xt7rr49g5466 https://exploreuk.uky.edu/dips/xt7rr49g5466/data/mets.xml Lexington, Kentucky University of Kentucky 1974018 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, 1974-01-jan8-ec. text Minutes of the University of Kentucky Board of Trustees, 1974-01-jan8-ec. 1974 2011 true xt7rr49g5466 section xt7rr49g5466 








       Minutes of the Meeting of the Executive Committee of the Board
of Trustees of the University of Kentucky, Tuesday, January 8, 1974


       The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met at 2:00 p.m. (Central Daylight Time) on Tuesday,
January 8, 1974 in the Board Room in the Administration Building on the
campus of the University of Kentucky with the following members answer-
ing the call of the roll: Mr. Albert G. Clay, Mr. Thomas P. Bell, Mr.
Richard E. Cooper, Mr. George W. Griffin, Mr. William B. Sturgill,
and Dr. Paul G. Sears, Assistant Secretary of the Board. The Univer-
sity administration was represented by President Otis A. Singletary;
Vice Presidents Lawrence E. Forgy, Jr., Peter P. Bosomworth,
Robert G. Zumwinkle and Raymond R. Hornback; Mr. John C. Darsie,
Legal Counsel; and Dr. Donald B. Clapp, Executive Assistant to the
President.


       A. Meeting Opened

       Mr. Clay, the Chairman, called the meeting to order at 2:00
o'clock. Following the invocation, the Assistant Secretary reported a
quorum present and the meeting was declared officially open for the
conduct of business at 2:03 p.m.


       B. Bids on Community Colleges Educational Buildings Revenue
Bonds, Series C, Received

      Mr. Clay noted that bids had been. received for the purchase of
$5, 500, 000 "Board of Trustees of University of Kentucky Community
Colleges Educational Buildings Revenue Bonds, Series C, " dated
February 1, 1974, as authorized by the Resolution (New Composite Teext)
adopted December 11, 1973, and the Series C Resolution adopted Decenhber
11, 1973.

      Mr. Lawrence E. Forgy, Vice President for Business Affairs and
Treasurer, proceeded to open the bids which were then read by Mr.
William Sturgill. The following submitted bids:

   Blyth Eastman Dillon & Co., Inc., Chase Manhattan Bank,
      and Merrill Lynch, Pierce, Fenner & Smith, Inc.;
   Halsey, Stuart & Co., Inc. and Associates;
   Bear, Stearns & Co.;
   John Nuveen & Associates;
   Smith, Barney & Co., Incorporated, Bankers Trust Company
      and Associates



(Copies of the bids received are appended at the end of the Minutes. )




 






                                                                2


      C. Bid on Community Colleges Educational Buildings Revenue
Bonds, Series C, Awarded

      Following an inspection of the bids, Executive Committee Member
Sturgill introduced, caused to be read in full by the Assistant Secretary, and
moved immediate adoption of the following resolution, seconded by Executive
Committee Member Griffin:

  A RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE BOARD
  OF TRUSTEES OF UNIVERSITY OF KENTUCKY ACCEPTING THE
  BEST BID RECEIVED FOR THE PURCHASE OF $5,500, 000
  "BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY COMMUNITY
  COLLEGES EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES C,'
  AND ESTABLISHING THE INTEREST COUPON RATES APPLICABLE
  THERETO.


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

      Section 1. It is hereby determined and declared that the best bid
received in the Board Room of the University in the Administration. Building
prior to 2:00 P.M. , Central Daylight Time, on January 8, 1974, for the
purchase of $5, 500, 000 "Board of Trustees of University of Kentucky
Community Colleges Educational Buildings Revenue Bonds, Series C,
dated February 1, 1974, as authorized by the Resolution (New Composite
Text) adopted December 11, 1973, and the Series C Resolution adopted
December 11, 1973, was and is the bid of Blyth Eastman Dillon & Co. , Inc.
and Associates, offering to purchase the entire bond issue and pay therefor
the sum of $5, 390, 034. 35 upon condition that said bonds be caused to bear
interest at the following respective coupon rates:

