xt7sj38kdw3v https://exploreuk.uky.edu/dips/xt7sj38kdw3v/data/mets.xml Lexington, Kentucky University of Kentucky 2004032 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, 2004-03-mar2. text Minutes of the University of Kentucky Board of Trustees, 2004-03-mar2. 2004 2011 true xt7sj38kdw3v section xt7sj38kdw3v 








MINUTES



                            Meeting of the Board of Trustees
                                 University of Kentucky
                                       1:00 P.M.
                                     March 2, 2004
                            18th Floor Patterson Office Tower

Minutes

Accompanying Materials:

President's Report and Action Items

PR 1        President's Report to the Trustees
PR 2        Personnel Actions
PR 3       Appointment of Dean of the College of Medicine
PR 4       Adoption and Delegation of Authority to Implement Clinical Enterprise Code of Conduct
            Addendum
PR 5        Honorary Degree Recipients

Finance Committee Report

FCR 1       Report of Leases
FCR 2       Disposition of Personal PropertV
FCR 3       Patent Assignment Report
FCR 4       Name Change for the Development Dimensions International Professorship in Behavioral
            Health Research in the School of Public Health
FCR 5       Gift and Pledges to Helen Edwards Abell Endowed Research Fund in Historic Preservation
            and Changing Name of Fund
FCR 6       Kentucky Medical Services Foundation Gift and Pledge (1)
FCR 7       Kentucky Medical Services Foundation Gift and Pledge (2)
FCR 8      Arthur E. Walker, Jr. Gift and Pledge
FCR 9      A Resolution of the Board of Trustees of the University of Kentucky Authorizing the Issuance
            of Said Board's Housing and Dining System Refunding Revenue Bonds, Series N, P. Q and
            R (Second Series), to be Dated the First Day of the Month in Which Sold; Authorizing Proper
            Proceedings Relative to the Public Sale of the Bonds and the Disposition of the Proceeds
            Thereof; Authorizing Execution of a Thirteenth Supplemental Trust Indenture Between the
            Board and Farmers Bank & Capital Trust Company, Frankfort, Kentucky, as Trustee, in
            Compliance with the Provisions of the Trust Indenture Dated June 1, 1965
FCR 10     A Resolution of the Board of Trustees of the University of Kentucky Authorizing the Issuance
            of Approximately $54,110,000 of University of Kentucky Consolidated Educational Buildings
            Refunding Revenue Bonds, Series P, Q and R (Second Series), to be Dated the First Day of
            the Month in Which the Bonds are Sold
FCR 11     Authorization to ConveV 3.065 Acres, More or Less, Mason County, to the City of Maysville
FCR 12     Authorization to ConveV .407 Acres, More or Less, in Owen CountV to Department of
            Highways for Right-of-way Purposes (Temporary Easement)




 







      Minutes of the Meeting of the Board of Trustees of the University of Kentucky,
Tuesday, March 2, 2004.

      The Board of Trustees of the University of Kentucky met at 1:00 p.m. (Lexington
time) on Tuesday, March 2, 2004 in the Board Room on the 18th Floor of Patterson
Office Tower.

      A.    Meeting Opened

      Mr. Steven S. Reed, Chair, called the meeting to order at 1:10 p.m., and Ms.
Marian Sims gave the invocation.

      B.    Roll Call

        The following members of the Board of Trustees answered the call of the roll:
James F. Hardymon, Marianne Smith Edge, Davy Jones, Michael Kennedy, Pamela R.
May, Robert P. Meriwether, Billy Joe Miles, Phillip Patton, Elissa Plattner, Steven S.
Reed (Chair), Frank Shoop, Marian Moore Sims, Alice Stevens Sparks, Myra Leigh
Tobin, Rachel Watts, JoEtta Y. Wickliffe, Billy B. Wilcoxson, Russ Williams, Elaine A.
Wilson, and Barbara S. Young. The University administration was represented by
President Lee T. Todd, Jr., Provost Michael Nietzel, Executive Vice President for
Finance and Administration Dick Siemer, Executive Vice President for Health Affairs
Michael Karpf, Executive Vice President for Research Wendy Baldwin, and Acting
General Counsel Barbara Jones.

