xt7fxp6txt4b https://exploreuk.uky.edu/dips/xt7fxp6txt4b/data/mets.xml Lexington, Kentucky University of Kentucky 19350718 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, 1935-07-jul18-ec. text Minutes of the University of Kentucky Board of Trustees, 1935-07-jul18-ec. 1935 2011 true xt7fxp6txt4b section xt7fxp6txt4b 






    Minutes of the Meeting of the Executive Committee of the Uni-
vexsity of Kentucky, Thursday, July 18, 1935.


     The Executive Committee of the Board-of Trustees of the Uni-
versity of Kentucky met in President McVey's office at 11:00 a.m.,
on July 18, 1935.   The members of the Committee present were
Judge Richard C, Stoll, Chairman; R. Miller Holland, Judge Robert
G. Gordon, J. B. Andrews and Jwies Park.   President Frank L. Mc-
Vey and Secretary D. H. Peak were also present.


     l. Minutes Approved.

     The Minutes of the meeting of the Executive Committee of
Ulaxch 13, 1935, were approved as published.

     The nminutes of the meeting of the Executive Committee of June
27, 1935, were approved as published and all orders made, authori-
zations given and actions taken by members present at that meeting
as set up in the minutes aforesaid, are hereby ratified, adopted
and approved and made a part of the minutes of this meeting.


     2. Financial Report.

     The June financial statement can not be presented at this
meeting because wve have been unable to get the bills omn all pux-
chases made prior to Jxune thirtieth,  Under the new law we are
given until September thirtieth to pay bills of the previous fis-
cal year.   There is more or less difficulty in getting the de-
tails of payments on these bills arranged and it will be some
time before we can close our books so that final statement for the
year may be made for publication.   See Hinutes of October, 1935.


     3. Report of Expenditures.

     The Chairman brought up the question of approval of purchases
and other expenditures by the Board of Trustees as xequired by
lawt   On motion and second it was ordered that copy of the month-
ly report made by the Business Office to the State Board of Fi-
nance be submitted each month to tlhe Executive Committee or Board
ol' Trustees for approval.  A copy of the weekly report of the
Requisitioil Committee. shall also Je filed.

     4. Allotments.

     The Business Agent made the following report of allotments
for the first six months of the fiscal year:

     Attached is copy of allotments made by the State Board of
Finance for the first six months of the fiscal year 1935-1936.
You will note that only one-half the amount appropriated for
back salaries has been allotted.    Ur. McCain was in Frankfort




 







2.



yesterday and Hr. English told him the Board of Finance went over
the list and simply allotted one-half the amount of the appropria-
tions without special ieference to this particular appropriation.
He said that he thought he could get the balance allotted if I
would send him a note, making request and showing the necessity
therefor.   I shall do that at once and defer making payments on
the back salaries until we see whether or not this allotment may
be made.

Allotments:

                                     July 12, 1935

     Hon. D. H. Peak, Business Agent
     University of Kentucky
     Lexington, Kentucky

     Dear Mr. Peak:

          TIle Board of Finance and Budgetary -Control met
     July 9, 1935, to make the allotments for the first six
     months of the ensuing fiscal year; your departments
     were given the following allotments:



University of Kentucky, College
College of Agriculture 
Repairs  
Summer School ------------------------
Unpaid Salaries ----------------------
3xperiment Station, Lexington --------
Experiment Station, Princeton       
Experiment Station, Robinson    ---- 
Experiment Station, Analysis ---------
Nursery Inspection -------------------



4339,500.00
  12,750.00
  4,500.00
  9,000.00
  35,550.00
  25,Q00.00
  7,500.00
  7,500.00
  11,000.00
  1,250,00



                                Very sincerely yours,

                              (Signed) Sam S. English
                                        Executive Secretary

     5. Inheritance Tax.

     President McVey reported that he had written to the Auditor
of Public Accounts in regard to balance of inheritance tax collect-
ed during the year ending June 30, 1932, and that he had received
from the Auditor a letter which is copied herein.   It was order-
ed that request be made for payment.