      All bonds maturing on May 1, 1975 .........  6. 50 %
      All bonds maturing on May 1, 1976 .........  6. 50 %
      All bonds maturing on May 1 , 1977 .6. 50 %
      All bonds maturing on May 1, 1978 .6. 50 To
      All bonds maturing on May 1, 1979 ......... 6. 50 To
      All bonds maturing on May 1, 1980 ......... 6. 50 %
      All bonds maturing on May 1, 1981 ......... 6. 50 %
      All bonds maturing on May 1, 1982 ......... 6.50 %
      All bonds maturing on May 1, 1983 ......... 6. 50 %
      All bonds maturing on May 1, 1984 .........  6. 50 to
      All bonds maturing on May 1, 1985 .........  5. 10 %
      All bonds maturing on May 1, 1986 .........  5.20 %
      All bonds maturing on May 1, 1987 ......... 5.30 To




 











All bonds maturing on May 1, 1988



All
All
All
All
All
All
All
All
All
All
All
All
All
All
All
All



bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds



maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing



on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,
on May 1,



1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004



       It is determined that said bid conforms in
and conditions of the public offering of said bonds
both price and interest coupon rates. Said bid is



all respects with the terms
and is satisfactory as to
hereby accepted in the name



and on behalf of the University of Kentucky, and the same, together with this
resolution of acceptance, shall constitute a firm contract for the purchase and
sale of said bonds according to the terms and conditions of the public offering.



       Section 2. The said bonds shall bear interest from their date until
paid at the respective coupon rates set forth in Section 1 hereof, and the
printer shall be instructed to prepare the bonds and interest coupons accord-
ingly. When the bonds have been printed, executed and authenticated, the
proper officers are authorized to deliver the same to the above-named
purchasers upon payment of the purchase price, as set forth in Section 1 hereof.

       Section 3. The good faith check of the purchasers in the sum of
$110,000 shall be held uncashed by the Treasurer until the time when the bonds
are delivered and paid for, at which time the same shall be deposited as
constituting a part of the proceeds of the bonds, and the amount thereof (but
without interest thereon) shall be allowed as a credit upon the purchase price;
or, if the purchasers shall so request said check may be returned to them by
the Treasurer upon payment of the full bid price with accrued interest to
delivery. The good faith checks of all unsuccessful bidders shall immediately
be returned to the respective bidders by the Assistant Secretary.

       Section 4. This resolution shall be in full force and effect from and
after its adoption.



3



5.40 %
5.50 7%
5.50 %
5.60%
5.70 %
5.70 %
5.75 %
5.80 %
5.80 %
5.90 %
5.90 %
6.00 %
6.00 %
6.00 %
6.00 0%
5.00 %
5.00 %




 






4



       After full discussion the Presiding Officer put the question and the
following voted:

Voting "Aye': Mr. Clay, Mr. Bell, Mr. Cooper, Mr. Griffin, Mr.
                Sturgill, and Dr. Sears.

Voting ''Nay'": None.

       Whereupon the Presiding Officer announced that said motion and
resolution had been duly carried, and that the resolution was in full force
and effect. The Assistant Secretary was directed to deliver or send to the
purchasers a certified copy of the sale proceedings as evidence of the proper
awarding of the bonds.


       D. Meeting Adjourned

       Having determined that there was no further business to come before
the Executive Committee of the Board of Trustees, Mr. Clay declared the
meeting adjourned at 2:45 p.m.

                                      Respectfully submitted,




                                      Paul G. Sears, Assistant Secretary
                                      Board of Trustees


                         CERT IFICAT ION

       The undersigned, Assistant Secretary of the Board of Trustees of the
University of Kentucky, Lexington, Kentucky, hereby certifies that the fore-
going is a true and complete copy of all those portions of the Minutes of the
meeting of the Executive Committee of said Board of Trustees, held upon the
campus of the University at Lexington, Kentucky, on January 8, 1974, as are
related to the issuance of the Community Colleges Educational Buildings
Revenue Bonds.

       WITNESS my hand and the Seal of said Board, this 8th day of
January, 1974.



