xt7tdz02zv3x https://exploreuk.uky.edu/dips/xt7tdz02zv3x/data/mets.xml Lexington, Kentucky University of Kentucky 19561111 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, 1956-11-dec11. text Minutes of the University of Kentucky Board of Trustees, 1956-11-dec11. 1956 2011 true xt7tdz02zv3x section xt7tdz02zv3x 












           Minutes of the Board of Trustees of the University of Kentucky,
December 11, 1956.


           The Board of Trustees of the University of Kentucky met in the Presi-
dent, s Office at 10:40 a.m. , CST, Tuesday, December 11, 1956, with the fol-
lowing members present: R. P. Hobson, Vice Chairman; J. Stephen Watkins,
Dr. Ralph J. Angelucci, Louis Cox, Dr. Daniel C. Elkin, Harper Gatton, Dr.
Harry Denham, Robert C. Stilz, Ben Butler and Carl Dempewolfe. Absent:
Governor A. B. Chandler, Chairman; W. F. Foster, Wood Hannah, Sr. , Mrs.
Paul G. Blazer and Robert R. Martin.  President Frank G. Dickey and Secreta-
ry Frank D. Peterson met with the Board.



           A. Approval of Minutes.

           The minutes of the Board of Trustees of September 4, and the min-
utes of the Executive Committee of October 19, 1956, were approved as published.


           B. Governor Chandler Asked to Appoint Committee to Install Dr.
Frank G. Dickey as President of the University of Kentucky.

           Vice Chairman Hobson stated that he had conferred with Governor
Chandler, Chairman of the Board of Trustees, who had planned to be present on
this day but found it necessary that he be out of the State, concerning the inaugura-
tion of Dr. Frank G. Dickey as President of the University.

           Mr. Hobson stated he felt it appropriate, if the members of the
Board concurred, to request the Chairman of the Board to appoint a committee
to handle the inaugural program. This suggestion was enthusiastically received
and, upon motion duly made, seconded and carried, the Governor of the Common-
wealth, Chairman of the Board of Trustees, was authorized and requested to ap-
point a committee to set up the program for the installation of Dr. Frank G.
Dickey as President of the University.


           C. Report of the Treasurer.

           Vice President Peterson made a financial report for the period July
1 through November 30, 1956.  The report consisted of balance sheet and other
financial statements as follows:




 











UNIVERSITY



         OF KENTUCKY


LEXINGTON



December 10, 1956



Dr. Frank G. Dickey, President
University of Kentucky
Lexington, Kentucky

Dear Doctor Dickey:

       I am submitting the Financial Report of the University
of Kentucky covering fund transactions for the five-months
period ended November 30, 1956, consisting of a balance sheet
and related financial statements.

      An abbreviated review of this report reflects income
received during the period for general fund purposes totaled
$6,499,710.36, or 57. 32% of the budget estimate of
$11, 339, 589. 64. The expenditures and encumbrances out-
standing amounted to $4,418, 492. 83, which was 39. 78% of the
departmental appropriations of $11, 108, 071. 69.


                                   Respectfully submitted,




                                   Frank D. Peterson
                                   Vice President,
                                   Business Administration




 

















Current Funds
General:
  Cash in Bank
  Petty Cash Fund
  State Allotments:
  Current Year
  Revolving Funds
  Inventories
  Deferred Charges
  Unreal. Income

      Total General

 Restricted
 Cash'inTBank
 Petty Cash Advs.
 Due from Other Funds
 Inve stments

      Total Restr.
      Total Current

Plant Funds
Unexpencue-d
Cash in Bank
State Allotment
Revolving Funds
Unrealized Income

      Total Unexp.