 






July 10th, 1935



     Dr. Frank, L. cVey, President
     University of Kentucky
     Lexington, Kentucky


     Dear Sir:

          It is the opinion of this office that the remainder
     of the fund set aside for the purpose of ranking the in-
     heritance tax refunds should be distributed to the Uni-
     versity of Kentucky and the four normal schools.

          However, we have referred the matter to the Attorney
     General.   Just as soon as we receive an opinion from the
     Attorney General we shall cormunicate with you.

                                Yours very truly,


                          (Signed)    J. Dan Talbott
                                      Auditor of Public Accounts

                                            by E.L.


     6. Interest on Land-Grant Fund.

     President UicVey presented the following papers relative to
his attelupt to collect the second installment of interest on the
Land-Grant Fund from the Auditor of Public Accounts:



                                  July 3, 1935

    Honorable J. W. Studebaker, Commiissioner
    Office of Education
    Washington, D. C.

    My dear Commissioner:

          I am sending enclosed the report of the Universi-
    ty of Kentucky on the Land-Grant Fund and the Morrill-
    Nelson Fund, in accordance with the requirements of the
    law.   The reason I am.i bringing this matter to your at-
    tention at the present timre is because the receipts of
    the Land-Grant Fund arp not in accordance with the re-
    auirements of the Fund.   You will note that 44,322 .25
    one'-half of the income, has been paid to the University.




 



4,



    The State Auditor has raised the question as
to whether he has the right to pay such interest, in
view of The fact that hie has no evidence of indebted-
ness.   The State Board of Budget and Finance has in
a measure acquiesced in this viewpoint, and the Attorney
General's Office has instructed the Auditor not to make
payment. This is the situation at the present time,
except that the University has prepared a brief setting
forth the facts, history and procedure under the Land-
Grant Fund. The University has no doubt as to the out-
come even if it has to go to court in this matter.

     I want you to know what the situation is, and I
will be glad to have your advice as to procedure.

                             Yours very truly,


                      (Signed).   rank L. McVey
                                 President of the University




                                   July 15, 1935


President Frank L. McVey
ITni~ersity of Kentucky
Lexington, Kentucky

                            Memorandum

HS, dear Mr. President;

Please permit me to report that I had a very satisfactory
conference with the Attorney General on Saturday evening
from 6 to 8 p.m.   He had been out campaigning all week-end,
had quite forgotten that I had an appointment with him at
4.

After going over Mr. Hogan's opinion and my brief and also
the opinion of 'r. Attkissor.  hile Attorney General said that
he had no reasonable doubt but that the legislature did not
intend to repeal section 4591a of the 1930 Kentucky Statutes
and furthermore, even if it had intended to do so, that the
section was not subject to repeal, because the legislature
could not violate the obligation of a contract.    He said
he desired to take the matter up with Mr. Attkisson, be-
cause the latter had written the last opinion, and ask him
to withdraw it and that he would do this on Monday and if
not on Monday, on Tuesday, and would have Mr. Attkisson
write rme at once regarding the matter.   I left with him




 







5.



copies of the Hogan and Attkisson's opinions and my
brief,

General Wootton spoke so assuredly that I believe he
is thoroughly convinced of the position taken and it
does not seem likely to me that he will withdraw from
it.  In the event, however that for some unforeseen
reason nothing is dote about retracting the position
taken by Mr. Attkisson, the only thing that I can see
to do is to file a petition for declaratory judgment
regarding the matter.

I shall report any further developments as soon as they
occur and await your instructions.

                            Yours very truly

                         (Signed) Alvin E. Evans



                                  July 17, 1935


Mr. Alvin E. Evans
University of Kentucky
Lexington


Dear Mr. Evans:

     I am enclosing herewith copy of an opinion this
day given to Hon. J. Dan Talbott, Auditor of Public
Accounts, regarding the interest on the bonds.