        Members of the various news media were also in attendance. A quorum being
present, the Chair declared the meeting officially open for the conduct of business at 1:14
p.m.

      C.    Consent Agenda

      Mr. Reed called attention to the Minutes and other items on the consent agenda.
He asked for any questions about the items and called for a motion of approval of the
consent agenda. Ms. Sparks moved approval. Her motion, seconded by Ms. Smith Edge,
carried without dissent. The items on the consent agenda follow:

      Minutes - February 10, 2004
      PR 2  Personnel Actions
      FCR 5 Gift and Pledges to Helen Edwards Abell Endowed Research Fund in
               Historic Preservation and Changing Name of Fund
      FCR 6 Kentucky Medical Services Foundation Gift and Pledge (1)
      FCR 7 Kentucky Medical Services Foundation Gift and Pledge (2)
      FCR 8 Arthur E. Walker, Jr. Gift and Pledge
      (See PR 2, FCR 5, 6, 7,and 8 at the end of the Minutes.)




 




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      D.    Resolution

      Mr. Reed said that the Board was going to take a brief deviation from the Board's
agenda for an extraordinary occasion. He called on Rachel Watts, Student Government
Association President and Student Trustee, to read a Resolution.

      Ms. Watts read the following Resolution:

      WHEREAS, Jeffrey C. Graham graduated May 23rd, 2003, with a civil
      engineering degree from the University of Kentucky College of Engineering, and

      WHEREAS, during his career as a UK student, Mr. Graham distinguished himself
      as a student and was inducted into membership of the Civil Engineering Honor
      Society of Pi Epsilon, and

      WHEREAS, Mr. Graham received his engineering training certificate from the
      Kentucky Board of Registration for Professional Engineers and Land Surveyors,
      and

      WHEREAS, Mr. Graham also was an outstanding member of the UK Reserve
      Officer Training Corps during his career as a student, rising to become a leader of
      UK's award winning Pershing Rifles Drill Team, and

      WHEREAS, Mr. Graham entered the United States Army upon his graduation
      from the University of Kentucky as a second lieutenant, tank platoon leader with
      the U.S. Army, First Battalion, 34th Armored, Fort Riley, Kansas State, First
      Infantry Division, and

      WHEREAS, Lt. Graham was assigned to combat duty in Iraq, where he served
      with distinction and pride, bringing great honor to himself, his family and friends,
      his country, his alma mater, and the Commonwealth of Kentucky, and

      WHEREAS, Lt. Graham, age 24, was killed February 1 9th, 2004 in action in Iraq,
      south of Baghdad, while he was heroically attempting to warn soldiers in his
      platoon of imminent harm from a roadside bomb he discovered while leading the
      platoon, and

      WHEREAS, Lt. Graham was awarded the Bronze Star Medal and the Purple
      Heart for his heroism in military action in which he served,

      NOW, THEREFORE, BE IT RESOLVED that the University of Kentucky Board
      of Trustees expresses its grief and extends its most heartfelt sympathy to the
      family of Second Lt. Jeffrey C. Graham, including his parents, Army Colonel
      Mark Graham and Carol Shroat Graham, who are attached to the U.S. Army base
      in Fort Sill, Oklahoma. To his sister, and my sister, Melanie Graham and his
      fiancee, Stacey Brook Martinez of Elizabethtown, and




 




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      BE IT FURTHER RESOLVED that the Board of Trustees extends it gratitude and
      prayers for safety to all the young men and women of the Commonwealth of
      Kentucky who place themselves in service to protect the freedom and security of
      this great land we have come to cherish.

      Ms. Watts thanked Mr. Graham's family and fiancee for being in attendance with
the Board.