 Investment in Plant:
 Construction Author.
 Fixed Assets

      Total-Invested
      Total-Plant

 Other Funds:
 Cash1n mB-ank
 Notes Receivable
 Investments

      Total Other Funds
      Total Assets



Division
  of



University of Kentucky
  BALANCE SHEET
  November 30, 1956

      ASSE TS

      Agricultural
      Experiment



Ag ric ultu ral
Extension



Colleges          Station          Division         Total



$    37,907.43  $  176,073.28   $ 261,331. 16  $   475,311.87
     40,000.00      10,000.00                        50, 000. 00

     726,850.92    334,030.68        238,925.52    1,299,807.12
     797,690.62    536,984.85                      1,334,675.47
     294,988.31                                      294,988.31
     52,666.20                                       52, 666. 20
  2,843, 872.56   836,129.09      1,159,877.63   4,839,879.28

$ 4,793,976.04  $1,893,217.90   $1,660,134.31   $ 8,347,328.Z5


$    34,167.63 $   150,100.61    $  136,117.96   $   320,386.20
      6,713.85       2,850.00         3,695.00        13,258.85
      67,940.49                                       67,940.49
  1,608,095.46      15,027.00                     1,623,122.46

$ 1, 716, 917.43  $  167,977.61  $  139,812.96  $ 2,024,708.00
$ 6,510,893.47  $2,061, 195.51   $1,799,947.27  $10,372,036.25



$     3,013.34  $                $               $     3,013.34
    307, 14-8. 77                                    307,148.77
    353,777.98     112,101.69                        465,879.67
    164,297.98                                       164, 297.98

$   828,238.07 $   112,101.69    $               $   940,339.76


$ 2,800,000 00 $                 $               $ 2,800,000. 00
34,145,521.12   4,149,270.31                     38,294,791.43

$36,945,521.12 $4,149,270.31     $               $41,094,791.43
$37,773,759. 19 $4,261,372.00    $               $42,035,131.19

     Loan         Endowment         Agenc
$     7T'28.22* $    4,098.n2    $    88064.48   $    85,074.46
     41,271.08                                        41,271.08
     75,500.00     202,904.83        15,967.19       294,372.02

$   109,142.86  $  206,992.03    $   104,581.67  $   420,716.56
                                                 $52,827,885.00



* Overdraft




 







University of Kentucky
   BALANCE SHEET
As of November 30, 1956

     LIABILITIES



Current Funds
General:
Petty Cash Liability
Res. for Encuumb,:
   Current Year
   Prior Year
 Res. for Inventories
 Res. for Fire Loss
 Other Liabilities
 Unapprop. Surplus
 Approp. Bal.

       Total General

Restricted
Outstanding Checks
Restr. Balance

      Total Restr.
      Total Current

Plant Funds
Unexpe~ned.  
Res. for Encumb:
Current Year
Prior Year
Due to Other Funds
Approp. Bal.

      Total Unexp.

Investment in Plant:
Bonds Payable
Other Liabilities
Net Invested

      Total Invested
      Total Plant


Other Funds:
ME a7sto Principal
Bal, as to Income

      Total Other Funds
      Total Liabilities



Division
of



Agricultural
Experiment



Ag ric ultural
Extension



Colleges         Station           Division        Total



$    40, 000. 00 $  10, 000. 00  $              $    50, 000. 00

    470, 761. 39   143, 592, 31      10,442. 26     624,795.96
    51.006.86      20,624,69                        71,631.55
    294, 988 3 1                                    294, 988.31
    85, 712. 17                                     85, 712. 17
    52,666.20                                       52,666.20
    50,945,95    427,009e25                        477,955.20
  3,747,895.16   1,291,991.65     1,649,692.05    6,689,578.86

$ 4,793,976.04  $1,893,217.90    $1,660, 134.31 $8,347,328.25


$     6,421.55 $                 $              $     6,421.55
  1, 710,495,88    167,977.61       139,812.96    2,018, 286. 45

$ 1,716,917,43  $  167,977.61    $  139,812.96 $ 2,024,708.00
$ 6,510,893.47 $2,061,195.51     $1, 799,947. 27 $10,372,U03625




$   116,054.30  $   62,396,37    $              $   178,450.67
     11,262,60      37,770.00                        49,032,60
     67,940.49                                       67,940.49
     632,980e68      11,935,32                       644,916.00

