless there were objections the report
be approved and made a part of the Minutes of the meeting. There being no
objections, it was so ordered.

RECOMMENDATIONS OF THE PRESIDENT

CONTRACTS AND/OR AGREEMENTS

1. Contract with Department cf Highways

Recommendation: that confirmation be given to action already taken to
enter into a contract w'th the Commonwealth of Kentucky, Department of
Highways, for a Highway Technician Program to be conducted by the
University from June 8, 1964 through July 31. 1964, for a sum of $10, 688.

Background. The Department of Highways desires to assign 66 pe. ons
to a training program to be provided by the University for Highway Tech-
nicians. The Department will furnish one Civil Engineer Associate from
its Division of Research as an instructor in the program, which is to be
administered through Extended Programs with the assistance of the
Department of Civil Engineering of the College of Engineering. A time ele-
ment was involvedin the signing of this contract. It is for this reason that
confirming action is requested.

CONSULTATIVE SERVICES

Recommendation: that the report of the President relative to consultative
services approved since March 20, 1964, be accepted as submitted.

Background: Under authorization from the Board of Trustees, the President
may approve requests for permission to perform consultative services by
members of the faculity and staff with the understanding that such services
in no way interfere with the individuals' regularly scheduled University duties.
The following have requested and been granted to perform services as indi-
cated.

GeorgW. Schwert to serve as panel member for National Institutes of
Health

APPOTNTMENT OF BOARD MEMBERS OF THE FUND FOR THE ADVANCE-
MENT OF EDUCATION AND RESEARCH, MEDICAL CENTER, UNIVERSITY
OF KENTUCKY

Recommendation: that Mr. Fred Wachs be reappointed as a member of the
Board of Directors of the Fund for the Advancement of Education ard
Research in the Medical Center of the University of Kentucky for a term
ending June 30, 1965, and that Mr. J. Stephen Watkins be reappointed as
a member of the Board for a term ending June 30, 1966.

Background: The Board of Trustees is authorized to appoint the members
to the Board of Directors of the FUND. Both Mr. Wachs and Mr. Watkins
have served as members of this Board in a most effective manner and it is
recommended that they be reappointed for the terms specified above.

APPOINTMENTS

Recommendation: that approval be given to the appointments and/or other
changes which require Board action and that the President's report relative
to appointments and/or changes already approved by the administration be
accepted,

Background: Approval of the Board of Trustees is required for all appoint-
ments to positions with the rank of associate professor and above, to promo-
tions, and to the granting of tenure, and to salary changes above $12, 000
for non-academic personnel and $15, 000 for academic personnel. All other
appointments and/or changes may be made by the President with reporting
to the Board.

Given below are the personnel changes since the last meeting of the Executive
Committee which either require action or which have already been acted upon
by the President and are being reported:

REPORT OF PRESIDENTIAL APPROVALS

New Appointments

Marlin Ward Crowe, Assistant Veterinarian and Lecturer, Department of
Veterinary Science
George William Griffith, Instructor, Department of English
Lynn Clifford Kurtz, Assistant Professor, Department of Mathematics

Changes

William T. Carse, Associate Professor, to Associate Professor and Director
of Institutes, College of Education and NDEA Counseling and Guidance
Institutes

Leaves of Absence

William Clement Eaton, sabbatical leave, September 1, 1964 to June 30, 1965
0. Leonard Press, continuance of leave without pay, fiscal year 1964-65
T. C. Walker, sabbatical leave, January 1, 1965 to June 30, 1965

GIFTS

Recommendation: that the gifts and/or grants listed below be ordered accepted
and proper letters of appreciation sent to the donors.

Background: The names of donors, the amounts given, and the purposes for
which the gift is to be used are given below:

Western Auto Associate Store
Fort Dodge Labora tories
General Electric Foundation
Penryrile Pork Producers

Total

$ 250.00
3, 000. 00
252. 50
566. 67

Scholar ship
Grant for research
Corporate Alumnus Program
Partial payment of salary of
area swine specialist

$4, 069. 17

Mrs. Sherley W. Morgan - books and journals for the Medical Center Library

E. Supplementary Recommendations

President Oswald called attention to the Supplementary Recommendations of
the President, explaining that these were routine items which had come to his
attention too late to be included in the initial report:

SUPPLEMENTARY RECOMMENDATIONS OF THE PRESIDENT

APPOINTMENTS AND OTHER STAFF CHANGES

Recommendation: that approval be given to appointments and/or changes which
require Board action and that the President's report relative to appointments
and/or changes already approved by the administration be accepted.