                                      Assistant Secretary
(S E A L)                             Board of Trustees
                                      University of Kentucky




 







CORRECTED



   Official Bid Form


               $5,500,000

         University of Kentucky

Community Colleges Education Buildings

        Revenue Bonds, Series C



To the Honorable Chairman and Members
   of the Board of Trustees of the
   Universt.y of Kentucky
university of Kentucky
Lexington, Kentucky


-nemiemen:



   We nave observed your published "Notice of Sale of Bonds" concerning the submission of sealed, coin-
)eLltlve bicLs for the purchase of all or none of your $5,500,000 "Community Colleges Educational Buildings
.\veraue Bonds, Series C," dated February 1, 1974, and have obtained, examined and are familiar with fur-
-cc Qetails and conditions relating to your public offering of said Bonds as set forth in your "Official State-
      in connection therewith. By our submission of this bid we agree to all of the terms and conditions set
iorth in said instruments.

   We hereby offer to  urchase from you the entire $5,500,000 of said Series C Bonds; and to pay you
tiherefor the sum of $        a   ( 3.  (not less than $5,390,000), with interest from February 1, 1974,
to delivery, subject to your establishment of the respective interest coupon rates set forth below.

   Tie Series C Bonds are to be dated February 1, 1974, and shall mature on May 1 of the respective years,
ai-a bear interest at the respective coupon rates, as follows:



           Coupon
Amount       Rato

$ 70,000          910
75,000    _-%
80,000        -%
85,000             1
95,000             0
100,000   __ i   1/
100,000   ziiz
110,000             0
115,000    .     e o
120,000    (O     %



                      Coupon
Year     Amount        Rate

1985    $130,000     r. to  %
1986     135,000        Is 0  
1987     145,000
1988     150,000
1989     160,000       x.S     O
1990     170,000     !SCO o
1991     180,000      12 So
1992     190,000    X   2. 7O/
1993     200,000      24. 7  
1994     210,000     A;   f %



January 8,



1974



Ycar

i975
1976
977


;979
luAO


1982
1983
1984



Year

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004



Rate



Z2La%
4  -,96  %
  I %



S. co %O



Amount

$220,000
235,000
250,000
265,000
280,000
295,000
310,000
330,000
345,000
350,000




 






   This bid is made with the understanding that the Board of Trustees will furnish without cost to the
successful bidder the unqualified approving legal opinion of Grafton, Ferguson, Fleischer & Harper, Lawyers,
of Louisville, Kentucky, the executed Bonds and the customary closing certificates including the usual certifi-
cate that at the time no litigation affecting the legality of the Bonds is pending, or known to the signers of
such certificate to be threatened.

   We enclose as evidence of our good faith a certified or bank cashier's or treasurer's or official check in
the amount of $110,000 payable to the order of the Treasurer of the University of Kentucky. In the event this
bid is accepted and should, for any reason, we fail to comply with the terms of this bid, said check is to be
forfeited by us, as agreed liquidated damages; otherwise said check is to be promptly returned to us.

                                                        Respectfully submitted,

                                                        BLYTH EASTMAN DILLON & CO., INC.
                                                        CHIASE MANHATTAN BAINK
                                                        MNERRILL LYNCH. PIERCE, FENNER & SMITH-INC.
                                                          Account Managers & Assocf tes

                                                          BY: 1ILYTh L $EASITIAN  )ILIT C,*  J

                                                                                   1IICUMiN



   The foregoing is our purchase bid. We submit our own
and convenience:

   (a) Total interest cost at coupon rates from
      date of Bonds to final maturity .------------------------
   (b) Less premium, or plus discount (if any) -----------
   (c) Net interest cost -.             ..------ _ - - - __   _._



computations thereof only for your information




                            - r~
                      $  / 0 2  n,  9 j
       ......~~~~~ . 7.____ - 9  



Accepted this -            day of



, 1974



       EXECUTIVE COMMITTEE OF THE
  BOAARD OF TRUSTEES OF THE UNIVERSITY


By                              _
                     Chairman(N -_



ATTES6P



7                     S EA )



Ass r74Mr Secretary



   The undersigned, an unsuccessful bidder, hereby acknowledges return
with its bid.