$   828,238.07 $   112,101,69    $              $   940,339.76


$ 7, 483, 000. 00 $              $              $ 7,483,000.00
                   200,000.00                       200,000.00
 29,462,521,12   3,949,270.31                    33,411,791.43

 $36,945,521.12 $4,149,270.31     $              $41,094,791.43
$37, 773, 759. 19$4,261,372.00   $              $42,035,-131.19

   Loan           Endowment         Agency

$    73,399,81 $   202,724,05    $              $   276,123.86
     35,743.05       4,268.98       104,581.67      144,593,70

$   109,142,86  $  206,993,03    $   104,581.67 $   420,717.56
                                                $52,827,885.00




 








c



        University of Kentucky
STATEMENT OF UNREALIZED INCOME
For the Current Fiscal Period which began
July 1, 1956 and ended November 30, 1956


             General Fund



Budget
Estimate



Realized
to Date



Unrealized
Balance



Division of Colle es
Educational an  eneral:
   State Appropriations
   Federal Grants (through the State)
   Student Fees
   Endowment Income
   Sales and Services and Rentals
   Returned Checks

      Subtotal

 Auxiliary Enterprises


       Total-Colleges


Agricultural Experiment Station
State Appropriations
Federal Grants (direct)
Sales and Services

      Total-Experiment Station


Agricultural Extension Division
State Appropriatoons
Federal Grants (direct)

      Total-Agr. Extension

      Total-General


Plant Fund:
D5ebt Service Income


       Combined Total



$ 4,902,800.00  $2,842,800.00  $2,060,000.00
   135,860.10       94,487.08       41,373.02
   984,500,00      505,371.88      479,128.12
      9,644,50        9,z00,00          44450
      20,000.00        9,491.80       10,508.20
                        500.45:1*      500.45

$ 6,052,804. 60  $3,460,850.31  $2,591,954. 29
                     57. 18%
   497,272.00      245,353,73      251,918.27
                     49. 32ro

$ 6,550,076,60  $3,706,204.04  $2,843,872.56
                     56, 58%7o


$   808,000.00  $ 600,000,00  $ 208,000.00
    804,691e00      447,614.00      357,077.00
    560,000.00      288,947.91      271,052.09

$ 2,172,691,00  $1,336,561.91  $ 836,129.09
                     6 1. 5207o


$   828,000.00  $ 560,000.00  $ 268,000,00
  1,788,822.04    896,944.41    891,877.63

$ 2,616,822.04  $1,456,944.41  $1,159,877.63
                      55. 680/6
$ 11,339,589. 64  $6,499,710.36  $4,339,879.28
                      5 7. 3 2%


    292,006,00      127,708002      164,297.98
                      43. 73%

$11,631,595.64  $6,627,418.38  $5,004,177. 26
                      56.9 8%o



*Negative figure




 








           UNIVERSITY OF KENTUCKY
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
     For the Current Fiscal Period which began
     July 1, 1956, and ended November 30, 1956



Dept.
Approp.



Expendi-
ture s



Encum-
brances



Division of Colleges
  Adm, & General:
  Gen. Adm. Offices
  Student Services
  Staff Welfare
  Gen. Inst. Serv.

       Subtotal


  Instr. & Research
  College of --
  Agr. & Home Econ.
  Arts & Sciences
  Commerce
  Education
  Enginee ring
  Law
  Pharmacy
  Graduate School
  Org. Act. Rel.Edu.
  Re search
  Libraries
  Adult & Ext.Edu.
  Medicine

      Subtotal


 Other Expenses:
 Oper. & Maint. Plant
 Auxiliary Enterpr.
 Working Capital
 Clearing Accts,

