xt7b2r3nwb6t https://exploreuk.uky.edu/dips/xt7b2r3nwb6t/data/mets.xml Lexington, Kentucky University of Kentucky 19520816 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, 1952-08-sep16. text Minutes of the University of Kentucky Board of Trustees, 1952-08-sep16. 1952 2011 true xt7b2r3nwb6t section xt7b2r3nwb6t 


Irregularities




 










     Minutes of the Meeting of the Board of Trustees of the University of Kentucky,
September 16, 1952.

      The Board of Trustees of the University of Kentucky met in the President's
Office at 10:15 a. m. , Tuesday, September 16, 1952. The following members were
present: Governor Lawrence W. Wetherby, Chairman: Guy A. Huguelet, Mrs.
Paul G. Blazer, Harper Gatton, Paul M. Basham, Wendell P. Butler, Herndon J.
Evans, R. P. Hobson, H. D. Palmore, Ben S. Adams, Thomas A. Ballantine,
M. W. Moore and Smith D. Broadbent, Jr. Absent: John C. Everett and Carl
Dempewolfe.  President H. L. Donovan and Secretary Frank D. Peterson met with
the Board.


     A. New Members.

     The terms of George M. Cheek, Frankfort, Ky., Dr. W. M. Coffee, LaCenter,
Ky., and J. Woodford Howard, Prestonsburg, Ky., having expired, Governor Weth-
erby having made appointments, the following new members presented commissions
for a term to expire December 31, 1955, and took the oath of office: Thomas A.
Ballantine, Louisville, Ky., Smith D. Broadbent, Jr., Cobb, Ky., and M. W.
Moore, Covington, Ky. The new members were welcomed to membership on the
Board.




     B. Approval of Minutes.

     On motion duly made, seconded and carried, the minutes of the Board of
Trustees of June 3, 1952, and of the Executive Committee of July 18, 1952, were
approved as published.


     C. Comptroller's Report.

     The Comptroller submitted the following summarized statement, balance
sheet, and statement of income and expenditures for the months of July and August,
1952. The summarized statement also contained detailed information concerning
existing revenue bond issues,




 






UNIVERSITY           OF KENTUCKY


            LEXINGTON



September 12, 1952



Dr. H. L. Donovan, President
University of Kentucky
Lexington, Kentucky

My dear Doctor Donovan:

     I submit herewith the balance sheet and related summaries covering UniC-
versity fund transactions for the period ended August 31, 1952-.

     University income realized during the period amounted to $2,346,061.21.
This amount was 31.72% of the budget estimate of $7,395,622.76.

     There has been disbursed and encumbered against the general funds a
total of $1,204,005.68 or 16.17% of the appropriations totaling $7,445,342.33.

     Plant fund expenditures totaled $58,870.85 which is 15.47% of the
plant appropriations totaling $380,667.12.

     During the period of January 1, 1936 to August 31, 1?52, the Univer-
sity of Kentucky has issued bond issues in the amount of $3,345,500.00
toward the cost of new buildings.   The amount of principal on bonds paid
for this period was $666,000.00, leaving principal on bonds outstanding
in the amount of $2,679,500.00. Analysis of each bond issue is shown as
follows:



Bond Issue                    Date    Amount
                              Issued of Bonds
                                      Issued



Principal
Paid



Amount of
Bonds Out-
standin2



lst P.W.A. Refunding Issue
  (Engineering Quadrangle
  Student Union Bldg.
  Central Heating Plant
  Lafferty Hall



1/1/36 $ 634,000.00 $



298,000.00 $ 336,ooo.oo



2nd P.W.A. Issue
   Jewell Hall
   Funkhouser Biol.Sci.BLdg.
   Home Economics Bldg.