By



of its good faith check tendered



(Authorized Representative)




 









                               Official Bid Form


                                            $5,500,000

                                     University of Kentucky

                            Community Colleges Education Buildings

                                     Revenue Bonds, Series C





To the Honorable Chairman and Members
   of thxo Board of Trustoes of the
   University of Kentucky
University of Kentucky
Lexington. Kentucky


Gentlemen:



January  8



1974



   We have observed your published "Notice of Sale of Bonds" concerning the submission of sealed, com-
petitive bids for the purchase of all or none of your $5,500,000 "Community Colleges Educational Buildings
Revenue Bonds, Series C," dated February 1, 1974, and have obtained, examined and are familiar with fur-
ther details and conditions relating to your public offering of said Bonds as set forth in your "Official State-
ment" in connection therewith. By our submission of this bid we agree to all of the terms and conditions set
forth in said instruments.

   We hereby offer to purchase from you the entire $5,500,000 of said Series C Bonds; and to pay you
therefor the sum of $ S  -. 2Z4L .L~Z.I-. (not less than $5,390,000), with interest from February 1, 1974,
to delivery, subject to your establishment of the respective interest coupon rates set forth below.

   The' Series C Bonds are to be dated February 1, 1974, and shall mature on May 1 of the respective years,
and bear interest at the respective coupon rates, as follows:



Coupon
  Rate

  SC .;  %



                      Coupon
Year     Amount         Rate

1985    $130,000      2I;C, JL%



Yoar

1995



.q. tat %    1986      135,000       ; C" %     1996
S rot%       1987     145,000       c.W' %      1997
             1988     150,000       ' i.' %     1998
S t {, %     1989     160,000      -Gl          1999
  S.        1990      170,000     2           2000
             1991     180,000     ....Le%      2001
             1992     190,000      i '.L%      2002



115,000    .&. trC %



1993     200,000



3 P   4/ 0



2003



Amount       Rate

$220,000      i.] %. %
235,000      5 'I %
250,000      L,  
265,000      iL %
280,000      f.l   %
295,000       'd '%
310,000     e # " %
330,000    -  i.. %
345,000     d... L lSo



1 01, 2 09 2 0%. S  2004  350,000  L  I



Amount

$ 70,000
75,000
80,000
85,000
90,000
100,000
100,000
110,000



Year

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984



120,000    S. ? 0 %      1994     210,000




 






   This bid is made with the understanding that the Board of Trustees will furnish without cost to the
successful bidder the unqualified approving legal opinion of Grafton, Ferguson, Fleischer & Harper, Lawyers,
of Louisville, Kentucky, the executed Bonds and the customary closing certificates including the usual certifi-
cate that at the time no litigation affecting the legality of the Bonds is pending, or known to the signers of
such certificate to be threatened.

   We enclose as evidence of our good faith a certified or bank cashier's or treasurer's or official check in
the amount of $110,000 payable to the order of the Treasurer of the University of Kentucky. In the event this
bid is accepted and should, for any reason, we fail to comply with the terms of this bid, said check is to be
forfeited by us, as agreed liquidated damages; otherwise said check is to be promptly returned to us.

                                                        Respectfully submitted,

                                                        IAI - PFV  ZT1I AT &T An  Tn-



And Associates

   I--



   The foregoing is our purchase bid. We submit our own computations thereof only for your information
and convenience:



(a) Total interest cost at coupon rates from
   date of Bonds to final maturity ._.
(b)    A        , or plus discount (if any)
(c) Net interest cost ..--------



Accepted this              day of



$t ill). QAZLS  W Ab
     $tY*,a(24g66



1974



     EXECUTIVE COMMITTEE
BOARD OF TRUSTEES OF THE
              OF KENTUCKY



OF THE
UNIVERSITY



Chairman



ATTEST:



(SEAL)



Secretary



   The undersigned, an unsuccessful bidder, hereby acknowledges return of its good faith check tendered
with its bid.



