xt7n8p5v7j3w https://exploreuk.uky.edu/dips/xt7n8p5v7j3w/data/mets.xml Lexington, Kentucky University of Kentucky 1964119 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, 1964-11-sep9. text Minutes of the University of Kentucky Board of Trustees, 1964-11-sep9. 1964 2011 true xt7n8p5v7j3w section xt7n8p5v7j3w

Minutes of a Special Meeting of the Executive Committee of the Board of
Trustees of the University of Kentucky, Lexington, Kentucky, held on September
9, 1964.

A meeting of the Executive Committee of the Board of Trustees of the
University of Kentucky was held in the Board Room of the Administration Build-
ing on the University campus, in Lexington, Kentucky, on September 9, 1964, at
4:30 P. M., Eastern Standard Time, pursuant to notice duly given to each
member of the Executive Committee.

Upon roll call, it was determined that the following members of the
Executive Committee were present: Dr. Ralph J. Angelucci, Chairman, Judge
James Sutherland, Mr. Robert Hillenmeyer, Dr. Hershell Murray; Mr. Smith
Broadbent was absent.

Present also for the meeting was Dr. John W. Oswald, President of the
University, and members of the Business Staff.

It having been determined that a quorum was present for the transaction
of business, the Chairman called the meeting to order.

The President reminded the Executive Committee of the adoption by the
Board of Trustees on March 4, 1964, of a Resolution (subsequently amended on
April 2, 1963), creating and establishing a Community Colleges Educational
Buildings Project of the University, and creating and establishing an issue of
Community Colleges Educational Buildings Revenue Bonds of the Board of
Trustees; and of the Board's adoption on June 12, 1964, of the Series B Reso-
lution authorizing the issuance and public sale of $1, 000, 000 "Community
Colleges Educational Buildings Revenue Bonds, Series B," wherein authority
was vested in the Executive Committee to act in the matter of the public sale of
the Series B Bonds.

The President reported to the Executive Committee that an appropriate
form of "Notice of Sale of Bonds," as recommended by the Fiscal Agents and
submitted by Bond Counsel, had been published on August 27, 1964, in The
Daily Bond Buyer, New York, New York, and in The Courier-Journal, Louis-
ville, Kentucky, soliciting the submission to the Board at this time and in the
office of the President of sealed competitive proposals or bids for the purchase
of said Bonds. He tendered for the records of the Executive Committee Affi-
davits from employees of each of said publications evidencing such publication,
and also tendered for examination a copy of the printed "Official Statement"
which had been approved by the President and the Business Staff of the Uni-
versity and disseminated widely among Municipal Bond Dealers without solici-
tation, and subsequently to all interested parties who requested the same. He
announced that after publication and dissemination of this instrument, it had

been discovered by the Fiscal Agents that the same contained an error, in that
the table showing the maturities of the "Series A Bonds," the amounts matur-
ing on May 1, 1987 and 1988 were shown to be $70, 000, whereas the same
should have been shown as $75, 000. The Fiscal Agents had reported that dis-
covery of this error occurred too late to issue a corrective addendum; but that
every effort had been made to advise by telephone all parties generally known
to be interested in the preparation of bids for the purchase of these Bonds. It
was the opinion of the Fiscal Agents that all parties in interest had been so
notified; but it was felt that announcement of the discovery of such error should
be made prior to the opening of bids, with an opportunity afforded to any bidder
to withdraw the bid if so desired. There was no request that any bid be with-
drawn.

The hour set forth in said published notices for the opening and con-
sideration by the Executive Committee of purchase bids having arrived, the
President tendered to the Chairman all of the sealed competitive bids which
had been received in his office prior to 4:30 P. M., Eastern Standard Time, on
this date. The Chairman publicly opened and publicly read each bid and by
unanimous agreement it was ordered that the same be listed in the minutes of
the meeting by identification of bidder, the price offered, and the respective
interest coupon rate or rates stipulated in each bid, which is done, as follows:

PRICE OFFERED INTEREST COUPON NET
NAME OF BIDDER (Exclusive of RATE OR RATES INTEREST
Accrued Interest) STIPULATED COST

Equitable Securities Corp. $980,020.00 1966-1968 3 3/4%
Merrill Lynch, Pierce, 1969-1972 3.60
Fenner & Smith 1973-1978 3 1/2
W.E. Hutton & Co. 1979-1986 3.60
Stifel, Nicolaus & Co. 1987-1989 3.70 3. 74419%
Russell, Long & Co.