Bowman Hall Issue

Coliseum Issue



9/1/38    316,000.00




6/1/45    430,000.00

8/1/48    800,000.00

4/1/49    490,000.00



105,000.00




47,000.00

95,000.00



211,000.00




383,000.00

705,000.00



Lib. & Service Bldg.Issue



50,000-00  44oooo.oo




 







Page 2



(Continued)

Bond Issue



Stadium Addition Issue

Journalism Bldg. Issue

Dormitory Issue - 476
  Rose Street

Dormitory Issue - 456
  Rose Street

        Totals



  Date    Amount
  Issued of Bonds
          Issued

4/1/49 $ 300,000.-00 $

1/i/50    225,000.00



12/1/50



76, 000.00



Principal
Paid


45,000.00 $

22,000.00


2,000.00



Amount of
Bonds Out-
standing

255,000.00

203,000.00


  74,000.00



    74,500.00      2,000.00     72,500.00

$3,345,500.00 $ 6662000.00 $2,679,500.00



Respectfully submitted,



Frank D. Peterson
Comptroller.




 






University of Kentucky
   BALANCE SHEET
As of August 31, 1952


       ASSETS



Agricultural
Experiment
Station



Agricultural
Extension
Division



Current Funds:
General:
Cash in Bank
Petty Cash Advs.
State Allotments:
Current Year
Prior Year
Revolving Funds
Receivables
Inventornes
Deferred Chgs.
Unreal. Income
   Total Gen.



$  23,893.39
     16, 895  87

     493,918.03
     11,571.66
  1,021 , 119.19
     23, 383.29
     569,430.61
     111, 768.20
  3, 133, 630. 1
$ 5,405,610.39



$  61,130,68


   174,327.28
   30,181.13
   322,762.54

   62,115.00



   863 791.30
$1,514 ,307.93



$ 380,421.75


   122,295.95



1, 026. 24.23
I 1, 529, 2 1.G03



$   465,445.82
     16,895.87

     790,540.36
     41,752 .79
  1,343, 881.73
     23, 383.29
     631, 545.61
     111, 768.20
  5,023,945.68
78, 449, 159. 35



Restricted:
Cash in Bank
Due from Other
    Funds
 Petty Cash Advs.
 Investments
 Total Restrictec
 Total Current

Plant Funds:
Unexpended:
Revolv. Funds
Unreal. Income
  Total Unexpend.



$   842,814.57

     30, 000. 00
     9,258.90
   688,303.49



1$ 1570,376.96
$   6,9755987435


$   316, 558.44
     25,615.87
$77 342, 174 .31



Investment in Plant:
Fixed Assets       28 897, 52..43
  Total Invested    2  897, 525.3
  Total Plant       292239, 699.74

                       Loan

Other Funds:
Cash in Bank      $     3,499 56
Notes Receiv.           9,372.55
Investments            75,500 00
Total Oth.Funds             .311
Total Assets



$   79,716.76


       400. 00
    15,000. 0
1   95.116.76
;1 ,t09 ,424 .69



$



41,095.23



$ 41,095.23


2,882,831.31
2, -I2,831.31
.2,923,926.-54

  Endowment


$    3,484.09

   119, 581. 96



$ 102,901.11



     1,096.10
     14, 948.00
.  118,945.21
$ 1,648,186.24



$
.II .I



$ 1,025,432.44

     30,000.00
     10, 755-00
     718 251.49
; 1.784.438.93
10,233, 598.28



$   357,653.67
     25,615.87
     383 269.54


31,780,356.74
 31 , I7 0,356.74
;32, 163, 626.28



Agency



$   60,636.44

    i5,000. 00



$    67,620.09
      9,372 .55
   290,081.96
   h- 367, O74jT0
_ 42 764,299 .16



Division
   of
Colleges



Total




 






2



University of Kentucky
   BALANCE SHEET
As of August 31, 1952


     LIABILITIES



Agricultural
Experiment
Station



Agricultural
Extension
Division



Current Funds:



General:
Petty Cash Liabil.$
Res.for Encumb.
  Current Year
  Prior Year
  Res.for Inventories
  Due to Other Funds
  Other Liabilities
  Unapprop. Surplus
  Approp. Bals.
  Total General   E


  Restricted:
  Outstand.Cks.     $
  Restr. Bals.
  Total Restr.
  Total Current

Plant Funds:
Unexpended:
Res. for Encumb.:
Prior Year
Surplus Funds
Approp. Bals.
  Total Unexp.