                                                  By                         J   ?  '
                                                              d(Authorized Representative)



By



. (;/- 33_ 4.41161 AS



l




 








                       Notice Of Sale Of Bonds


                                             $5,500,000

                          Board Of Trustees Of University of Kentucky

                   Community Colleges Educational Buildings Revenue Bonds

                                               Series C


   The Executive Committee of the Board of Trustees of the University of Kentucky, in its corporate ca-
pacity, and as an educational agency and instrumentality of the Commonwealth of Kentucky, hereby gives
notice that on the 8th day of January, 1974, at the hour of 2:00 P.M., Eastern Standard Time, it will convene
ill the Board Room, in the Administration Building on the campus of the University, in Lexington, Ken-
Lucky; and that upon said occasion it will open and consider scaled competitive bids for the purchase of its
$5,500,000 "Community Colleges Educational Buildings Revenue Bonds, Series C," dated February 1, 1974.
Bids submitted prior to the day and hour hereinabove set forth may be sent to Lawrence E. Forgy, Jr.,
Treasurer of the University, at his office Room 110 in the Administration Building on the campus of said
University in Lexington, Kentucky, 40506, and if any such bid is received in the Treasurer's office prior to
the day and hour above set forth, properly marked so as to identify the same as being a purchase bid for
such Bonds, it will be transmitted, unopened, to the Board for consideration at the meeting above referred to.

    These Series C Bonds are negotiable coupon Bonds in the denomination of $5,000 each, registrable as to
principal only, and maturing as to principal, serially, in various amounts on May 1 in each of the years 1975
to 2004, inclusive; provided, however, that the Bonds maturing on and after May 1, 1985 are subject to
prior redemption at the option of said Board of Trustees on any interest payment date (May 1 and Novem-
ber 1) on or after May 1, 1984. The maturity schedule and terms of redemption are set forth in the "Offic-
ial Statement" to which reference is hereinafter made. Principal and interest will be payable at the principal
office of the Trustee, Second National Bank and Trust Company, Lexington, Kentucky, or at the option of
the holders at the principal office, of Chemical Bank, in the City of New York, New York, or of The
Northern Trust Company, in the City of Chicago, Illinois.

   The Board of Trustees has, by Resolution, created its "Community Colleges Educational Buildings Pro-
ject", comprising all educational buildings and appurtenant facilities now existing and hereafter erected at
all Community Colleges of the University which are specifically named in the Resolution, and at all Corn-
1111l11il'v Collogos of the Ulliversily which in theo fliture may ho specifically added to and con:;titultA a part
ot 1 thk Arolect, according'I Lo alvrivs lwt';,lt.iloil mr a SktippInet'itatlC;l huh, with OLwi exc(!)1in) of hoU:;ioui
buildLings and facilities and all buildlings exclusively for athletics as distinguished from those that are, or may
be, wholly or principally for physical education; and has pledged for the security and source of payment of
its "Community Colleges Educational Buildings Revenue Bonds" the Revenues (a defined term) consisting
of student registration fees imposed upon and collected from all students attending Community Colleges of
the University which are now or may hereafter be made parts of the Project, for the services furnished by
the Project. The Bonds will not constitute an indebtedness of the University of Kentucky, or of its Board
of Trustees, or of the Commonwealth of Kentucky within the meaning of constitutional debt limitations,
but will constitute special obligations of the Board payable from the defined Revenues and will be issued
pursuant to authority of Sections 162.340, et seq., and Sections 58.010, et seq., of the Kentucky Revised
Statutes, and the Series C Resolution duly adopted by the Board of Trustees. Such Series C Bonds will
rank on a basis of parity as to security and source of payment with the Series A Bonds and Series B Bonds
previously issued, and with similar Series which may be issued in the future, subject to prescribed conditions
and limitations, and will be additonally secured by a statutory mortgage lien upon all buildings and appur-
tenances which are parts of the Project and which are owned by the University (subject as to certain parts
of the Project, to a prior lien securing previously issued bonds for the payment of which adequate funds
have been escrowed, all as recognized in the Series C Resolution.)