      Mr. Reed said that he read the story about Mr. Graham with great interest. The
more he read and re-read the story and watched it on the news, he realized how special
this was and what a special young man this was. He said he remembered telling his wife
when he first read the story that he did not know when the memorial arrangements or
services would be, but he wanted to be there - not in a personal capacity but to let the
University know that this is one of the most special occasions and honors that the
University has ever had.

      Mr. Reed said that as tragic as it is and as unfortunate as it is, this is a defining
moment for the history of the University and that the Board conveys and expresses its
heartfelt love for Mr. Graham's family and for the courage and heroism that was
demonstrated by their son. Mr. Reed said that he is proud that Lt. Jeffrey Graham was
part of UK and that he is somehow connected to him and his courage. He said that he
wanted the family to know how the Board feels, and it would be an honor to say "hello"
to each of them and shake their hands.

      Mr. Reed, President Todd and members of the Board took this opportunity to
greet the family and express their sympathy on the loss of their son, Second Lt. Jeffrey C.
Graham.

      E.    President's Report

      President Todd called attention to the following items in PR 1:

      Senator McConnell visited campus and brought with him a large cardboard check
for $11.36 million. This brings a total of $22 million for UK's federal earmarks during
the previous 12-month period, a record for the campus. It is something that allows the
University to move forward with its agenda even in these difficult times. President Todd
expressed appreciation for the check.

      Campus safety is an issue that has been on a lot of minds. The University's staff
worked with the cell phone service providers that cover the campus to develop a special
number that students could dial on their cell phones that would immediately ring to the
UK police station. That number is #UKPD. The students can actually have that number
on their quick dial as they are walking across campus and can get help quickly, if needed.
This effort came out of a safety walk that the Commission on the Status of Women had
around campus. They actually tried one of the emergency phones, and it did not work.
Somebody suggested that everybody has a cell phone nowadays, and there are not a lot of
emergency phones around. This was an idea that was borne of that expertise and a
suggestion that the University move quickly to make that happen.




 




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      President Todd said that PR 2 was on the consent agenda; however, he was going
to deviate slightly because of a personnel issue and a special presentation. It is in
recognition of a University employee who is celebrating a 30th service anniversary. She
actually reached that mark in November, but there was something on order that did not
arrive on time.

      He said that Peggy Way has actually had 33 years of service with the University
of Kentucky when you take into account her first tour of duty. She left the University
briefly before coming back for good. She began her new tour in Journalism, spent time
in Graduate Studies, and Personnel and Benefits before moving to the President's Office
in 1982. He said that he is the fourth President that Peggy has served. Probably more
accurately, the fourth President that Peggy has trained.

      President Todd said that as you become acquainted with Peggy, you really know
that she has two families. She is extremely committed to her true family. She has met all
of those challenges in an extremely personal way this last year, which has been
challenging for her. He said that he respects Peggy's devotion to that family.

      He said that those who have been on the Board longer than he has been in his
position know that the Board is family, too, as well as the rest of the University. Peggy is
deeply loyal and protective of this family as well.

      For those 30-plus years of outstanding service, for dealing with the
Administration Building fire, for dealing with four presidents, and for dealing with Board
members, President Todd presented a small token of appreciation to Peggy for that
service and said that he wanted to let her know how much they feel that she has
contributed to the institution in the time of her presence here. Peggy was saluted by a
standing ovation from the Board and the audience.

      Peggy thanked President Todd for his kind words and the 30-year service award
charm.

      F.    Appointment of Dean of the College of Medicine (PR 3)

      President Todd said that PR 3 is the appointment of the Dean of the College of
Medicine. He is pleased to recommend the appointment of Dr. Jay A. Perman as Dean of
the College of Medicine and Vice President for Clinical Affairs for the Chandler Medical
Center effective May 1, 2004.