195,283.81
118,713.22
569,430.61
  30,000.00
  111,768.2 0
  731.976.26
3,661,542.42
5,405,610.39



   6,466.19
1.,563,910.77
1 R-70,376.96
5,975,987.35





  25,615.87
  316,558.44
  342.174.31



Investment in Plant:
Bonds Payable    $ 2,679,500.00
Net Invested      26,218,025.43
Total Invest.   $28,897,525.4
Total Plant     $29,29,699.7

                     Loan



Other Funds:
Bal. as to Prin. $
Bal. as to Income
  Total Oth.Funds I
  Total Liabilities



62,797.61
25,574. 0
88,372.11



    42,562.68
    48,243.72
    62,115.00


    310,514.73
 1 050.871.80
 ,t5l .307-93




    95,116.76
  ;95,116. 76





$  35,857.40

    5,237 83
r 41,095.23


$
2,882.83131
1 2 .882, 31.31
. 2, 92 3,92 635tf

Endowment


$ 200,228J18
    2,837.87
 $2 03,066. 05



318.60



$   13,104.131

   238,165.09
   166,956.94
   631,545.61
   30,000. 00
   111,768.20
   1,042,490.99



1,528,922.4    6,241,336.65
$1,529,241.03  $8,449,159.35



$             $     6,466.19
   j48,945.21   1,777 972.74
 118, 945.21  ; 1,2784L l438 .93
 $1;1.648, 186.24  02358




$             $    35,857.40
                   25,615.87
                   321.796.27
    $   _     di ~~~383, 26975-4


$             $ 2,679,500. 00
               29 100 856.74



   Agency


$             $   263,025.79
    75 6:36.44   104 048.81
E   75 46-.4       67 074 0
               j42.7  ,299.17



1. Negative figure.



Division
  of
ollge



Total



13,lo4.13 I $




 







        University of Kentucky
    STATEMENT OF UNREALIZED INCOME
For the Current Fiscal Period which began
July 1, 1952, and ended August 31, 1952


            General Fund



Budget
Estimate



Realized
to Date



Unrealized
Balance



Division of Colleges:
Educational & General:
State Appropriations
Fed.Grants (through the
  State)
  Student Fees
  Endowment Income
  Sales & Services & Rentals



Subtotal



Auxiliary Enterprises:
Residence Halls
Miscellaneous
      Subtotal



Total-Colleges



Less-Income allocated to plant
      Net Colleges

Agricultural Exper.Station:
State Appropriations
Fed. Grants (direct)
Sales & Services



Total-Experiment Sta.



$3,163,'738.50

   131,156.87
   546,022.00
   9,644.50
   18,700.13



$3, 869,262.00



$ 361,49~2.00o
   117,950.13
479   2.1

$4,348,704.13



$ 22 0,291.13
$4,128,413.00


$ 431,600.00
   305,349.69
   490,091.00

$1,227,040.69



$1, 002, 500. 00

   88,318.37
   78,361.25
   9,200.00
   4,020.28



$1l,1382,2599.90
   30756% 2

$  31,903.44
       770.64
$ :32,674. 08

$1,215,073.98
   27.94%

$ 220,291.13
$ 994,782.85
   24.10

$ 232,000.00
   79,244.54
   52, 004.85



$2,161,238.50

   42,838.50
   467,660.75
      444.50
   14,679.85



$2,686,862.56



$ 329,588.56
  117,179.49
$ 446,768.05

$3,133.630.15



$3,133,b30.15


$ 199,600.00
  226,105.15
  438,086.15

$ 863,791.30



Agricultural Extension Div.
State Appropriations
Fed. Grants (direct)
  Total-Agr. Extension