 







    Use of the "Official Bid Form" is required. Bidders shall offer to purchase the entire $5,500,000 of Ser-
ies C Bonds at a price not less than $5,390,000 (98% of face amount) and may stipulate one or more interest
coupon rates of their own choosing, subject to the following conditions: (1) each coupon rate shall be a mul-
tiple of 1/8 or 1/10 of 1%; (2) only one coupon rate shall be stipulated for Bonds maturing on a single ma-
turity date; (3) no limit is placed upon the number of different coupon rates which may be stipulated in
any bid; (4) the difference between the highest coupon rate and the lowest coupon rate set forth in any bid
shall not exceed one and one-half (1 ) percentage points; (5) no bid shall propose that interest due on any
Bond at any interest payment date be represented by more than one coupon; (6) no bid shall propose that
any Bond bear interest otherwise than at a single rate from date to maturity; and (7) no bid shall propose
that any interest coupon be cancelled.                                                 %

   The Board of the University will furnish the executed Bonds, the usual closing documentation, includ-
ing No-Litigation Certificate, and the unqualified approving legal opinon of Grafton, Ferguson, Fleischer &
Harper, Bond Counsel, Louisville, Kentucky. Good faith deposit in the sum of $110,000 shall accompany each
bid, the same to be represented by a certified or bank cashier's check, or bank treasurer's or official check.
Usual tax exempt basis. Delivery will be made at the expensce of the University at a bank or trust company
in Chicago, Illinois, or New York, New York, within forty-five (45) days after the date of sale.

   "Official Bid Form" and "Official Statement" are obtainable from the Treasurer of the University or
from the Fiscal Agent, W. E. Hutton & Co., 267 West Short Street, Lexington, Kentucky, 40507. The right to
reject bids and to waive informalities or irregularities deemed by the Board to be immaterial is expressly
reserved.

   BY ORDER OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY:

                                                                    Isl Lucille T. Blazer
                                                                         Secretary
                                                                      Board of Trustees
                                                                   University of Kentucky




 






CORRECTED



   Official Bid Form


               $5,500,000

         University of Kentucky

Community Colleges Education Buildings

        Revenue Bonds, Series C



January 8



., 1974



To the Honorable Chairman and Members
   of the Board of Trustees of tihe
   University of Kentucky
University of Kentucky
Lexington, Kentucky


Gentlemen:

   We have observed your published "Notice of Sale of Bonds" concerning the submission of sealed, com-
petitive bids for the purchase of all or none of your $5,500,000 "Community Colleges Educational Buildings
Revenue Bonds, Series C," dated February 1,1974, and have obtained, examined and are familiar with fur-
ther details and conditions relating to your public offering of said Bonds as set forth in your "Official State-
ment" in connection therewith. By our submission of this bid we agr-e to all of the terms and conditions set
forth in said instruments.



   We hereby offer to purchase from you the entire $5,500,000 of said Series C Bonds; and to pay you
therefor the sum of $ 5.390.243.30      (not less than $5,390,000), with interest from February 1, 1974,
to delivery, subject to your establishment of the respective interest coupon rates set forth below.



   The Series C Bonds are to be
and bear interest at the respective



dated February 1, 1974, and shall mature on May 1 of the respective years,
coupon rates, as follows:



                     Coupon
Year     Amount        Rate

1985    $130,000     6 3/4   o
1986     135,000     6 3
1987     145,000     6 3/4   0



1988
1989
1990
1991
1992
1993
1994



150,000     6 3/4 % .



160,000
170,000
180,000
190,000
200,000
210,000



6 3/4 %,
  6 %
  6 %

  6  %0
  6    %



Year     Amount       Rate

1995    $220,000         6
1996     235,000         6
1997     250,000       6   %
1998     265,000       6   %,
1999     280,000       6   yo
2000     295,000       6   %,--
2001     310,000     5 1/4 %
2002     330,000     5 1/4  
2003     345,000     5 1/4 %
2004     350,000           -. /4o



Year

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984



Amount

$ 70,000
75,000
80,000
85,000
95,000
100,000
100,000
110,000
115,000
120,000



Coupon
Rate
6 3/4 %
6 3/4%


6 3/4 %0
6 3/4%
6 3/4 ,0
6 3/4 S0
6 3/4 SO
6 3/4  
6 3/4 %




 






    This bid is made with the understanding that the Board of Trustees will furnish without cost to the
successful bidder the unqualified approving legal opinion of Grafton, Ferguson, Fleischer & Harper, Lawyers,
of Louisville, Kentucky, the executed Bonds and the customary closing certificates including the usual certifi-
cate that at the time no litigation affecting the legality of the Bonds is pending, or known to the signers of
such certificate to be threatened.

