Minutes of the Special Called Session of the Executive Committee of the
Board of Trustees of the University of Kentucky, Thursday, August 12, 1965


       The Executive Committee of the Board of Trustees of the University of
Kentucky met in special called session at 4:30 p. m. , Eastern Standard Time,
on Thursday, August 12, 1965, in the Board Room of the Administration Building
on the campus with the following members present: Dr. Ralph Angelucci,
Chairman, Judge Jarmes A. Sutherland, Secretary, and Dr. H. B. Murray. Mr.
Robert Hillenmeyer and Mr. Smith Broadbent were unable to attend. Vice Presi-
dents A.D. Albright and Robert F. Kerley represented the administration and
members of the press were present.


      A. Meeting Opened

      Dr. Angelucci called the meeting to order at 4:35 p. m. and, having de-
termined that a quorum was present, declared the meeting officially open for the
conduct of business.


       B. Student Residence Complex Financing--Loan Agreement with HHFA
Authorized

       Dr. Angelucci explained that the meeting was called for the purpose of
authorizing Mr. Robert F. Kerley, Vice President-Business Affairs, to enter
into an agreement with the Housing and Home Finance Agency for financing the
construction of the first phase of the dormitory complex. He then requested Mr.
Kerley to present the recommendation and background statement.

       Mr. Kerley read the following recommendation:


Recommendation: that the Vice President-Business Affairs and Treasurer be
authorized to execute, on behalf of the University of Kentucky, an agreement
between the University of Kentucky and the Housing and Home Finance Agency
of the federal government, under which agreement the Housing and Home Fi-
nance Agency commits itself to the purchase of bonds, when issued by the Uni-
versity of Kentucky, in an amount up to $8, 000, 000 and bearing the legal rate
of interest and containing other conditions governing such bond purchases by the
Housing and Home Finance Agency, the proceeds derived from such bonds, when
issued, to be used for the purpose of partial financing of the student residence
complex previously authorized by the Board of Trustees.



Bids for the initial elements for Phase I of the Dormitory Complex were