Minutes of a special meeting of the Lxecutive Committee of the University of TXentucky on November 1, 1920. A special meeting of the Executive Committee of the University of Kentucky waes held in the law offices of Mr. Richard C. Stoll, Lexington, Kentucky, at 11:30 o'clock, a. m., November 1, 1920. The meeting was called for the purpose of considering the question of borrowing funds to meet the payrolls and University accounts dur- ing the months of November and December. ?.he following members weere present: Richard C. Stoll, Chairman. Rainey T. Wells, and P. P. Johnston, Jr. 'Presiaent Frank L. MoVey, and Wellington Patrick, Secretary of the Committee -Reere also present. President MAc.Vey stated to the Committee that owing to the fact that the Univcer:ity receives no money from the State during Octo- ber, November an~d December of each year, it is necessary to borrow funds to meet the TJUiiversity's obligation during that time. A statement was read from the Business Agent indicating that it will be necessary for the University to bor'row about $170,000 during the next three months in order to meet its payrolls and pay its current bills accumulating during that time. On motion, duly seconded, the following resolutions were uatwkw' mously adopted: BE IT RESOLVED, By the Executive Committee of the University of Kentucky, that Richard C. Stoll, Chairman of the Executive Com- mittee of the University of lentucky, and D. F. Peak, Business Agent of the University, be, and they are hereby authorized to bore tow for and on behalf of the University of Kentucky the sum of Thirty Thousand ($30,000) Dollars at one time, or from time to time, from the Phoenix and Third Trust Company of Lexington, Kentucky for 90 days, and the said Richard C. Stoll and De. . Peal: shall be authorized to determine the rate of interest to be paid not exceed- ing W; and they are also authorized to execute any renewal or re- newals of an-y notes executed for the said sum so borrowed, either in whole or in part, form time to time. BE IT RESOLVED, By the Executive Committee of the University of Kentucky, that Richard C. Stoll, Chairman of the Executive Com- mittee of the University of Kentucky, and D. R. Peak, Business Agent of the University, be, and they are hereby authorized to borrow for and on behalf of the University of Kentucky the sum of One Hundred Thousand ($lcO,000) Dollars at one time, or from time to time, from the Citizens Union National Bank of Louisville, ientucky, for 90 days, and the said Richard C. Stoll and D. H. Peak shall be author- ized to determine the rate of interest to be paid, not exceeding 6%; and they are also authorized to excaute any renewal or renewals of any notes executed for the aid sum so borrowed, either in whole or in part, from time to time. Whereupon the Committee adjourned. Wellington Patrick Secretary of the Committee