Blyth & Co., Inc. and
Associates 984,879.00 1966-1969 3%
1970-1972 3 1/4
1973-1977 3 1/2
1978-1979 3.60
1980-1981 3.70
1982-1984 3 3/4
1985-1989 3.80 3.78052%

John Nuveen & Co., Inc. and
Associates 982,494.00 1966- 1970 3%
1971- 1973 3. 30
1974-1975 3.40
1976-1978 3 1/2
1979-1980 3e60
1981-1982 3.70
1983-1939 3.80 3.7812%

First U.S. Corp. 980.000.00 1966-1974 3 1/4%
1975-1978 3 1/2
1979-1983 3 3/4
1984-1989 3 718 3.85674%

After consideration and comparison of the purchase bids, Committee
Member Robert Hillenmeyer introduced, caused to be read in full, and moved
suspension of all rules and immediate adoption of a proposed resolution, as
follows:

A RESOLUTION OF THE EXECUTIVE COMMITTEE OF
THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
KENTUCKY ACCEPTING THE BEST BID RECEIVED IN
THE OFFICE OF THE PRESIDENT PRIOR TO 4:30 P. M.,
EST., ON SEPTEMBER 9, 1964, FOR THE PURCHASE
OF $1, 000, 000 "COMMUNITY COLLEGES EDUCATIONAL
BUILDINGS REVENUE BONDS, SERIES B, " AND ES-
TABLISHING THE INTEREST COUPON RATES TO BE
MADE APPLICABLE THERETO

THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF
THE UNIVERSITY OF KENTUCKY DOES HEREBY RESOLVE, AS FOLLOWS:

Section 1. It is hereby determined and declared that the best bid or pro-
posal received in the office of the President of the University prior to 4:30 P. M.
EST., on September 9, 1964, for the purchase of the Board's $1, 000,000
"University of Kentucky Community Colleges Educational Buildings Revenue
Bonds, Series B, " dated May 1, 1964, as authorized by the Series B Resolution
adopted on June 12, 1964, was and is the bid of Equitable Securities Corp. and
Associates offering to purchase the entire bond issue at a price of $980, 020
(plus accrued interest to delivery) upon condition that the same be caused to bear
interest at the following respective interest coupon rate or rates:

YEARS OF MATURITY COUPON RATE STIPULATED

1966- 1968 3 3/4%
1969-1972 3.60
1973-1978 3 1/2
1979-1986 3.60
1987- 1989 3.70

Said bid or proposal is found and declared to be in conformity with the terms
and conditions of the public offering of said Bonds, and to be advantageous and ac-
ceptable as to both price and interest coupon rate or rates. Said bid is hereby ac-
cepted by the Executive Committee, for and on behalf of the Board of Trustees, and
the same, together with this Resolution of acceptance, shall constitute a firm con-
tract for the purchase and sale of said Bonds, subject to the conditions of the public
offering as set forth in the published "Notice of Sale of Bonds."

Section 2. Said Bonds shall bear interest at the respective interest coupon
rates stipulated by the purchase bidder, as the same are set forth in Section 1 of
this Resolution. The Fiscal Agents may direct the printer to proceed with the
preparation of the Bonds accordingly.

Section 3. When the Bonds have been prepared by the printer, the same
shall be executed on behalf of the Board in the manner prescribed in connection
therewith, authenticated by the Trustee, and delivered to the purchase bidder
identified in Section 1 hereof upon payment of the purchase price.

Section 4. The good faith check of the purchase bidder in the sum of
$20, 000 shall be held uncashed by the Treasurer of the University until the oc-
casion of the delivery of the Bonds and payment therefor, at which time, at the
election of the purchase bidder, the Treasurer may cash said check and deposit
the proceeds thereof as constituting a portion of the proceeds of the sale of said
Bonds, or may surrender such check to the purchase bidder upon payment of the
full purchase price with accrued interest to delivery. The checks of all unsuc-
cessful bidders shall immediately be returned to them by the Secretary of the
Board.

Section 5. This Resolution shall be in full force and effect from and
after its adoption.

ADOPTED: September 9, 1964.
(SEAL)

ATTEST: Chairman, Executive Committee
Board of Trustees

Sec retary

The motion for the adoption of said Resolution was seconded by Com-
mittee Member James Sutherland. After full discussion the Chairman put the
question and the following voted:

Voting "Aye": Dr. Ralph J. Angelucci, Chairman, James Sutherland, Robert
Hillenmeyera Hershell Murray.

Voting "Nay": None.

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

There being no further business, on motion and vote, the meeting was
adjourned.

Secretary
(SEAL)