      He reminded the Board that Emery Wilson resigned as Dean of the College of
Medicine to return to the faculty. A search committee was appointed and did a national
search. There were 42 candidates scrutinized by the committee, and seven finalists were
interviewed on campus. Dr. Perman received enthusiastic support across the University
and was strongly supported by the search committee. President Todd asked the Board to
approve the appointment of Dr. Jay Perman as Dean of the College of Medicine. Dr.
Meriwether moved approval of PR 3. Ms. Sims seconded his motion, and it carried
without dissent. (See PR 3 at the end of the Minutes.)




 








       President Todd asked Provost Nietzel to introduce Dr. Perman.

       Provost Nietzel thanked President Todd. He noted that in the past couple of years
a tradition began of introducing new deans at the Board of Trustees meeting where their
appointment is considered. He said that he was particularly pleased to be able to make
this introduction, and there are at least two reasons why he is especially pleased.

       First, the University has hired seven new deans in the past three years. This
appointment now brings the University to the full compliment of full-time deans. It is an
outstanding group. This group brings some excellent scholarly credentials and leadership
abilities to the University. The Board has had an opportunity to meet each of the deans
with the exception of one person who could not attend the meeting at the time of her
appointment.

       A second, and bit more specific, reason why this appointment is meaningful for
the University is that it gives time to recognize the contributions that Emery Wilson made
to the College of Medicine and to the University. Emery was a senior dean, both on this
campus and among colleges of medicine across the country. He was an excellent leader
for the College and the University for those many years. Provost Nietzel said that he is
particularly glad that Emery will remain on the faculty in the College of Medicine. He
will also be directing the Health Research and Development Center in the College of
Medicine. Emery has been very helpful in the transition as Dr. Perman has come aboard.

       Provost Nietzel said that President Todd had summarized Dr. Perman's
credentials briefly; however, he wanted to emphasize one of the qualities that brought
him to the attention initially of the committee and won their esteem. That quality is his
superb academic record at four different institutions.

       Dr. Perman began his academic career at the University of California in San
Francisco. He was on the faculty at Johns Hopkins University for more than a decade.
He was then at Virginia Commonwealth University and most recently has been at the
University of Maryland where he was Chair of the Department of Pediatrics. He has won
a number of teaching and research awards and has assumed and been entrusted with
leadership positions in gastroenterology, in particular, across a number of years at both
the national and international level.

       Provost Nietzel said that this appointment is a very visible and important
appointment. The College of Medicine is the largest college at the University of
Kentucky. It is a vital college with respect to research and preparation of physicians. It
had visibility also because it was the first test, if you will, of the new structure in which
the Executive Vice President for Health Affairs and the Provost had the opportunity to
work together on a very significant appointment. It was a wonderful search. The
committee did a great job with the leadership of Paul Bauckner and Don Gash, who are
both chairs in the College of Medicine.

       Provost Nietzel reported that this was the first chance he and Mike Karpf had to
work together. They began the process as colleagues determined to do a good job. They




 




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ended the process as colleagues, but it has also given them the foundation for a
friendship. He said that it went that well. They were hand in hand during the process the
whole way, and it made this appointment a very good one for the University and also for
the structure that has been put into place. He said he wanted to thank publicly Mike
Karpf for his role in the search. He does not think they would have made this sterling an
appointment without Mike being at the University and taking the really terrific active role
that he took.

      Provost Nietzel said that it was his pleasure to introduce Dr. Jay Perman. He
noted that Dr. Perman's wife, Andrea, is with him on this visit to Lexington. She has
been here on several visits and has begun to make acquaintances in Lexington. He said
that he and others have become quite confident that the Permans are going to like
Lexington from their initial visits. Dr. Perman will be joining the University officially
May 1st; however, he is already taking a very active role in the direction and planning for
the College of Medicine and has been here a number of times. The schedule will be
intensified over the next couple of months. Provost Nietzel said it was both his and Dr.
Karpf's pleasure to welcome Dr. Perman. He asked Dr. Perman to come forward and
give a few remarks to the Board.