                          Very truly yours,

                          (Signed)  William R. Attkisson
                                      Assistant Attorney Gen-
                                         eral.




 







6.



                                     Frankfort, Kentucky
                                     July 17, 1935

     Hon. J. Dan Talbott
     Auditor of Public Accounts
     Frankfort

     Dear Sir:

          On June 10, 1935, I wrote you an Qpinion in which
     I held Section 4591-a, Kentucky Statutes, Carrollts
     1930 Edition, -:-.hich provided that certain interest on
     a bind for 4165,000 be payable partly to the University
     of Kentucky and partly to the Kentucky State Industrial
     College was irapliedly repealed by Chapter II, Acts of
     1934 special session, paragraph 68.

          At the request of Attorney General Wootton' anL
     upon his order, T must ask you to withdraw that opinion
     and substitute therefor an opinion on the sane subject
     by Assistant Attorney General Overton S. Hogan, dated
     August 31, 1934, and September 4, 1934, inclusive.

                                  Very truly yours

                              (Signed) William R. Attkisson
                                        Assistant Attorney General

     7. Insurance on Warehouse.

     The Business Agent reported the following letter frora, Klair
and Scott, insurance agents, in regard to insurance being carried
on the Service Building:


                                         July 8th, 1935

    Hon. D. H. Peak, Business Agent
    University of Kentucky
    Lexington, Kentucky

    Dear Sen. Peak:-

    We wish to acknowledge your letter of July 6th and are
    herewith returning invoice from the Oarpenter-Warren
    Insurance Agency and beg to advise that their statement
    is correct.




 





7.



    While the matter has been brought to our attention, we
    are under the impression that there is too much insurance
    carried on this Service Building, as the Carpenter- War-
    ren Agency has $75,000 -- fire insurance on this building
    and there is under the Schedule form of the University
    #29,500,00, making total fire insurance coverage of
    j104,500.00.   We would like to suggest to you that you
    call this to the attention of the Executive Committee
    at its next meeting with a suggestion that they have an
    appraisal mrade to ascertain the sound or insurable value
    (this is done by ascertaining the reproduction. cost new
    as of this date less depreciation for the age and condi-
    tion of the building).   Yvhile we are not competent to
    ascertain the sound or insurable value it does impress
    us that $104, 500.00 is too much insurance on this building.

    awaiting your further instructions, we are

    (Signed) Klair & Scott
               Per Thos. S. Scott.

     The Business Agent said that he wrot'e to the Security Trust
Company suggesting that, as the amount of the debt waas $50,000,
they reduce the amount of insurance carried to further secure
that indebtedness from $75,000 to .50,000. Ee filed the follow-
ing letter from the Security Trust Company.


                                      July17, 1935


     '.r. D. H. Peak, BI~usiness Agent
     University of Kentucky
     Lexington, Ky.

     Dear Mr. Peak;

               Your letter of July16 addressed to Mr. Dabney
     is receiving my attention during his absence.

               It is entirely agreeable to us to have your
     insurance on the waxehouse reduced to $50,000, but we
     think that for your oven protection as well as ours, all
     the policies on the property should read alike.    We
     suggest that you take this matter up yourself with the
     Carpenter-Warren Insurance Agency and also with the oth-
     er agents who may hold any amount of insurance on the
     property, and we will co-operate with you in any way
     desired to accomplish the result you have in rmind.

                                 Very truly yours,

                                 (Signed) C. N. Manning
                                           President.




 




8.



     It was ordered that the matter of adjusting this insurance
be left to the Business Agent .   that payment of premium be
made.