  Total-General



Plant Fund:
General Income Allocated
Stores Overhead



Total-Plant

Combined Total



$ 632, 000.00
5g94
$1,791,525.94

$7,146,972.63



$ 220,291.13
   28,352.00

$ 248,643-13

$7,325,622.76



$ 190,000. 00
765, 001 71
   42.7-0,5
$2,125, 033.95
   -29071.71



$ 220,291.13
    2,736.13

$ 223, 0277X26

$24,346,,06i.21
     31-2



$ 442,000.00
   584,524.23
$ 1-,026, 52 4. 3

$5,023,945.68



25.615.87



$  25,615.87

$5, 049,561.55



t 365,249-39
   29. 6C%




 






        Uni.versity of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which began
July 1. 1952, and ended August 31, 1952

             General Fund



Depart.
Approp.



Expendi
tures



Encum
brances



Division of Colleges:
Adm. & General Expense:
  General Adm. Of.  $ 204,057.37
  Student Welfare       62.085.32
  General Expense      136,3059-02



30,597.10
8,600.46
14,663.85



$    1,975.99
     1,737.61
     3,480.16



$ 171,484.28
    51,747.25
    118,161. ol



Subtotal



Instruction & Researc
College of
Arts & Sciences
Engineering
Commerce
Agr. & Home Ec.
Law
Education
Pharmacy
Gradate School
University Research
Library
University Extension
Other Activities



Subtotal



$ 402.447.71 t



_ :

$1,258,911.33
   342,626.60
   163,904.76
   237,445.01
   67,755.33
   301,465.81
   76,761.00
   11,172.58
   20,000.00
   226,113.29
   112,754.00
   19,790.00



$2,b3b,b99.71 $



Operation & Maintenance
of Physical Plant, etc.
General Approp.       691,174.72 $
Special Approps.       85,000.00
Work in Progress       25,000.00
General Stores, etc.     27,250.00
   Subtotal        $  8 8 42 3 47t72- f



53,861.41



170,397.98
48,658.27
25,448.66
31,156.59
  8,159.38
41,203.38
5,269.15
  1,721.77
    700.50
39,073.26
10,873.10
25423-09
385,C035.13



88,499.65
1,525.30
18,491.415
*27,438.72.
81, 077.69



21.-



15.17%



7j193.76   $ 341,392.54



   $  21,636.26
        2,808.86
          728.98
          637.35
          282.95
        4,915.70
        2,797.15
           63.00
        3,938.18
        2,924.54
          635.96


15.03

   $   82,272.70
       16,795.45



29,Obb.15



$1,066,877.09
  291,159.47
  137,727.12
  205,651.07
    59,313.00
  255,346.73
    68,694.70
    9,387.81
    15,361 32
    184,115.49
    101,244.94
    17,253.01
$2,412,131.75


$ 520,402.37
    66,679.25
    6,508.55
    54,688.72
V 648,278.89



Auxiliary Enterprises:
Residence Halls     $
Miscellaneous



Subtotal



304,840.00 $
  31,528. 56
;336S,368.56 $



Total.,Colleges  $4,405,940.70 t



25,243.6S
3,846.5E
29,090.2;



549.114.4i



    $   46,849.00
           690.07

22.7&     3.
7   $  195,283.81
-16. 90



$ 232,747.31
   26991.9.
$ 259-,739.24

$3,661,542.42



*Negative number



4



Approp.
Balances




 






5



        University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1952, and ended August 31. 1952