      Dr. Perman thanked Dr. Nietzel, Chairman Reed, President Todd, distinguished
Trustees, and colleagues. He said he probably would be a little emotional because he is
deeply honored and deeply humbled to take on this responsibility and to be the new Dean
of the College of Medicine. He said it was made all the more meaningful to him by the
fact that he got to know Emery Wilson over a period of a year and a half when he had the
privilege of serving in a fellowship program that Emery, on a national level, was gracious
enough to design when he recognized that deans of colleges of medicine did not last very
long. The University's retiring Dean of the College of Medicine, Emery Wilson, is not
one of those. He has been one of the longest serving deans in America, and everyone has
something to learn from Emery. Dr. Perman said that he is delighted that Emery is going
to be staying on to be a senior counsel to him and to continue to mentor him.

       In the annals of American academic medicine, the University of Kentucky
College of Medicine is one of the younger colleges. It is about 50 years old, which is
relatively young as colleges of medicine go. And yet, in those 50 years, it has had a
distinguished record. The University of Kentucky College of Medicine is seen as an
innovator in medical education. It is seen as an innovator in rural health. It has brought
and will continue to bring many discoveries that will be meaningful for our collective
health care - both here in Kentucky and across the nation. For all of those reasons, he
said he was hoping to get this job.

      Dr. Perman said that he is particularly inspired by the enthusiastic leadership that
he has seen at the University, especially the understanding shown by President Todd, Dr.
Nietzel, and Dr. Karpf of issues related to medicine within an academic environment.
This understanding bodes very well and will make his job easier. This is a very good
medical school. A great College of Medicine will be made out of this very good college.
He said that he hoped to be able to help the distinguished faculty, the distinguished staff,
students, and residents to make it so. He said that he will work very hard, and he is very
grateful for this opportunity.




 




7



      G.    Adoption and Delegation of Authority to Implement Clinical Enterprise
Code of Conduct Addendum (PR 4)

      President Todd said that PR 4 is the Adoption and Delegation of Authority to
Implement Clinical Enterprise Code of Conduct Addendum. He reminded the Board of
its adoption of the Code of Ethics at the last Board meeting. The clinical operation has
certain restrictions pertaining to the acceptance of gifts and relationships with industry
that are more stringent than the typical policy; therefore, it is necessary to have an
addendum to that agreement.

      He reported that the policy has been presented to the Clinical Enterprise
Compliance Committee and has been approved by the Committee. In order to implement
the policy and to have the flexibility to amend the policy rapidly to correspond to any of
the additional regulatory changes that come about, it is further recommended that the
Board of Trustees delegate to the Executive Vice President for Health Affairs and the
Provost, the two officials who oversee the clinical enterprise, the authority to implement
the clinical enterprise Code of Conduct amendment and revise the same from time to time
as needed. It is a recommendation to approve the addendum and to provide the authority
to implement clinical operation changes to this addendum to the Provost and the
Executive Vice President for Medical Affairs. Mr. Shoop moved approval of PR 4. Ms.
Wilson seconded his motion.

      Dr. Jones said that he would like to offer a small, near friendly amendment. He
suggested that an insertion be made in the first line near "...the Board of Trustees Adopt
the Attached Clinical Enterprise Code of Conduct Addendum and delegate "through the
President" to the University Provost and Executive Vice President for Health Affairs...."
He said that he had talked with President Todd about this amendment.

      President Todd said that his General Counsel was indicating that it is okay to do
that.

      Mr. Reed said that Dr. Jones had also talked to him about it and had informed him
that he had talked to President Todd earlier. He called for a motion to amend PR 4. Dr.
Jones moved that PR 4 be amended. Ms. Young seconded his motion, and the
amendment to PR 4 carried. Dr. Meriwether abstained from voting.

      Mr. Reed then called for a motion to approve PR 4 as amended. Ms. Smith Edge
moved approval. Ms. May seconded her motion, and it carried. Dr. Meriwether
abstained from voting. (See PR 4 at the end of the Minutes.)