     8. Rearrangement of Warehouse Lease..

     Reference is made to item 6, Minutes of the Executive Com-
mittee June 27, 1935.

     a. Letter from Security Trust Company


                                   June 29, 1935

    Ur. D. H. Peak
    University of Kentucky
    Lexington, Kentucky

    Dear Mr. Peak.:

         As I indicated to you this morning over the telephone,
    we have received from the Central Warehousing Corporation
    a deed for the property in Lexington, Fayette County, Ken-
    tucky, located between Limestone and Upper, and we have re-
    ceived from Judge Richard C. Stoll the Agreement of Lease
    and Declaration of Trust, pertaining to this property, prop-
    erly executed,

         These two instruments, to-wit, the deed and the Agree-
    ment of Lease and Declaration of T r        this day been
    lodged for record in the office of tetaYt te County Court
    of Kentucky, and we enclose herewith The statement from
    S. H. Lewis, County Court Clerk for `7.25 for the record-
    ing fee, for which you may send remittanoe direct to the
    Clerk*.

         We enclose herewith an executed copy of the Agree-
    ment of Lease and Declaration of Trust, for your files.

         Mr. H. C. Robinson, of the Central District Warehous-
    ing Corporation, has advised us that he is having the in-
    surance policy on the property transferred, and A Mr. War-
    ren from the 0. 0. Carpenter insurance Agency has just
    called us on the telephone to advise us that this matter
    was receiving attention.   Accordingly,' we ought to re-
    ceive the insurance policy or policies within the next
    few days.

         We presume that this completes the transaction in so
    far as it is to be attended to at this time,

                              Very truly yours,

                           (Signed) E, S. Dabney
                                     Vice-President.




 



9.



b. Agreement of Lease

     THIS AGREEMENT OF LEASE AND DECLARATION OF TRUST,
made and entered into this 28th of June, 1935, by mid be-
tween Security Trust Company, a corporation organized
and existing under and by virtue of the laws of the State
of Kentucky, and having its office at Lexington, Kentucky,
hereinafter called the "lessor", party of the first part,
and the Commonwealth of Kentucky, for the use and bene-
fit of the University of Kentucky, hereinafter called
the "lessee", party of the second part, and University of
Kentucky, a corporation created and existing under and by
virtue of the laws of the State of Kentucky, with its
principal office at Lexington, Kentucky; hereinafter called
the "University", party of the third part,

     WITNESSETH: That whereas, by a lease bearing date
June 30,J 1930; and duly recorded in Deed Book 264, page
321, in the office of the Clexk of the Fayette County
Court and hereinafter referred to as the "original lease",
executed by and between Central District Warehousing Cor-
poration as party of the first part and Commonwealth of
Kentucky for the use and benefit of the University of Ken-
tucky, party of the second part, and University of Ken-
tucky, party of the third part, certain property therein
described and located between Limestone and Upper Streets
in the City of Lexington, Kentucky' was leased by said
party of the first part therein to the party of the second
part therein, for the use and benefit of the party of the
third part therein, for the full term of one year, begin-
ning on_ the 1st day of July, 1930; and ending on the 30th
day of June, 1931, and said original lease further provid-
ed that the party of the third part therein was granted
an option by the party of the firset part therein to extend
the term of said lease a period of eight years from and in-
cluding the lst day of July, 1931, for eight extended terms,
upon payment of certain rental therein specified, and

     Whereas, the first, second and third extended terms
thereof, expiring in the years ending July 1, 1932, 1933,
and 1934 respectively, have been completed, and said Uni-
versity of Kentucky, which agreed in said original lease
to pay said rental should s-.;d. lease be extended, has pail
the rental which it agreed -o pay for said first, second
and third extended terms thereof, and

     Whereas, said original lease has been extended for
the fourth extended term provided for therein, and said
University of Kentucky has paid to the original lessor
the sun of Three Thousand Dollars (300Q0,) as a credit on
said fourth extended terra, and

     Whereas, said original lease further provided that
the parties of the second and third part therein, and each
of them were granted the exclusive right and option to




 




10.