             General Fund



Expendi-
tures



$   12,542. 04
    24,22 0.88
    11,682. 01
    8,313.55
    1.237.22
    5,129.67
    2 ^393.84
    12,589.60
    8,295.46
    12,471.59
    2,529.08
    7, 009.09
    3,388.72
    11,896.29
    2 ,219.93
    1,190.00
    4, 599 o00
       779.66
     2,582 .50
     4,763.00
     1, 017.71
     5,855.93

     1,708.40
     5,906.59
         9.45
$Z-1-54-441.21
          15.79M



Encum-
brances



$    1, 216.54
       675e81
     2, 321.50

     6,629.56

     7,489.46
         5.00
    12,612.69
       115.42
       189.28
       255 .25

     1,367.28
        91.80
        10.00

     1,230.10


     6,305.24


     2,032.00
        1 5 75
I   4i 42 562 . 68



Approp.
Balances



$  136,758.42
   123,057.31
   58,172 .49
   43, 180.45
     7,943.78
     39 . 189 77
     12,606.16
     74,250.94
     53,384.54
   134,915.72
   15,455.50
   36,981.63
   20 196.03
   67 381.71
   17. 048.79
   19,313.89
   27,291.00
     6,120.34
     18,587.40
   27,479.00
     5, 982.29
     42,238.83

     1, 708.40*
     31, o69.41

$1, 050,87,1 80



                      Depart.
                      Approp.
Agr. Experiment Station:



Administration
Agronomy
Animal Husbandryr
Animal Pathology
Creamery License
Dairy



Dairy Cattle Improv.
Ent. & Botany
Farm Economics
Feed & Fertilizer
Home Economics
Horticulture
Library
Markets & Rural Fin.
Poultry
Publica. & Library
Public Service Labs.
Regional Research
Robinson Substation
Rural Sociology
Seed Stocks
W. Ky. Substation
W. Ky. Improvement
Social Security
Misc.-Farm Main.
Black Shank
Total-Agr.Exp.Sta.-7



150,517.00
1.47.954.00
72,176.00
51.494.00
  9,291.00
  50,949.00
  15 Q000 00
  94,330.00
  61,685.00
160, 000.00
18,100.00
44,180.00
23,840.00
79,278.00
2 0, 636. C00
20,595.69
31,900.00
  6,900.00
  22,400. 00
  32,242.00
  7,000.00
  54,400.00


  39,008.00
3,24 7, 7. o9



*Negative number.



-




 






6



        University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For th-e Current Fiscal Period which began
July 1, 1952 and ended August 31, 1952

             General Fund



Agr. Extension Divis
Administration
Agr. Engineering
Agronomy
Animal Husbandry
Clothing
County Agents
Dairy
Farm & Home Conven.
Farm Management
Forestry
Foods
Home Dem. Agents
Home Management
Horticulture
Junior Clubs
Markets
Poultry
Publications
Public Information
Rural Sociology
Adm. Reserve
Social Security
Misc.-Black Shank



  Depart.
  Approp.

ion:
T7 61,520.00
    28,996.00
    34,615.50
    24,191.00
    12,600.00
    822,899.58
    25,879.00
    1,500.00
    15,347.00
    10,436.00
    11,712.00
    499,000.86
    29,844.00
    18,862.00
    80, 000.00
    21,144.00
    17,184.00
    13,700, 00
    15,968.00
    5,685.00
    14,442.00

    26, oo0.0o



Expendi-
tures



  9,307.31
  4,330.37
  3,293.85
  4,533.08
  1,922.00
121,586.02
4,104.82



Encum-
brances



$



2,267.64
1,414.52
1,614.87
77,835.38
4,584.29
3,053.37
11,708.64
3,046.84
2,527.61
  545.66
2,628.75
  840.64



400.54
'738.71



318.60



Approp.
Balances



$  52,212.69
   24,665.63
   31,321.65
   19,657.92
   10, 678. 00
   701,313.56
   21,774.18
     1,500.00
     13, 079.36
     9,021.48
     10, 097.13
  421,165.48
  25,259.71
    15,808.6:
    68,291.36
    18, 097.16
    14,656.39
    13,154.34
    13,339.25
    4,844.36
    14,442,00
       400.54*
   24,942.69



Total-Agr. Ex-
  ten.Div.



