Minutes of called meeting of the Board of Trustees, Universi-
ty of Kentucky, Friday, October 6, 1933.


     The Board of Trustees of the University of Kentucky met in
called session in the President's office at the University of Ken-
tucky on Friday, October 6, 1933 at 10:30 a. m.    The following
members were present: Governor Ruby Laffoon, Judge Richard 0,
Stoll, Louis E. Hillenmeyer, Miller Holland, G. Am Wells. J,=es
Park, Dri George Wilson, Dr. W. W. Wash, Eugene T. Flowers and E. 0.
Robinson.   Meeting with the Board were Frank L. MoVey, President
of the University, and D. H. Peak, Secretary of the Board.

     1. Presideit's Report.

     President MoVey stated the object of the meeting and a memoran-
dum thereof was ordered to be incorporated in the minutes.   copy
follows:


                         MEMORANDUM

   ON PROPOSAL TO BORROW MOEY FROM THE FEDERAL GOVERNMENT


     Under the provisions of the National Industrial Recovery Act
money can be borrowed from the Federal Government to construct built
ings and make repairs, providing such buildings and repairs are use(
for community purposes,

Conditions

     The Act provides that ahe Federal Government will advance mon-
ey for construction or repairs on the basis of *385jo on the total
amount used.   The institution must make applicato:on,indicating by
resolution its need and right to make such application.    It must
show that the construction can be self-licuidated by the earnings
from the operations of the buildings.   The steps provided in the
Act indicate the filing of resolutions, of plans, sketches of build-
ings,and indication that the earnings set forth will be sufficient
and continuous, so that payments can be made in accordance with the
conditions of the Act.

Specific Construction at the University of Kentucky

     1. It is proposed under the conditions of the Act to erect:

        A central heating plant, which would produce economies in
operation in sufficient amount below the present cost of operation
to meet the interest and amortization provisions.