      Sub total


Total-Colleges

Agr. Exper-. St; ion

Agr. Extension Division


Combined Total



$   166,234, 19
    248,765.42
    71,000.00



$   74,643.29
   98,443.48
   24,348.41



$    1,925.41
    3,227. 22



$   89, 665,49
   147, 094, 72
   46,651, 59



    121,910. 00    35,207. 64        16,022.88     70,679, 48

$   607,909.61  $ 232,642.82       21,175, 51 $ 354,091.28
                             41. 75%



$   352,250.79  $  124,Z04. 46  $   3,448.15 $ 224,598,18
  1,886,659.11    718,690z22        20,692.93   1,147,275.96
    253,565.74     104,624.64         2,498.68    146,442.42
    445,765.77     153,144.64        10,167.32    282,453.81
    469,977.94     166,548,78         5,789.89    297,639.27
    97,754.06     37,070.58            257.87     60,425.61
    103,300.00     32,130.30          1,331.21     69,838.49
    15,793,00      6,062,27            97.75       9,632.98
    35,124.00      10,925,91         3,747.13     20,450,96
    20,000.00      2,387.46          1,854,83      15,757, 71
    322,508e37     128,816e35         6,543.21     187,148,81
    257,154.62     83,243,79          3,501,89     170,408,94
    42,800.00      19,411,11         5,697.30      17,691.59

$ 4,302,653.40  $1,587,260. 51  $  65,628.16 $2,649,764. 73
                             38 4 420o


$ 1,031,542,00 $ 273,080e71     $  137,049.94 $ 621,411i35
    379,386.88     120,079e13        35,079,93     224,227,82
    75,000,00     41,128,73*        90,895,85      25,232,88
                     5,900.90       120,932.00     126,832,90*

$ 1,485,928.88  $ 357,932.01    $ 383,957.72 $ 744,039,15
                             49,93%

$ 6,396,491.89  $2,177,835.34   $ 470,761.39 $3,747,895.16
                             41.41%
  2,085,691,00     650,107,04       143,592,31   1,291,991.65
                             38.05%
  2,625,888,80    965,754e49         10,442.26   1,649,692,05
                             37. 18%

$11,108, 071.69  $3,793,696.87  $ 624,795.96 $6, 689,578. 86
                             39. 78%



*Negative number.



Approp.
Balance




 







             University of Kentucky
STATEMENT OF PLANT FUND APPROPRIATIONS
    For the Current Fiscal Period which began
    July 1, 1956, and ended November 30, 1956



Division of Colleges

Cons truc tion
  Holmes HRall
  Men' s New Dormitory
  Holmes Hall & Pharm.
    Bldg. Steam Lines
  Medical School



Dept.
Approp.



Expendi-
ture s



Encum-
brances



Free
Balance



$    2,031.49   $                $              $    2,031,49


    38, 000.00                       46, 100.00      8, 100. 00*
    300,000.00       30,851.23        69,954.30     199, 194,47



Total Construction  $



340, 03 1. 49



$   30,851. 23   $
             43. ZOT



116, 054. 30



$  193, 125,96



Retirement of Indebtedness



lst W. P.A. Bond Issue
Znd W. P.A. Bond Is s ue
Dorm. Rev. Bond Is sue
Audit-Field House Issue
Libo & Serv. Bldg. Issue
Stad. Add. Issue
Dorm. Rev. Issue (456 Rc
Jour. Bldg. Bond Issue
Dorm. Rev. Issue (476 Rc
Stud.Dorms. U.K.
Stud, Dorm, -Kappa Sigm
Stud. Dorm. -Lambda Ch:
Stud, Dorm. -Phi Sigma
Stud, Dorm. -Pi Kappa P
Dorm.Rev. Bond 1952
Dorm. Rev. Bonds 1954
Lib, & Serv. Bldg. Res.
Dorm. Rev, Bonds 1955
Cooperstown Apts.

Total-Retirement of
Indebtedness


Total - Division of
   Colleges

 Agr. Exper. Station
   Construction


Combined Totals



$





)se)

sse)

a
i
K.
L.