$1.791.525.94



$ 2b2.284.91



i14.66k



31b.60 $1,52b,922.43



Combined Total



$ 965.840.59



16.17%



238,16.    r6,2414336.65



*Negative number.



11-



._,F, .s-s .... .. a...



$7,44 342-33




 







         University of Kentucky
    STATEMENT OF PLANT APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1952, and ended August 31, 1952

               Plant Funds

 Dept.           Expendi-         Encum-
 Approp,         tures            brances



Division of Colleges:

P.W.A. First Bond issue

P.W.A. Second Bond Iss.

Dorm.Rev. Bond Issue

Audit-Fieldhouse Issue

Library & Service Bldg.
   Bond Issue

Stadium Rev. Bond Issue

Dorm.Issue-Rose St.

Journalism Bond Issue

Dicker House Annuity

Fieldhouse

Norwood Hall Fire Loss
   Bal.

Service Bldg. Constr.

Fine Arts Bldg.

Journalism

New Science Bldg.

Dorm. Constr.-Rose St.

Libr. & Service Bldg. C1.

Sprinkler System
  Subtotal



$ 36,948.54

16,486.99

24,335.00

101,691.50



45,942.77

22,742.82

4,554.15

16,461.75

  230.68

30,250.17



8,240. oo



$ 36,948.54

   8,246.99

 24,335. 00

 51, 060. 65



50, 630.85



45,942 .77

22,742.82

4,554.15

16,461.75

   230.68

30,250.17



15,911.25

  3,697.19

  2,156.47

  7,938.69

  3,300.0o
  4,465.54

  33,872.46

  47443.32
;375-,_429-29



15,911.25

3,697.19

2,156.47

7,938.69

3,300.00

4,465s.54

33,872 .46

4, 44".32



7



Free
Balance



$ 58,870.85  1




 






8



        University of Kentucky
   STATEMENT OF PLANT APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1952, and ended August 31, 1952



Dept.
Approp.



Plant Funds

  Expendi-
  tures



Encum
brances



Free
Balance



Agr. Exp. Station:

Animal Path.Bldg.

Repairs & New Equip.

W. Ky. Water System

Agr.Eng. Bldg.

Sheep Barns

Brooder House

Miscellaneous
  Subtotal

  Combined Total



$     4.35
     194.48

     200,00

     704.00

  2,500.00

  1,566.30

     68.70

$380 667. 12



$              $              $      4.35

                                   194.48

                                   200.00

                                   704,00

                                2,500.00

                                1,566.30

                                   68.70
$      $                     I$ 53237.27
   $ 54878    $  ,           $321, 796.2 7




 






9



         University of Kentucky
  STATEMENT OF OTHER FUND TRANSACTIONS
For the Current Fiscal Period which began
July 1, 1952, and ended August 31, 1952



Balance
July 1, 1952



Receipts



Disburse-
ment s



Balance
Aug.31, 1952



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



Subtotal



$1,660,806.73
    95,082.78
    137,589.11
$1,893,478.62



$296,217.32
  19,883.01
  )47136.91
$363,237.24



$393, 113.28
  19,849.03
  65,780.81

$478,743.12



$1,563,910.77
    95,116.76
    118,945.21

$1,777,972.74



Loan Fund:
Principal
Income

  Subtotal



Endowment Funds:
Principal
Income
  Subtotal
Agency Funds:
Balances



$   62,797.61
    2, 485.06

$   87,282.67



$ 200,228.18
     2, 716 *33



   1,090.04

$ 1.090.04



$
     121.54
$ -121.5-4



$   68.724.28



.6o



$



$ 72,482.63



$   62,797.61
    25,574.50



$ 200,228.18
     2,68376.87
$- 203, Obb. 5

L_ 75, 636. 44



Combined Totals



d! n
ier_,252,40. 08



$2,145,04'y.34



$551,22k,2




 