      H.    Honorary Degree Recipients (PR 5)

      President Todd said that it was his pleasure to recommend that approval be
granted to award the honorary degree of Doctor of Science to John D. Baxter, the Doctor
of Letters to James W. Stuckert, and the Doctor of Letters to George Carlton Wright. He
noted that biographical sketches for the three individuals were attached to PR 5. If the
Board approves the recommendation, they will be honored at this year's Commencement




 




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exercises. The Committee on Honorary Degrees has recommended to the Graduate
Faculty and the University Senate that honorary degrees be awarded to these individuals.
On a motion made by Ms. Smith Edge and seconded by Professor Kennedy, PR 5 carried
without dissent. (See PR 5 at the end of the Minutes.)

      I.    PowerPoint Presentation by President Lee T. Todd, Jr.

      President Todd said that he had intended to discuss tuition at this meeting;
however, he decided to delay that discussion primarily because the University has not
received a final budget. He said that he thought the budget would be received within the
next three weeks and that a final tuition proposal would be brought to the Board later.

      He said he wanted to let the Board know the administration's thinking process
and how they have managed the operation in the last two and a half years in dealing with
some of the cuts that have been of significant magnitude. He said that the administration
has been working on efficiencies since July 1, 2001 and reviewed the following slides
regarding the University's efficiency efforts:




 




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- 11-




 




- 12 -




 




- 13 -



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14 -



      President Todd said these slides are not a full presentation. The administration
will continue to look for efficiencies. The final information will be presented at the April
Board meeting. The purpose of the slides is to give the Board a flavor of things that the
administration is doing right now. He said that he would be glad to take any questions.

      Dr. Jones said that he would like to second the statement about the need to
address the part-time faculty. They are transitory. They are not here so they are not
vested in the long-term planning of the programs and what is needed in the longer-term
policies. He said that he was very glad to see President Todd's attention to that need.

      J.    Report of Leases (FCR 1)

      Mr. Hardymon, Chair of the Finance Committee, reported that the Committee met
that morning with all six of the Committee members present. There were a number of
items on the agenda; however, some of them were consent items.

      He said that FCR 1 recommends that the Board accept the lease agreements that
are under $30,000.00 a year. He explained that the Committee's job is to review the
work that the administration has done on these lease agreements. There is a new lease
with the UK College of Architecture for 1,050 square feet of meeting room space on Mill
Street in Lexington for $5,250.00 a year or $5.00 a square foot. He reported that UK had
installed an alarm system and made some office improvements which increased the
leasehold amount an additional $770.00 per month. He moved approval of FCR 1. Ms.
Sparks seconded the motion, and it carried without dissent. (See FCR 1 at the end of the
Minutes.)

      K.    Disposition of Personal Property (FCR 2)

      Mr. Hardymon said that another function of the Committee is the disposition of
any personal property. In this case, the University will give 17 plus computers to Central
High Magnet Career Academy in Louisville. It is a public high school. The school has
received a grant to redo these computers so they can use them in some of their education
practices. He recommended approval of FCR 2. Ms. Sims seconded his motion, and it
carried without dissent. (See FCR 2 at the end of the Minutes.)

      L.    Patent Assignment Report (FCR 3)

      Mr. Hardymon said that FCR 3 is a quarterly report. This report is for the period
of November 1, 2003 through January 31, 2004. It is done on an off month basis because
they do not want everything to fall at the end of a calendar quarter. The report is
assigning five patents to the University of Kentucky Research Foundation. He reviewed
the following patents:

      The first patent is to invent a system for automatically correcting distortion of a
      front projected video display, thus, providing a sharper image.




 




15 -



      The second patent is an invention of a possible cancer cure utilizing certain types
      of cells to induce program cell death in cancerous cells.

      The third patent is the regulation of follicular development. Without this, there
      would be no reproduction.

      The fourth patent is the invention of biochemical tools that enable the
      identification of chemical compounds that are effective in activating or blocking
      particular hormone defended regulatory pathways in various organisms. Mr.
      Hardymon noted that Drs. Grace and Davy Jones are involved with this patent
      assignment. He congratulated Dr. Jones and asked him for any comments. Dr.
      Jones received a round of applause.

