Minutes of the Meeting of the Board of Trustees of the University of
Kentucky, May 10, 1955.


        The Board of Trustees of the University of Kentucky met in the Pres-
ident' s Office at 9:00 a. m. CST, pursuant to adjournment of the meeting of
April 5, 1955, with the following members present: Governor Lawrence W.
Wetherby, Chairman; Guy A. Huguelet, Ben S. Adams, Dr. Ralph J. Angeluc-
ci, Mrs. Paul G. Blazer, M. W. Moore, Smith D. Broadbent, R. P. Hobson
and Thomas A. Ballantine. Absent: Carl Dempewolfe, Paul M. Basham,
Harper Gatton, Wendell P. Butler and J. Stephen Watkins. President H. L.
Donovan and Secretary Frank D. Peterson met with the Board.


        A. Approval of Minutes.

        On motion duly made, seconded and carried, the minutes of the Board
of Trustees of April 5, 1955, were approved as published.


        B. Financial Report.

        The Vice President, Business Administration, made the financial
report for the period July 1 through April 30, 1955. The University General
Fund income realized for this period amounted to $8, 386, 792. 72 of the budget
estimate of $8,472,552.95. The General Fund expenditures and encumbrances
totalled $6, 813, 627. 98 of the appropriations totalling $8,675,698. 40.

        Plant Fund income realized for the period amounted to $117, 258. 86
of the budget estimate of $168, 821. 98. Plant Fund expenditures and encum-
brances for the period amounted to $530, 897. 08 of the appropriations totalling
$897,760. 99. The balance sheet was presented with detailed statement of
operations.

        The Board being advised, upon motion duly made, seconded and car-
ried, the report was ordered received and filed.


        C. Advancement of Funds for Debt Service of Donovan Hall.

        President Donovan explained that the first payment of the principal
due on the bond issue for the construction of Donovan Hall will be payable June
30, 1955, in the amount of $20, 000. 00. The building was not completed in
time for use beginning in February of the current year; therefore, the Uni-
versity has not received any income from this hall, The President recommend-
ed that the Board of Trustees approve the advancement of $20, 000. 00 from Uni-
versity funds for the purpose of meeting the present bond redemption schedule
and at a later date reimburse the University Fund from income from the hall.

        Members of the Board seemed to favor this arrangement, and upon
motion duly made, seconded and carried, the Comptroller was authorized to
make the necessary advancement of funds from University of Kentucky money
to make payment due June 30, 1955.