36, 708. 97
19,256. 65
24,449. 25
61,910. 63
45, 069. 42
21, 084. 71
4, 301, 65
15, 355 75
4,029.43
19, 662. 94
9 359. 51
11,431. 28
9 , 359, 50
11,050.03
99 , 05 1. 00
58, 764. 50
34, 007. 54



$



   54. 17
9,629.91



53, 106.47
5, 25 5. 00
3,018. 75
3,393. 75


3, 853, 76
1,926. 88
1, 926, 87
1, 926. 87
1,926, 87

10,676. 25



$   36,654 80
     9, 626. 74
     24, 449, 25
     8, 804, 16
     39, 814, 42
     18, 065. 96
       907. 90
    15,355, 75
    4, 029 43
    15, 809. 18
    7, 432. 63
    9, 504.41
    7, 432. 63
    9, 123. 16
    99, 051.00
    48,088. 25
    34,007, 54



   119,638.00                                       119,638.00


$ 604,490.76    $   96,695.55    $               $  507,795,21
                             16. 00%     


$ 944,522.25    $  127,546.78    $  116,054.30 $   700,921.17
                             25. 79%o

    82,883.88        8,552.19    $   6Z,396.37 $     11,935n32
                             85, bO%

$1,027,406.13   $  136,098.97    $  178,450,67 $   712,856r49
                          -  30. 62 %0



*Negative figure.



$




 






f



           University of Kentucky
STATEMENT OF OTHER FUND TRANSACTIONS
  For the Current Fiscal Period which began
  July 1, 1956 and ended November 30, 1956



Restricted Funds:
  Division of Colleges
  Agr. Exp. Station
  Agr. Exten. Div.

      Subtotal

Loan Fund:
  Principal
  Income

      Subtotal

Endowment Funds:
   P rinc ipal
   Income

      Subtotal



Combined Totals



Balance



Disburse -



Balance



July 1, 1956   Receipts         ments          Nov. 30, 1956


$1,429,830.77  $1,832,307.46    $1,551,642.35 $1,710,495.88
   164,146.78     118,627.97       114,797.14     167,977.61
   136,305,48      70,473.78        66,966.30     139,812.96

$1,730,283.03  $2,021,409.21    $1,733,405. 79 $2,018,286.45


$   73!399.81  $                 $             $   73,399.81
    34,912.99         832.89             2.83      35,743,05

$  108,312.80  $      832,89     $        2,83 $  109, 14Z.86


$  202,724.05  $                 $             $ 202,724,05
     4,214.76          104.22            50.00      4,268.98

$  206,938,81  $       104,22    $       50.00 $   Z06,993.03


$   92,840,93  $ 358,964,12     $ 347,223,38 $    104,581.67

$2,138,375.57  $2,381,310.44    $2,080,682.00 $2,439,004.01




 





9



            Members of the Board heard the report read and explained.  Upon
motion duly made, seconded and carried, the -report was authorized received and
made of record.


            D. Transfer and Sale of Electric Transformers.

            Mr. Peterson stated that the University had four surplus electric
transformers which had been removed from the Shawneetown Housing Project.
He stated that Eastern State College was in need of four electric transformers
and recommended that these used transformers be transferred and sold to
Eastern State College at one-half price, which is $119.35 each.  Members of
the Board were further advised that the transformers had been in use from eight
to twelve years.

            Upon motion duly made, seconded and carried, the recommendation
of the Vice President was approved and the four electric transformers were au-
thorized transferred to Eastern State College, Richmond, Ky. , for $119. 35
each.


           E. Report of Trustee--Patterson Will.

           Mr. Peterson reported that the Security Trust Company, Trustee of
the James K. Patterson will, had filed a settlement for the period September 27,
1955, through September 26, 1956.  The settlement submitted a list of invest-
ments of the principal account, the carrying value of investments held
($476,863.32), income during the year and disposition of sarne.

           Some members of the Board examined the settlement, and upon
motion duly made, seconded and carried, same was authorized received and filed.