Background: The following recommendations of appointments have been
received since PR 2 was mailed to the Board and require the Board's ac-
ceptance.

Report of Presidential Approvals

Appointments

Milton E. Ge~lin, Assistart Professor, Department of Pedodontics
Richard Lorin Kay, Assistant Professor, Department of History
Lech Wlordarski, Visiting Associate Professor, Department of Mathematics

Leave of Absence

Stanley J. Zyzniewski, leave, September 1, 1964 through June 30, 1965

Change

0. M. Davenport, Professor of Forestry, named Acting Chairman, Department of
Fore stry.

UNIVERSITY OF KENTUCKY
SUMMARY OF PERSONNEL CHANGES
March 1964

Professors

Inc. De c.
New in in
Appt. Resig. Sal. Sal.
1

1
1

Tr.

Chg

of in New
Empl. Rank Pos.

Pos. Sab. Bgt
Elim. Lve Adj.

Associate Professors
Educa.
A&S
Total
Assistant Professors

3
2

Re- LW
Ap_. OP Amount
$ 4,750.00
$ 4,750.00

1
1
2

Instructors
A&S
Ag. &HE 1
Educ.
Ext. Pr. 3
Med. 2
Ex. VP

1
3 12

$16, 221.48
2, 374. 98

$18, 596.46

$ 999.99

3
3
1

799. 99
93. 11

Total 6
Staff
A&S 2
Ag&HE 9
Engin. 1
Ext. Pr. 1
Med. Ct. 2
Med. 9
Dent. 1
Nurs.
Hosp. 14

4 1
15 6
3

4
7 14
2
1
7 26

Of. of
Pres. 1
Ex. VP 7 3 3
Bus. Ad. 9 5 4
Dean of
Women 2 1 1
Sv. Ent.
Total 58 42 65
Department Chairmen
Ag&HE
Bus. Ad. 1
Total 1

2
2

..
1

1
1

3 1 1

3 13 7 $ 1,893.09

2 1 $ (995. 15)1
17 (739. 33)1
3 1, 420.83
1 199.99
2,641.66
4 2 2 , 901. 27
(1, 6.71. 81)]
1 (361. 91)]
2 1 20 1, 124.03

637. 23
2 (758. 08)1
3 7,836.45

(4, 800. 01)I
20 29 $5,435. 17

1 1
3 16

5, 645. 10
$ 5, 645. 1O

Med,
Total

Med.
Dent.
Ag&HE
Total

CHANGE-OF-WORK ASSIGNMENTS

Recommendation: that approval be given for the persons listed below to
assume change-of-assignment status as provided by the regulations of the
Board of Trustees.

Background: The persons listed below have fulfilled all the requirements
for assignment to change-of -work status and it is recommended that they be
permitted to do so on the dates indicated.

Amry Vandenbosch, Director of Patterson School of Diplomacy and Interna-
tional Commerce, after thirty-eight years of service, effective January
1, 1965

James Ellison Humphrey, Extension Specialist in Poultry, after over forty
years of service, effective May 1, 1964

FREE FEE SCHOLARSHIPS

Recommendation: that approval be given to the authorization of ten free
tuition scholarships and two $600 plus free tuition scholarships for Inter-
national Students for the 1964-65 academic year.

Background: The granting of these scholarships to International Students
has been authorized by the Board of Trustees in prior years and it is recom-
mended that they be continued. The names of the final recipients will be
presented to the Board in the early fall when the list is complete.

GIFTS

Recommendation: that the gifts and/or grants listed below be ordered accepted
and proper letters of appreciation sent to the donors.

Background: The names of the donors and the amounts given with the purpose
for which the money is to be used are given below:

Donor Amount Purpose

Union Carbide Corporation $1,000.00 Grant-in-aid for research
Shell Chemical Company 3,600.00 Research
$4,600.00

CONTRACTS AND/OR AGREEMENTS

Recommendation: that the proper University officials be authorized to execute
the Standard Personal Services Contract with the Department of Economic
Security of the Commonwealth of Kentucky.