to purchase the property thereby demised at any time dur-
ing the tera= of said original lease and each end any ex-
tended terms thereof, if the tern be so extended, for the
sui of' Ninety Thousand Dollars ($90,000) wi'h interest
thereon at the rate of six per cent (G5p) per annun from
the date of said original lease to the date of the exer-
cise of said option to purchase said leased premises,
credited, however, with all payments of rental made un-
der said original lease for the original term and each
term for which the same might be extended and the pay-
ments made by the party of the third part therein of
rental for said original and said extended terms have been
sufficient to pay interest on. said option price to July 1,
1935, and to reduce the principal amount of said option
price to the sum of Fifty Thousand Dollars ($50,000.)
and

     Whereas, the party of the third part in said original
lease has complied otherwise with the terms and the pro-
visions thereof by the payment of any amount or amounts
xequired to be paid on said property for taxes, special as-
sessments, if any, and for insurance premiums as provided
for therein and

     Whereas, the party of the first part in said original
lease has conveyed the fee simple title to the property af-
fected by said lease to the Security Trust Company of Lex-
intton, Kentucky, the lessor herein, subject to said lease,
and the parties of the second and third part herein are de-
sirous of procuring from the party of the first part here-
ia an agreement to reduce the amount of the rental payments
specified in s aid original lease and further to procure an
extension thereof and of thi optiion of the parties of the
second and third part herein/purchase said property, all
on the terms and conditions hereinafter set forth.

     Now, Therefore, in consideration of the premises and
of One Dollar ($1.) cash in hand paid by the parties of the
second and third part to the party of the first part1 the
receipt of which is hereby acknowledged by the party of the
first part, the party of the first part does hereby lease
and demise unto the party of the second part for the use
and benefit of the party of the third part all of the real
property Lully described in    I original lease or the ful
term of one year beginning with the let day of July, 1935,
and ending with the 30th day of June, 1936, upon. the fol-
lowing terms and conditions, each and all of which arc here-
by agreed to by the parties hereto:

     1, The party of the third part hereby covenants and
agrees that as rent for said property during said term of
one year, and as the consideration, for the option herein-
after granted to it to purchase said property, it will pay
to the party of the first part the sum of Twelve Hundred
and Fifty Dollars ($125D,) payable January 1, 1936, and the
further sum of Six Thousand Three Hundred and Fifty Dollars




 




11.



('.6350.) payable July 1, 1936.

     The party of the third part hereby covenants and
agrees that as additional rent for said demised premises
for said term, it will pay all ad valorem taxes if any,
assessed against said premises during the term hereof
and all special assessments, if any, against said proper-
ty for local improvements, if any, which become due and
payable during the term hereof.

     2. The said lessor hereby covenants and agrees that
during the terra of this lease it will keep the building
on said premises insured against damage or loss by fire
and windstorm in the sun of at least Sixty Thousand Dol-
lars ($60,000.) with loss clause in such policy or poli-
cies payable to the lessor, lessee and said University as
their respective interests may appear.   It is mutually
agreed by and between the parties hereto that in the
event said building shall be damaged or destroyed, either
in whole or in part, by fire, windstorm or other casualty
insured against, the proceeds of said insurance thereof
shall, at the option of said University, at once be used
for the restoration and rebuilding of said building, and
in such event the liability of said University to pay
the rent as herein provided, for the remainder of the
term shall in no wise be affected by said damage or de-
struction of said building, nor shall this lease be ter-
minated or affected thereby; or, on the other hand, said
University may give notice of its intention to purchase
salad leased premises on the payment of the proceeds of
said insurance, and the proceeds of said insurance, or
so rmch thereof as may be necessary, shall b e applied to
the payment of the purchase price of said leased premises
and the balance, if any, remaining of the proceeds of
said insurance shall be the property of said University.

     The said University agrees to pay to the lessor on
demand t-he actual cost paid by lessor for keeping said
building so insured for and during the term hereof, to-
gether with interest thereon at the rate of six per cent
f6cil) per annum from the date of lessor's expenditure there-
of until paid.