           F. Report on Suit Concerning Patterson Will.

           Members of the Board expressed a desire to know the progress being
made concerning a suit requesting the courts to declare that the provisions of
the James K. Patterson will had been substantially complied with, to enable the
trustee to put into effect certain provisions of the will. Acting Dean W. L.
Matthews, Jr. , of the College of Law, was asked to report to the Board on the
status of the suit.

           Professor Matthews advised that the suit had been filed and the case
advanced, and he had every reason to believe that an opinion would be received
from the Court in the not too far distant future. Mr. Matthews was questioned
concerning various phases of the suit.

           The Board, being satisfied with the report of Professor Matthews,
thanked him for the report and his tim e, and upon motion duly made, seconded
and carried, notation was authorized made in the minutes.



           G. Final Settlement--Hallam Estate.



           Mr. Peterson submitted final settlement of the Alice S. Hallam Es-y
tate as signed by the Executor, Charles S. Adarns.




 





10



           Upon motion duly made, seconded and carried, the report was au-
thorized received and filed.


           H. Uncollectible Account of W. L. Howell.

           Mr. Peterson reported that Mr. W. L. Howell, a former student at
the University, had contracted poliomyelitis in the fall of 1952. He has been
left completely disabled and unable to move about except in a wheel chair. Mr.
Howell and his wife were without means with which to pay an account of $281. 65
due for rent of housing facilities.  Mr. Peterson recommended. that the account
be charged off as uncollectible. He stated that Dean L. L. Martin joined him
in the recommendation.

           Upon motion duly made, seconded and carried, the Board concurred
in the recommendation of Vice President Peterson.


           I. Sale of U. S. Treasury Bonds for Lances.

           Mr. Peterson reported that the President and Secretary of Lances
organization had requested that one $100 U.S. Treasury Bond and two $25. 00 U.S.
Treasury Bonds, total $150. 00, be cashed and deposited to the credit of Lances
organization. Mr. Peterson stated that, since the minutes show that these
bonds are held by the Treasurer, he desired that the minutes also show that the
bonds had been cashed at the request of the officers of the organization.

           Upon motion duly made, seconded and carried, it was ordered that
the bonds be cashed, the minutes so indicate, and the proceeds be credited to
the account of Lances organization.


           J. Purchase of Library and Service Building Bonds.

           Mr. Peterson requested authority to purchase three Library and
Service Building Bonds due April 1, 1962, and five Library and Service Building
Bonds due April 1, 1963, at a price of $98. 00,

           Upon motion duly made, seconded and carried, the Treasurer was
authorized to purchase eight Library and Service Building Bonds due in 1962
and 1963, at a price of $98. 00, and carry same against the Group Investment
Fund.


           K. Gas Line Easement for Shawneetown--Central Kentucky Natural
Gas Company.

           Mr. Peterson submitted an easement for gas line across part of the
Experiment Station farm leading to the Shawneetown Housing Project. He recom-
mended that the easement be approved, with the stipulation that, if it becomes
necessary to lower or move the line in order to provide site for future building
of the University, that same be done at the expense of the Central Kentucky Nat-
ural Gas Company, He stated that the line would cross about 691 feet of the
Experiment Station farm.




 





11



           Members of the Board examined the easement and upon motion duly
made, seconded and carried, authorized same executed on behalf of the Univer-
sity, with the proviso that the line shall be removed or lowered at the expense
of the Central Kentucky Natural Gas Company to provide for site for future
building of the University, if necessary.


           L. Purchase of House and Lot.

           President Dickey and Mr. Peterson reported that a house and lot
at 191 Prall Street uwned by Lucretia Adams, with front footage of 21 feet and
depth of 100 feet. was available for purchase in the sum of $1, 000. 00. Mr.
Peterson stated that this house was what might be called "distress" property,
that the owner had paid in excess of $1, 600. 00, and that she was offering it
for a price of $1, 250. 00. He stated that, in order to get the property he had
personally paid $1, 000. 00 and had taken deed in order to hold same for the Uni-
versity if the University desired to purchase. President Dickey recommended
that the University purchase the house for $1, 000. 00.