Background: The Department of Economic Security has requested the Social
Research Service of the University of Kentucky to conduct a research study
in connection with the aid to families with dependent children with an unem-
ployed parent public assistance program. For this service the University
will be reimbursed in the amount of $30, 000 and the contract covers the
period April 1964 through June 30, 1964.

After a brief discussion of the items contained in the report, on motion by
_Mr., Kingsib~ury and duly seconded, the Supplementary Recommendations of the
President were approved and ordered made a part of the official Minutes of the
meeting.

F. Establishment of Board of Student Publications

Dr. Oswald requested permission not to follow the agenda since he wished
the Governor to be present for the discussion of certain specific items. The
permission being granted, he distributed copies of the following report:

ESTABLISHMENT OF BOARD OF STUDENT PUBLICATIONS

Recommendation: (1) that the Board of Trustees rescind its present policy which
places the responsibility for student publications with the School of Journalism;
and (2) that the Board of Trustees authorize the President to establish a Student
Publications Board with representation from students, faculty, and administration
which will have responsibility for editorial and financial policy of student publica-
tions and for personnel operating the campus-wide student publications, the
Kernel and the Kentuckian.

Background: The change in the organizational structure proposed for student
publications is recommended in response to the findings of the Student Personnel
Advisory Committee and the expressed wishes of interested students and faculty
to create an organizational structure more responsive to and representative of
the needs of the University. With the proposed organizational change, a Board
of approximately six students, three faculty, and three members-at-large drawn
from the faculty, administration, alumni, and professional journalists will
participate as a Board in the formulation of policies for the student publications
which will assure a strong and vigorous Kernel and Kentuckian. While the School
of Journalism will no longer be responsible for the Kernel and the Kentuckian
under this recommendation, the continued use of student publications as a basis
for a journalism practicum is planned. The faculty of the School of Journalism
is in agreement with these recommendations.

If authority is granted to proceed, it is contemplated that the new Student Pub-
lications Board would assume its duties next September 1. The functioning
of the student publications would remain the responsibility of the School of
Journalism until that time and student editorial appointments usually made dur-
ing the spring would be handled as in the past. It is planned, however, that
the members of the new Student Publications Board will be selected before the
end of the current semester.

In the discussion that followed the presentation of the report, Dr. Denham
asked whether this action would provide more or less freedom of the press.
Dr. Oswald responded that he felt it would give the maximum opportunity for
the students to express themselves within the restrictions necessary for a student
paper. The chairman asked for comments from members of the press and
from the editor of the Kernel but they indicated there were none.

Mr. Ezelle moved that the Board of Trustees rescind its present policy
which places the responsibility for student publications with the School of Journal-
ism, such policy having been adopted by the Board on October 20, 1937. His
motion was seconded and carried without dissent.

Mr. Ezelle then moved that the President be authorized to establish a Stu-
dent Publications Board with representation from students, faculty, and admin-
istration which would have responsibility for editorial and financial policy of
student publications and for personnel operating the camnpus-wide student publi-
cations, the Kernel and the Kentuckian. The motion was seconded and carried
without dissent.

G. Governor Breathitt Welcomed

Governor Breathitt arrived at 10:35 aim. and after a word of welcome from
Dr. Angelucci on behalf of the Board, the meeting was turned over to him.

H. Financial Statement and Audits

At the request of Governor Breathitt, Dr. Oswald continued with his pre-
sentation of the following report relative to the financial statement and audits
prepared by the firm of Peat, Marwick, Mitchell and Company:

FINANCIAL STATEMENT AND AUDITS

Recommendation: that the Board of Trustees accept the financial statement for
the fiscal. year 1962-63 and the audit reports prepared by Peat, Marwick, Mitchell
and Company on each of the following.

University of Kentucky
Kentucky Research Foundaticn
University of Kentuicky Athletic Association
Thomas Poe Cooper Foundation

.Background: You will recall tha t by Board of Trustees action on August 24,
1963, the firm of Peat, Marwick, Mitchell and Company was employed to examine
and audit the accounts of the University and each and all of its several affiliated
organizations for the fiscal year which ended June 30, 1963.

Within the University of Kentucky report of Peat, Marwick, Mitchell and Company
are the financial transactions and results of the Fund for Advancement of Education
and Research in the University of Kentucky Medical Center, A separate and
more detailed report on the Fund is being prepared and submitted to the Board
of Directors of that Fund.