10



                       University of Kentucky
           STATEMENT OF COMBINED RECEIPTS AND EXPENDITURES
             For the Current Fiscal Period which began
             July 1, 1952, and ended August 31, 1952


Receipts and Transfers:



General Income
Plant Income
Restricted Receipts
Loan Fund Receipts
Endowment Fund Receipts
Agency Fund Receipts



$ 2,123,033.95
   223,027.26
   363,237.24
      1,090.04
        121.54
     79,394.79

t 2;789904.82



Total Receipts



Expenditures and Transfers (Including encumbrances}:



General Fund Expenditures
Plant Fund Expenditures
Restricted Fund Expenditures
Loan Fund Expenditures
Endowment Fund Expenditures
Agency Fund Expenditures



$ 1,204,005.68
     58,870.85
     47T8, 743.12
           .60

    72,482.63



Total Expenditures



$ 11814 102.88




 





4A



    Some questions were asked and answers given concerning the report, and
upon motion duly made, seconded and carried, same was received and authorized
made a part of the minutes.


    D. Matured Bonds and Coupons Authorized Burned.

    President Donovan submitted the following communication from the Comptrol-
ler, requesting permission to destroy bonds and coupons which had matured and had
been paid.  The bonds and coupons were listed in detail to be made a part of these
records.


                                          Sept~ember 4, 1952

   Dr. H. L. Donovan, President
   University of Kentucky

   My dear President Donovan:

       The following bonds and coupons, representing a part of the bonded
   indebtedness against certain buildings at the University of Kentucky have
   matured and been paid:


                     UNIVERSITY OF KENTUCKY
       2 3/4% STADIUM ADDITION REVENUE BOND ISSUE, $1, 000

   DUE                         BONDS NO.           COUPONS-INCLUSIVE

   April 1, 1950                 1 -15                     1 - 2 *
   April 1, 1951                16 -30                     1 - 4 **

   *Coupon No. 1 due and paid October 1, 1949, and No. 2 due and paid April 1,
   1950 on bonds, Nos. 1 through 300, and

   **Coupon No. 3 due and paid October 1, 1950 and No. 4 due and paid April 1,
   195 1, on bonds Nos. 16 through 300.



                     UNIVERSITY OF KENTUCKY
         1 3/4% FIRST P. W. A. REFUNDING BOND ISSUE, $1, 000

  DUE                          BONDS NOS,           COUPONS INCLUSIVE*

  June 30, 1-                     1 -27                    1 - 4
  June 30, 1948                  28 -54                    1 - 6
  June 30, 1949                  55 - 82                   1 - 8
  June 30, 1950                  83 -111                    1 - 10
  June 30, 1951                 112 -141                    1 - 12
  June 30, 1952                 142-171                     1 - 14




 







15



*Interest coupons paid on First P. W. A. Revenue issue, Coupon No. 13 for
bonds, Nos. 142 through 507, due January 1, 1952, and coupon No. 14 for bonds
Nos. 142 - 507.

                  UNIVERSITY OF KENTUCKY
     3% SECOND P. W. A. BOND ISSUE, $1,000 DENOMINATIONS

DUE                           BONDS NOS.         COUPONS-INCLUSIVE

March 1, 1940                   1 - 3                   1 -3
September 1, 1940               4 - 6                   1 -4
March 1, 1941                   7 - 9                   1 -5
September 1, 1941              10 -12                   1 - 6
March 1, 1942                  13 -.16                  1 - 7
September 1, 1942              17 -20                   1 - 8
March 1, 1943                  21 -24                   1 - 9
September 1, 1943              25 -28                   1 - 10
March 1, 1944                  29 - 32                  1 - 11
September 1, 1944              33 - 36                   1 - 12
March 1, 1945                  37 -40                    1 -13
September 1, 1945              41 - 44                   1 - 14
March 1, 1946                  45 -48                    1 -15
September 1, 1946              49 - 52                   1 - 16
March 1, 1947                  53 -56                    1 -17
September 1, 1947              57 - 60                   1 - 18
March 1, 1948                  61 - 64                   1 - 19
September 1, 1948              65 - 68                   1 - 20
March= 1. 1949                 69 - 72                   1 - 21

