recommendation made in FCR 5. On motion by Mr. Hillenmeyer, seconded by
Mrs. Blazer and passed, the recommendation in FCR 5 was approved as pre-
sented.  (See FCR 5 at the end of the Minutes. )

       Q. Resolution Accepting the Successful Bid on $4, 489, 000 of
 University of Kentucky Community Colleges Educational Buildings Revenue
 Bonds, Series B

       Thereupon, Mr. Robert Hillenmeyer introduced, caused to be read and
 moved the immediate adoption of a resolution entitled:

       A RESOLUTION Accepting Successful Bid on $4,489, 000 of
       University of Kentucky Community Colleges Educational
       Buildings Revenue Bonds, Series B,

a true copy of which was presented to the meeting at which such resolution was
proposed and a true copy of which is attached to these Minutes. The motion for
the adoption of said resolution was seconded by Dr. N. N. Nicholas. After full
discussion, the Chairman put the question, and upon call of the roll, the vote
was recorded as follows:

Voting "Aye": Mr. Albert G. Clay, Mrs. Rexford S. Blazer, Mr. Thomas P.
Bell, Governor A. B. Chandler, Mr. Richard E. Cooper, Mr. George W.
Griffin, Mr. Robert H. Hillenmeyer, Mr. B. Hudson Milner, Dr. N. N.
Nicholas, Mr. James H. Pence and Mr. Floyd H. Wright.

Voting "Nay": None.

       The Chairman then announced that the resolution had been duly adopted
and was in full force and effect.

       R. Investment Policies Adopted (FCR 7A, B, C, D, and E)

       Mr. Hillenmeyer called attention to FCR 7 which consisted of four parts
distributed to members of the Board of Trustees in advance of the meeting and
a fifth part which was added to the investment policy recommendations at the
meeting of the Finance Committee on the morning of December 8. He suggested
that these five parts of a new investment policy be considered as a "package" and
acted upon at the same time. After some discussion of the implications involved
in the proposed policies, the question was called for by the Chairman. Dr.
Nicholas moved adoption of the investment policies as recommended in FCR 7A,
B, C, D, and E. His motion was seconded by Dr. Sears. All present voted "aye"
on 7A, B, C, D, and E with the exception of Mr. Milner, who requested that the
record show he voted "aye" on 7A, B, C, and D and abstained from vote on 7E