      Dr. Jones said that Mr. Hardymon reported it correctly, and he had no comment.

      The fifth patent is the invention of a software program and method for more
      officially modeling a surface. This technology may find use in improving
      imperative computer generated images.

      Mr. Hardymon thanked everyone for their participation. He also thanked Dr.
Baldwin for her help. He then moved approval of FCR 3. His motion, seconded by Ms.
Sims, carried without dissent. (See FCR 3 at the end of the Minutes.)

      M.    Name Change for the Development Dimensions International
Professorship in Behavioral Health Research in the School of Public Health (FCR 4)

      Mr. Hardymon said that FCR 4 changes the name of the Professorship from
Development Dimensions International Professorship in Behavioral Sciences to
Behavioral Health. It will clarify that the Professorship is for Behavioral Health
Research in the School of Public Health. He recommended approval of FCR 4. Ms.
Smith Edge seconded the motion, and it carried without dissent (See FCR 4 at the end of
the Minutes.)

      N.    Gifts and Pledges (FCR 5 through 8)

      Mr. Hardymon said that FCR 5 through 8 were consent items. He noted that these
gifts and pledges total $875,837.00. They are eligible to be matched with state funds as
part of the endowment match program.

      0. A Resolution of the Board of Trustees of the University of Kentucky
Authorizing the Issuance of Said Board's Housing and Dining System Refunding
Revenue Bonds, Series N, P. Q and R (Second Series), to be Dated the First Day of the
Month in Which Sold; Authorizing Proper Proceedings Relative to the Public Sale of the
Bonds and the Disposition of the Proceeds Thereof, Authorizing Execution of a
Thirteenth Supplemental Trust Indenture Between the Board and Farmers Bank &
Capital Trust Company, Frankfort, Kentucky, as Trustee, in Compliance with the
Provisions of the Trust Indenture Dated June 1, 1965 (FCR 9)
                                      and




 




16 -



A Resolution of the Board of Trustees of the University of Kentucky Authorizing the
Issuance of Approximately $54,110,000 of University of Kentucky Consolidated
Educational Buildings Refunding Revenue Bonds, Series P. Q and R (Second Series), to
be Dated the First Day of the Month in Which the Bonds are Sold (FCR 10)

      Mr. Hardymon said that FCR 9 and 10 are bond refunding issues. They are a
result of a continuous review of outstanding bonds. He noted that the sale of bonds has
been going on since he first reported one which was approximately 10 years ago. He
explained that the sale of these bonds is dependent on interest rates remaining low.

      He said that FCR 9 involves Housing and Dining System Refunding Revenue
Bonds. It is a $20.4 million refunding issue for UK's housing and dining system. He
hastily pointed out that this is an accumulative savings of $376,000.00 that comes to the
University of Kentucky for an annual savings of $24,000.00. He said that this one is
going to be a little borderline as it goes forward. The savings accrue to the University.
The new issuance has a final maturity date of June 1, 2020.

      With Chairman Reed's permission, Mr. Hardymon said that he could present FCR
10 at this time because it is very similar and have one motion for FCR 9 and 10. FCR 10
involves the Consolidated Educational Buildings Refunding Bonds, a $54.1 million
refunding issue with accumulative savings of $787,000.00 and annual savings of
$46,000.00. Again, this is accrued to the University, and this new issuance will have a
final maturity date of May 1, 2021. He recommended approval of both FCR 9 and FCR
10. Ms. Wickliffe seconded his motion, and the motion carried without dissent. (See
FCR 9 and 10 at the end of the Minutes.)

      P.    Authorization to Convey 3.065 Acres, More or Less, Mason County to the
City of Maysville (FCR 11)

      Mr. Hardymon said that FCR 11 is a gift of approximately three acres in Mason
County to the city of Maysville for what is called the Clarks Run Road. It is a public
road which is near the Maysville Community College. This will allow people that are
involved with the College to have two ways to get in and out and also exit in two