   We enclose as evidence of our good faith a certified or bank cashier's or treasurer's or official check in
the amount of $110,000 payable to the order of the Treasurer of the University of Kentucky. In the event this
bid is accepted and should, for any reason, we fail to comply with the terms of this bid, said check is to be
forfeited by us, as agreed liquidated damages; otherwise said check is to be promptly returned to us.

                                                        Respectfully submitted,

                                                        BEAR. STE-AM~S & M.
                                                        55 Water4treet, New York, N.Y. 10041

                                                        BYt       :   Cj-





   The foregoing is our purchase bid. We submit our own computations thereof only for your information
and convenience:



(a) Total interest cost at coupon rates from
   date of Bonds to final maturity  ......
(b) Less premium, or plus discount (if any)
(c) Net interest cost.



$ 6.331.303.125
$-109 756.70
a9 6,441 ,059.825 xe
   '. 5794M7t



Accepted this              day of



By



          , 1974

    EXECUTIVE COMMITTEE OF THE
BOARD OF TRUSTEES OF THE UNIVERSITY
              OF KENTUCKY



Chairman



ATTEST:



(SEAL)



Secretary



   The undersigned, an unsuccessful bidder, hereby acknowledges return of its good faith check tendered
with its bid.                                         _



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                                 CORRECTED


                               Official Bid Form

                                           $5,500,000

                                     University of Kentucky

                           Community Colleges Education Buildings

                                    Revenue Bonds, Series C


                                                                            i Hi             1974
To the Honorable Chairman and Members
    of the Board of Trustees of the
    University of Kentucky
University of Kentucky
Lexington, Kentucky


Gentlemen:
   We have observed your published "Notice of Sale of Bonds" concerning the submission of sealed, com-
petitive bids for the purchase of all or none of your $5,500,000 "Community Colleges Educational Buildings
Revenue Bonds, Series C," dated February 1, 1974, and have obtained, examined and are familiar with fur-
ther details and conditions relating to your public offering of said Bonds as set forth in your "Official State-
ment" in connection therewith. By our submission of this bid we agree to all of the terms and conditions set
forth in said instruments.
   We hereby offer to purchase from you the entire $5,500,000 of said Series C Bonds; and to pay you
therefor the sum of $- I     at Aats (not less than $5,390,000), with interest from February 1, 1974,
to delivery, subject to your establishment of the respective interest coupon rates set forth below.

   The Series C Bonds are to be dated February 1, 1974, and shall mature on May 1 of the respective years,
and bear interest at the respective coupon rates, as follows:

                     Coupon                              Coupon
Year     Amount       Rate         Year     Amount        Rate       Year     Amount       Rate

1975     $ 70,000    i;*L.%        1985    $130,000     S      %S    1995     $220,000
1976       75,000    _-_.%         1986     135,000      _._.%       1996     235,000
1977       80,000   _   .%         1987     145,000  _   4..o        1997     250,000
1978       85,000  _   k. %        1988     150,000     _     %0     1998     265,000
1979       95,000     (e    SO     1989     160,000                  1999     280,000
1980      100,000           %      1990     170,000       ,          2000     295,000
1981      100,000           %      1991     180,000     3            2001      310,000
1982      110,000           %      1992     190,000     $  72  %     2002     330,000
1983      115,000           %      1993     200,000          0. %    2003      345,000  
1984      120,000           %      1994     210,000       A-   %     2004     350,000      An; 9..




 







   This bid is made with the understanding that the Board of Trustees will furnish without cost to the
succcszJ-ul bidder the unqualified approving legal opinion of Grafton, Ferguson, Fleischer & Harper, Lawyers,
of Louisville, Kentucky, the executed Bonds and the customary closing certif