           Upon motion duly made, seconded and carried, the house was au-
thorized purchased from the Haggin Fund.


           M. Flight Contract Program.

           Mr. Peterson submitted a proposed contract with the Maxwell Air
Force Base of Montgomery, Alabama, for flight training for senior AFROTC
students. The air force contract provides for 361 hours flight training to all
senior AFROTC students volunteering for flight training.

           Mr. Peterson stated that all costs incident to the flight training
program, including insurance and transportation of trainees would be covered
by the contract with the Armed Services. He recommended that authority be
given to execute the contract on behalf of the University and to make a sub-
contract with one of the flight services in Lexington approved by the CAA for
such training.

           Upon motion duly made, seconded and carried, the recommendation
of Vice President Peterson was concurred in and the contract with Maxwell Air
Force Base was authorized executed on behalf of the University; he was further
authorized to negotiate a subcontract for training facilities necessary.


           N. Campus Book Store Contract Renewed.

           Mr. Peterson submitted agreement between the University of Ken-
tucky and James E. Morris for lease of the Campus Book Store for a period
of two years beginning January 1, 1957. He stated that the renewal lease car-
ries the same conditions that are in effect presently, and recommended that the
contract be extended for a two-year period.

           Upon motion duly made, seconded and carried, the contract of the
Campus Book Store for a period of two years, beginning January 1, 1957, was
authorized executed on behalf of the University, under the same conditions and
provisions as are now in effect.




 





12



           0. Sale of Small Dormitory Revenue Bond Issue (G, H, I, J, K
and L).

           Mr. Peterson submitted the following Resolution for the sale of Revenue
Bonds for the construction of six small dormitories (sorority houses).


          A RESOLUTION ADOPTED BY THE BOARD OF TRUSTEES
          OF THE UNIVERSITY OF KENTUCKY AT A MEETING HELD
          ON DECEMBER 11, 1956.


                        WHEREAS, the Executive Committee of the Board
          of Trustees of the University of Kentucky has reported that, at
          a meeting held on October 19, 1956, it adopted a Resolution pro-
          viding for the issuance of $900, 000 00 principal amount of "Uni-
          versity of Kentucky Dormitory Revenue Bonds (Student Dormi-
          tories G, H, I, J, K and L)'9, to be dated as of December 1,
          1956 for the purpose of providing funds for the construction on
          land constituting a part of the campus of the University six (6)
          small student dormitories suitable for occupation by sororities
          or other campus organizations, or by students generally, upon
          a rental basis calculated to provide to the University funds
          sufficient to pay the said bonds and the interest thereon as the
          bonds and coupons mature from time to time, and also to pro-
          vide for the accumulation of certain reserves, as more specifical-
          ly set forth in said Resolution of the Executive Committee; and

                        WHEREAS, the State Property and Buildings
          Commission of the Commonwealth of Kentucky, at a meeting held
          on November 8, 1956, took proper action approving the UJniver-
          sityt s proposal to construct said buildings and to issue $900,000.00
          of its Revenue Bonds to provide for the financing thereof; and

                        WHEREAS, appropriate notices, regarding the
          sale of said bonds, were duly published in the Courier-Journal,
          Louisville, Kentucky, and in the Bond Buyer, New York City,
          on November 30, 1956, soliciting sealed proposals for the purchas-
          ing of said bonds, the sarm.e to be received in the Office of the
          Vice-President (Business Administration) of the University until
          December 11, 1956, at 10:30A.M. , C.S.T. , and referred to
          this meeting of the Board of Trustees for consideration and action,.
          and

                        WHEREAS, the Vice President (Business Adminis-
          tration) has exhibited t-othe Board of Trustees affidavits from
          employees of said newspapers, showing such publication of the
          "vNotice of Sale of Bonds, 9" and has also produced before the
          Board the sealed proposals received in his office prior to 10:30
          A.M. , C.S. T. , on December 11, 1956, and the same having
          been publicly opened, read, and compared, and are listed, as
          follows:




 





13



NAME OF BIDDER        AMOUNT OFFERED       INTEREST COUPON
                                           RATE OR RATES
                                           STIPULATED
                     (Exclusive of acc rued
                           interest)
Pohl & Co. &
Associates              $90C,090            1958-64 - 5 1/2%
                                            1965-96 - 5 3/4%
                               Averate interest rate - 5.745%

The Bankers Bond
Co. & Associates        $900,000            1958-62 - 4 3/'4%
                                            1963-71 - 4 1/4%
                                            19 72 - 77 - 4 1/2%
                                            1978-96 - 4 3/4%
                              Ave rage inte re s t rate - 4. 69 6%

and

              WHEREAS, upon comparison of the bids it appears
that the best bid is that of The Bankers Bond Co. & Associates,
offering to purchase the entire $900, 000. 00 of said bonds, as
authorized by the Executive Committee, at a price of $900, 000
(plus accrued interest from December 1, 1956 to the date of de-
livery), providing the same are caused to bear interest at the
following respective coupon rates:

                     1958-62     - 4 3/4%
                     1963-71     - 4 1/4%
                     1972-77     - 4 1/2%
                     1978 -96    - 4 3/4%


             NOW, THEREFORE, THE BOARD OF TRUSTEES
OF THE UNIVERSITY OF KENTUCKY HEREBY RESOLVES AS
FO5LLOWS e                -  

              SECTION 1. The action of the Executive Commit-
tee, in authorizing the issuance of $900, 000.00 principal amount
of "University of Kentucky Dormitory Revenue Bonds (Student
Dormitories G,H,I, J, K and L)", dated December 1, 1956, and
maturing in various amounts on June 1 in each of the years 1958
to 1996, inclusive, all as shown by a Resolution constituting a
part of the minutes of a meeting of said Executive Committee
held on October 19, 1956, is hereby adopted, approved, ratified,
and confirmed; and all of the terms and provisions as set forth
in said Resolution are acknowledged to be binding in all respects
upon the Board of Trustees of the University of Kentucky in all.
respects as if said Resolution had been adopted in its entirety
by the Board of Trustees.

              SECTION 2. It is hereby determined and declared
that the best bid received prior to 10:30 A. M. , C. S. T. , on De-
cember 11, 1956, for the purchasing of the bonds as so authorized
by the Executive Committee, is the bid of The Bankers Bond
Co. & Associates, offering $900, 000 and accrued interest for the




 





14



entire $900, 000. 00 principal amount of said bonds, providing the
same are caused to bear interest at the following respective cou-
pon rates:

                     1958-62     - 4 3/'4%
                     1963-71     - 4 1/4%
                     19 72- 77   - 4 1/2%
                     19 78-96    - 4 3/4%

              Said bid is hereby found and declared to be ac-
ceptable as to both price and interest coupon rates, and the same
is hereby accepted by the Board of Trustees. Said bid, together
with this Resolution of acceptance, shall constitute a firm con-
tract for the purchasing and selling of said bonds subject to the
conditions set forth in the published "Notice of Sale of Bonds."
The bonds shall bear interest from their date until paid at the
respective coupon rates set forth in said bid, and the printer
shall be instructed to prepare the bonds and interest coupons ac-
cordingly, and upon execution of the bonds by the Chairman and
Secretary of the Board of Trustees, the same shall be tendered
to the purchaser, and delivered to said purchaser upon payment
of the purchase price.

              SECTION3. The good faith checks accompanying
all unsuccessful bids shall immediately be. returned to the re-
spective bidders.  The good faith check of the purchaser in the
sum of $ 18, 000. 00 shall be held uncashed by the Vice-President
(Business Administration) of the University until such time as
the bonds are delivered and paid for; whereupon, it may be re-
turned to the purchaser upon payment of the full bid price with
accrued interest to delivery, or cashed and allo