On motion by Mr. Smith, seconded and so ordered by the Governor, the
reports were ordered received and filed until the May meeting of the Board at
which time Peat, Marwick, Mitchell and Company will have completed the report
of the Fund for Advancement of Education and Research in the University of
Kentucky Medical Center and consideration of the acceptance of all the reports
can be given at that time.

I. Approval and Acceptance of Revised HHFA Loan Agreement and Authori-
zation of Issuance. Sale, and Delivery of University of Kentucky Housing Bonds
of 1964.

The President of the College called attention to the fact that the next item
on the agenda was consideration of a Revised Loan Agreement tendered by
Housing and Home Finance Agency of the United States Government (HHFA),
at the request of the University, relating to HHFA Project No, CH-Ky-70(D) for
financing the costs Ito the extent not ctherwise provided) of constructing four
small dormitories intended to be leased to and occupied by Delta Gamma, Sigma
Alpha Epsilon, Sigma. Nu, and Phi Kappa Tau Fraternities under rental agree-
ments sufficient to provide for payment of the principal of and interest on the
bonds offered to be purchased by HI-FA.

The President stated that after conferring with the Business Staff and re-
viewing previous actions of the Board, or of its Executive Committee, he felt
it would be desirable for him to review the history of this proposed transaction.
The Board has on a number of occasions in the past undertaken to finance the
construction of fraternity and sorority houses, under rental agreements, i.nas-
much as they relieve, even though to only a small extent in each case, the growing
demands for housing of students and student grou- on or adjacent to the campus
of the University. The present p roject was originally conceived for Delta.
Gamma, Sigma Alpha Epsilon and Sigma Nu at an estimated cost of $160, 000
each, and Zeta Beta. Tau at an estimated cost of $150, 000, making a total of

$630, 000 represented by an HHFA Loan Agreement dated March 1, 1963,
which was duly accepted by the Board. Subsequently construction bids were
received and it appeared that by reason of increasing costs of construction
since the date of the original estimates, all of the low construction bids were
higher than had been anticipated. It was the recommendation of the adminis-
tration, duly approved by the Board, that the excess of construction bids over
the previous estimates be advanced by the Board from available funds against
promissory notes of the respective fraternities, bearing simple interest at the
same rate provided in the HHFA Loan Agreement, with both interest and prin-
cipal payments deferred until retirement of the HHFA Bonds in order not to
conflict with HHFA requirements. The proposal of the Board to make advance-
ments upon such terms were accepted and approved by Delta Gamma, Sigma
Alpha Epsilon and Sigma Nu but in the case of Zeta Beta Tau the fraternity con-
cluded that the aggregate obligation was more than it could afford, and it with-
drew, As noted in the minutes of the Board meeting of August 24, 1963, Phi
Kappa Tau requested and was permitted to be substituted in this program, but
its request was for a small dormitory estimated to cost $160, 000 rather than
$150, 000, necessitating a request that the HHFA Loan Agreement be amended
to increase the aggregate amount from $630, 000 to $640, 000, with the Board
still committed to advance any excess of cons truction bids over estimated costs.

On this basis the administration of the University has negotiated with HHFA
and has now been tendered a Revised Loan Agreement for Project No. CH-Ky-
70(D) in the principal amount of $640. 000, still bearing the originally guaranteed
interest rate of 3-3/8% per annum. Bids for the construction of the other three
small dormitories were previously received and duly approved, construction
is nearing completion, and it has been ascertained that the amount necessary
to be advanced by the Board against such described promissory notes, will be
$15, 000 in the case of Delta Gamma, $20, 000 in the case of Sigma Alpha
Epsilon, and $17, 500 in the case of Sigma Nu. Constructions bids have now
been received for the small dormitory intended to be rented to Phi Kappa Tau,
and it appears that the Board's advance in this case will be $Z0, 000
By reason of regulations promulgated by the Department of Finance of the
Commonwealth, it is now necessary to consider the tendered Revised HHFA Loan
Agreement in order that, if it is approved and accepted by the Board, a "re-
ceivable" of the Commonwealth may be created as provided by law, thus per-
mitting acceptance and award of the construction contract or contracts for
construction of the small dormitory intended to be rented to Phi Kappa Tau.