     3. The said1 lessor heivci y covenants and agrees that said
University shall have the right during the term of this
lease and each extended term hereof, to extend the term of
this lease for a period of one year from the expiration of
the term hereof' and from the expiration of each extended
term, until the term hereof shall have been extended for
a period of nine years from ard. including the 1st day of
July, 1936, upon the same terms and conditions herein set
forth, together with the option to purchase said property
which is herein contained, except that the Tent for said
extended term respectively shall be as follows:




 




12.



For the first extended term
   (ending July 1, 1937 )-


For tbhe se j-a'1 extended term
   ( eniw al Jaly 1, 1938) - 


For the third extended term
   (ending July 1, 1939) -- 


For the fourth extended term
   (ending July 1, 1940) -------



For the fifth extended term
   (ending July 1, 1941) - 



For the sixth extended term
   (ending July 1, 1942) -------


z'or t he seventh extended term
   (ending July 1, 1943)  



For the eighth extended term
   (ending July 1, 1944)



For The ninth extended term
   (ending July 1, 1945) -------



41,125.

6,225.


1, 000.

6,l00.



payable January 1,
   1937,
payable July 1,1937,


payrable January 1,
   -1938
payable July 1,1938,



  875. payable January 1,
          1939,
5,975. payable July 1,1939,


  750. payable January 1,
          1940,
5, 850. payable July" 1,1940n


  625. payable January 1,
          1941,
5,725. payable July 1,1941,


  500. payable January 1,
          1942,
5,600. payable July 1,1942,


  375. payable January 1,
          1943,
5,475. payable July 1, 1943.


  250, payable January 1,
          1944,
5,350. payable July 1,1944,


  125. payable January 1,
          1945,
5,225, payable July 1, 1945,



Provided, however, that said University shall not be required
to pay any cash consideration for or during any extended
term hereof, but shall only be required to pay the r ental
as bereinabove stated, for each term for which this lease is
extended, with taxes and special assessments, if any, and
insurance as herein provided.

     It is understood and agreed that unless said Universi-
ty shall give written notice by registered mail addressed
to lessor at Lexington, Kentucky, and mailed more than thirty




 


13.



days prior to the termination of the term hereof, or any
extended term, as the case may be, of its intention not
to extend the term hereof, then this lease shall there-
upon be extended for an additional year on uhe terms and
conditions hereinabove set forth, including the option
to purchase said property as herein contained.

     4, For the consideration hereinabove stated, the
lessor hereby grants to said lessee and said University
and each of them the exclusive right and option to pur-
chase the property hereby demised at any time during the
term of this lease and each and any extended term hereof,
if the term be so extended for the sum of Fift. Thousand
Dollars ($50,000.) with interest thereon at the rate of
five per cent (51o) per annum, payable semi-annually from
July 1, 1935, to the date d' the exercise of said option
to purchase said leased premises, plus the additional sum
of One Hundred Dollars ($100.) per annum for each year of
this lease and each extended term thereof, credited, how-
ever, with all payments of rental made under this lease
for the original term and each term for which the same may
be extended, but not including any amount or amounts paid
for taxes and special assessments, if any, and insurance,
said purchase price to be paid as follows, to-wit:

     Not less than forty per cent (40 o) thereof in cash
and the balance in not exceeding two equal installments
to be evidenced by purchase money notes maturing not later
than one and two years respectively each date and bearing
interest at the rate of five per cent (51o) per annum from
date until paid, payable semi-annually, negotiable and
payable at the office of the Security Trust Company, in
Lexington, Kentucky, and secured by a first lien on the
property conveyed and by insurance on the improvements
thereon and containing the usual precipitation clause in
the event of failure to pay any note or any installment
of interest thereon within sixty days after the maturity
of such note or interest,

     In the event the lessee or said University shall ex-
ercise said option to purchase said property, said Uni-
versity shall give at least thirty days written notice
thereof to lessor by registered mail addressed to lessor
at Lexington, Kentucky, and      the payment of the consid-
eration by said University as hereinabove provided, the
lessor covenants and agrees to convey the property hereby
demised to said lessee, Commonwealth Qf Kentucky, for the
use and benefit of said University of Kentucky in fee sim-
ple absolute, free of all liens and encumbrances, except
all taxes and special assessments, if any, due or to be-
come due thereon, and except the vendor's lien as herein-
above described in the event that the University shall de-
sire to execute purchase money notes for a part of said
purchase price, with special warranty of title, it being
agreed that the University shall bear the expense of said




 




14.



conveyance, including the cost of United States revenue
stamps to be affixed to said deed, if any be required.

