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      N.    Approval of Leases (FCR 7)

      Ms. Wickliffe said that FCR 7 is approval of two leases. The first lease is
between the University of Kentucky and Coldstream Ventures One. The second lease is
between the University of Kentucky Family Practice and The Lowry Group. Anything
exceeding $30,000 must be approved by the Board of Trustees. On behalf of the Finance
Committee, she moved the adoption of FCR 7. Ms. Sparks seconded her motion, and it
carried without dissent. (See FCR 7 at the end of the Minutes.)

      0.    Establishment of the Editors' Fund Quasi-Endowment (FCR 8)

      Ms. Wickliffe said that FCR 8 is the establishment of The Editor's Fund Quasi-
Endowment. At the December meeting the Board authorized the treasurer to negotiate
and execute the sale of journal Growth and Change. A Journal of Urban and Regional
Policy. The sale took place on January 1. Proceeds in the amount of $199,980 have been
received. On behalf of the Finance Committee, Ms. Wickliffe moved the acceptance of
FCR 8. Ms. Smith Edge seconded her motion, and it carried. (See FCR 8 at the end of
the Minutes.)

      P.    Sale of Coleman Farm (FCR 9)

      Ms. Wickliffe said that FCR 9 is the sale of the Coleman Farm. The farm is 217
acres and is located in Nelson County, Kentucky. The University of Kentucky is the
beneficiary of one-half interest in this farm. The other half goes to the Christian Church
Children's Campus of Danville, Kentucky. This farm was appraised in 1999. The
university will update the appraisal. Both parties have agreed to sell the farm provided
that it will not to be sold for any less than the current appraised value. On behalf of the
Finance Committee, Ms. Wickliffe moved the adoption of FCR 9. Mr. Miles seconded
the motion, and it carried without dissent. (See FCR 9 at the end of the Minutes.)

      Q.    Room and Board Rates 2005-06 Academic Year (FCR 10)

      Ms. Wickliffe said that FCR 10 is the room and board rates for the Fall 2005 and
Spring 2006 semesters. She noted that most of the trustees attended the committee
meeting but asked if everyone received the dining sheet that was distributed. She
reviewed the sheet and called attention to the revenue side under housing. The
undergraduate rental income consists of 4,652 beds in Blazer Hall and 591 beds in the
Greg Page Apartments. The housing and rental rates are detailed in FCR 10, and this
reflects an increase of 9 percent or $278 annually. She presented the following outline
for housing:

      The graduate and family revenues include Cooperstown, Shawneetown,
      Commonwealth Village, and some apartments in Greg Page. These rents will
      increase by 2 percent in 2005-06.