The President reported that in view of all of the foregoing, and in antici-
pation of the Board's approval at this meeting, he had requested Bond Counsel
previously employed by the Board to prepare and tender appropriate proceedings,
copies of which had been provided to all members of the Board for advance
conside ration.

Board Member Smith then introduced, caused to be read in full
and moved immediate adopt-on of the following resolution:

A RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNI-
VERSITY OF KENTUCKY APPROVING AND ACCEPTING THE
REVISED HHFA LOAN AGREEMENT FOR HHFA PROJECT
IDENTIFIED AS NO. CH-Ky470kD), CONTRACT NO. H-302..2ll6,
INCREASING THE AMOUNT OF THE ORTGINAL LOAN AGREE -
MENT TO $640, 000

BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY
OF KENTUCKY, AS FOLLOWS:

Section 1. That the HHFA Revised Loan Agreement for Project No.
CH-Ky-70(D), Contract No, H-302-12i6. increasing the amount of HHFA's
agreement to bid for the purchase of the Board's "University of Kentucky Student
Housing Bonds of 1963" (re-designated as the "University of Kentucky Student
Housing Bonds of 1964"), when prepared in accordance therewith and duly offered
at public sale be and the same is hereby approved and accepted with all of its
terms and conditions (including specifically the Board' s agreement to comply
w5th Executive Order No, 11063 dated November 20, 1962, preventing discrimi-
nation in the use or occupancy of said facilities because of race, color, creed
or national origin) and the proper officers of the Board and of the University
are hereby authorized to execute the same and to return to HHFA such number
of executed copies thereof as are appropriate and required.

Section 2, The Board shall proceed as expeditiously as possible in the
authorization of the proposed bonds and the Executive Committee of this Board
is authorized to proceed with all further necessary or appropriate action in the
advertisement of a public offering of said bonds, in consideration and acceptance
of the best bid or bids received, establishment of the interest rates in conformity
therewith, and in delivering the bonds to the purchaser or purchasers and
receiving the puzchase prices therefor,

Section 3, This Resolution shall be in full force and effect immediately
upon its adoption.

The motion for the adoption of said Resolution was seconded by Board
Member Fcster , After full, discussion the Chairman put the
question and upon call of the roll the following voted. Voting "Aye'" Hon.
Edward T. Breathitt, Dr. Ralph lo. Angelucci, Smith Broadbent, Dr. R, W.
Sushart. Hon. Wendell P. Butler, Dr. Harry M. Sparks, Dr. Harry Denham,
Sam Ezedle, Wil1lianm F, Foster. Robert H, Hillenmeyer, Gilbert Kingsbury,
Dr. H, B, Murray, CIli.fford El Smith, Judge J , A. Sutherland, and Floyd Ho
Wright, Voting "Nay": None.

The Chairman then announced that said Resolution had been duly
adopted and was in full force and effect.

Board Member Smith then introduced, caused to be read
in full and moved immediate adoption of a resolution as follows:

A RESOLUTION OF THE BOARD OF TRUSTEES OF THE UNI-
VERSITY OF KENTUCKY, AUTHORIZING AND PROVIDING
FOR THE ISSUANCE, SALE AND DELIVERY OF "UNIVERSITY
OF KENTUCKY STUDENT HOUSING BONDS OF 1964" OF THE
BOARD OF TRUSTEES OF THE UNIVERSITY TO PAY THE COSTS
(NOT OTHERWISE PROVIDED) OF CONSTRUCTING A PROJECT
UPON THE CAMPUS OF THE UNIVERSITY, CONSISTING OF
FOUR SMALL DORMITORIES TO HOUSE APPROXIMATELY 40
TO 48 STUDENTS EACH, EACH WITH NECESSARY APPURTENANCES

WHEREAS: the University of Kentucky and its students are o at now
being provided with adequate buildings for educational purposes, and in order
to provide the same it is necessary that there be constructed a project con-
sisting of four small dormitories for housing approximately 40 to 48 students
each, including kitchen and dining facilities, each with necessary appurtenances,
upon sites which are hereinafter described, and which are parts of the campus
of the University; and

WHEREAS, plans and specifications therefor have been prepared and
submitted to the Board of Trustees; and

WHEREAS, under the provisions of KRS 162. 340, et seq. , now in full
force and effect, the Board of Trustees of the University of Kentucky, as the
governing body of said State educational institution, is authorized to issue
Bonds, as hereinafter provided, for the purpose of financing all or a part of
the costs of the said housing project and appurtenances; and

WHEREAS, the total cost of said housing and dining hall project and
appurtenances is estimated to be Seven Hundred Seven Thousand Five Hundred
Dollars ($707, 500), and it is necessary that the Board of Trustees provide at
this time for the borrowing of a sumn not to exceed Six Hundred Forty Thousand
Dollars ($640. 000)? to provide, together with other available funds, for the
estimated total cost thereof.