     The other terms and conditions as set forth in
said original lease, subject to the amendnents, changes
and alterations of same as herein provided, shall remain
in full force and effect.

     The Security Trust Company, party of the first part
herein, does hereby declare that it holds the title to the
property hereby demised in trust fox the University of
Kentucky, but expressly conditioned upon the punctual pay-
Ment of said University of (a) the rental payments herein-
above provided for, for the original term of tlis lease and
each extended term thereof and (b) of the insurance premiums
and taxes and assessments hereinabove set forth and the ex-
ercise by said University of Kentucky or the Commonwealth
of Kentucky forarnCdon behalf of said University of Kentucky
of the option granted to them or either of them by said
Security Trust Company.

     In Testimony Whereof, the parties hereto have caused
their names to be signed hereto by their duly authorized
officers and their respective seals to be affixed this
the day and year first above written.


                            SECURITY TRUST COMPANY
            (Signed)      By   C. N. Manning
                               President.
Attest:

S. A. Wallace       (Signed)
Secretary


                           UNIVERSITY OF KENTUCKY

             (Signed)      By Richard C, Stoll
                              Chairman of its Executive Com-
                                  mittee
Attcst:

VD H. Peak     (Signed)
Secretary of the Board



Abstract of title, plat and the
foregoing lease examined and ap-
proved by me, this day of June,
1935.

Attorney General




 




15.



STATE OF KENTUCKY
                    SOT.
COUNTY OF FAYETTE

     I, Luise C. West, Notary Public within, and for the
County and State aforesaid, do hereby certify that the above
and foregoing instrument of writing was on this day produced
to me in s aid County and State and acknowledged by C. N. Man-
ning, President, and S. A. Wallace, Secretary, to be the act
and deed of Security Trust Company, party thereto, and to
be their act and deed as President and Secretary respective-
ly of Said Security Trust Company.

     My commission as Notary Public will expire January
8, 1936.

     Witness my hand and notarial seal this 28th day of
June, 1935.

                    (Signed)       Luise C. West
                             Notary Public, Fayette County,
                                        Ky.


STATE OF KENTUCKY )
                    SOT.
COUNTY OF FAYETTE )

     I, Ethel Duncan, Notary Public within and for the County
and State aforesaid, do hereby certify that the above and
foregoing instrument of writing was on this day produced to
me in said County and State and acknowledged by Richard C.
Stoll, Chairman of its Executive Committee, and D. H. Peak,
its Secretary, the act and deed of the University of Ken-
tucky, party thereto, and to be their act and deed as Chair-
man of the Executive Committee, and Secretary respectively
of said University of Kentucky.

    My bommissioit as Notary Public will expire February
25, 1936.

    Witness my hand and nru Mial seal on this 28 day of
Junc, 1935.

                  (Signed)   Ethel Duncan
                           Notary Public, Fayette County, Ky,




 




16.



     On motion and second the agreement of lease set above was
approved and the execution  thereof by Richard C. Stoll, Chair-
man of the Executive Committee, and D. H. Peak, Secretary of the
Board, was ratified and approved.


     9. Bonds.

     The Business Agent reported:

     It will be necessary for rme to rene7 at once the $5,000 bond
that I have filed with the State Board of Finance for petty cash
fund; also early in August to renew my bond of 415,000 to the Uni-
versity of Kentucky.   I will appreciate it if the Board will
make an order to that effect.

     I have been asked several times by officers of the First Na