NOW, THEREFORE, THE BOARD OF TRUSTEES OF THE UNIVERSITY
OF KENTUCKY HEREBY RESOLVES, AS FOLLOWS

Section I, It is hereby determined and declared that the proper accomr
modation of the students of the University of Kentucky for educational purposes
requires construction of a project upon the. campus oi the University, at Lexington.,
Kentucky, consisting of four small dorm itories to house approximately 40 to 48
students each, with kitchen and dining fac litles, each with necessary appur-
tenances the same be-ing hereinafter referred to as the "Project"). The plans
and specifications of said Project. as prepared and submitted to this Board,
are hereby approved :n all respects, to the extent not heretofore approved,

Section 2. In order to provide for the payment of a portion 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 its corporate name, and as a State educational institution
and agency, University of Kentucky Student Housing Bonds of 1964 (hereinafter
sometimes referred to as the "Bonds") in the aggregate principal amount of
Six Hundred Forty Thousand Dollars ($640, 000), dated March 1, 1964, of the
denomination of One Thousand Dollars ($1, 000. 00) each, to be numbered con-
secutively -from 1 to 640, both numbers inclusive, (or otherwise as herein-
after provided in the form of Trust Indenture, hereinafter set forth), bearing
interest to be evidenced by coupons attached to each Bond at a rate or rates
which, when averaged to maturity on the Bonds covered by the bid, shall not
result in an average interest rate on such Bonds in excess of three and three-
eighths per cent (3-3/8%) per annum (the exact rate or rates to be determined
at the time of the receipt and consideration of bids for the purchasing of said
Bonds as hereinafter provided), payable on the first day of September, 1964
and semiannually thereafter on the first days of March and September in each
year until maturity. Said Bonds shall in all respects conform to, and be
issued in accordance with, the provisions of the Trust Indenture referred to
in Section 4 hereof. Each of said Bonds in Coupon Form shall be executed
on behalf of the Board of Trustees by the reproduced facsimile signature of
the Chairman, and a rep roduced facsimile of the Corporate Seal shall be im-
printed thereon, attested by the manual signature of the Secretary. The in-
terest coupons appurtenant to Bonds issued in Coupon Form shall bear the
facsimile signatures of said officers. Each of said Bonds which may be issued
in Fully Registered Form 'without interest coupons), as alternatively provided
in said Trust Indenture and as permitted by law, shall be manually signed
by the said Chairman and Secretary, and the seal shall be physically impressed
thereon. After said Bonds have been sold by the Board of Trustees, or by
its Executive Committee which is hereby authorized to act in that regard, as
hereinafter more specifically provided, at an advertised public competitive
sale, and as soon as said Bonds have been received from the printer and exe -
cuted as herein provided, the same shall be delivered for authentication to
the Trustee named in said Trust Indenture,

Section 3. 'IThe Secretary of this Board is hereby authorized and
directed to execute an appropriate form or forms of "Notice of Sale of Bonds,"
and cause the same to be published as required by law, one time in The Courier-
Journal, a daily newspaper published in Louisville, Kentucky, and of statewide
circulation throughout the Commonwealth of Kentucky, and one time in The
Bond Buyer, a financial newspaper published in New York, New York, of nation-
wide circulation among bond buyers, soliciting sealed competitive proposals
for the purchase of said Bonds, the same to be received in the office of the
President of the Board of Trustees of the University on the campus of the Uni-
versity of Kentucky, in Lexington, Kentucky, until some day and hour when
the Board of Trustees, or its Executive Committee, will be in session.
Publication of said "Notice of Sale of Bonds" shall be made in conformity with
KRS 424. 130, 424. i40, and 424. 360. In said notice purchasers shall be
instructed that proposals may be for the purchase of (a) Bonds maturing in the

years 1967 through 19747 Sb) Bonds maturing in the years 1975 through 197