*The following represent unpaid coupons:

                              BONDS NOS.                COUPONS

                                179                         9
                                236                          9
                                237                          9
                                154                      12
                                155                      12
                                156                      12
                                235                      15
                                236                      15
                                237                      15
                                214                      20
                                106 - 110, incl.         21
                                149 - 153, incl.         21
                                176                      21
                                214                      21
                                267 - 274, incl.         21
                                289 - 290, incl.         21




 






16



         I request permission to make this letter of official record in the minutes
   of the Board of Trustees and authorization to burn these bonds and coupons.

                                              Respectfully submitted,

                                         (Signed) Frank D. Peterson
                                                  Comptroller.

    After the letter was read, upon motion duly made, seconded and carried, the
matured bonds and coupons which have been paid were authorized burned, in the
presence of the Comptroller of the University and two members of the Board of
Trustees.


    E. Women's Residence Hall--Construction Authorized.

    President Donovan reported that, pursuant to authori zation of the Executive
Committee, the University had submitted application for a federal loan for the
construction of a dormitory for women students.  The estimated cost was
$1, 211, 000. 00. The application for loan was based upon the State making avail-
able the sum of $400, 000. 00, the balance of $722, 000 to be raised through the
issuance of revenue bonds.  It was further explained that this dormitory would
accommodate 304 women students.

    The President further reported that the proper request has been submitted
to the State Property and Building Commission and that body has given official
approval for requesting the Federal loan and the issuance of interest bearing rev-
enue bonds. He stated that plans and specifications are available.

    President Donovan stated that it would be impossible to amortize 100% of the
construction and equipment costs of the dormitory and the grant of $400, 000 from
funds available to the State Property and Building Commission would make the
construction of this dormitory possible.

    Members of the Board manifested keen interest in the project, and upon motion
duly made, seconded and carried, approved the submission of the application to
the Housing and Finance Agency for a loan of $722, 000, and directed the
Comptroller's Office to expedite approval in so far as possible.


    F. Budget Changes.

    President Donovan submitted a list of budget changes which have been request-
ed. The changes aggregated a decrease in budget appropriations of $751. 32, and
an increased appropriation in various departments of $10, 030. 98, making a net
increase in budget appropriation of $9, 279. 66.




 







17



    Upon motion duly made, seconded and carried, budget changes recommended
were approved, and the Comptroller was directed to make the necessary budget
adjustments.  The list of changes was authorized filed with the Secretary of the
Board.


    G. Revised Budget for Department of Radio Arts and Radio Station.

    President Donovan stated that Mr. Elmer G. Sulzer, head of the Department
of Radio Arts and Radio Station has resigned, an acting head has been appointed,
and, upon the request of the Dean of the College of Arts and Sciences, he was recom-
mending that the two departments be merged and the appropriation {or the operation
of these departments be combined.

    The President reported request for an increase of $3, 470. 00, in order to
establish the position of production supervisor. He gave two reasons for establish-
ing the new position and increasing the budget as follows: (1) This person will be
vitally important in any cooperative arrangements with reference to television;
(2) It is only through this kind of a person that we can expect to get our radio pro-
grams on major hookups.  The University of Minnesota has had remarkable re-
sults in this way. He stated that the combining of the two departments and the
increased appropriation was made by Dean M. M. White and he was recommending
approval of the request.

    Upon motion duly made, seconded and carried, the appropriations were au-
thorized combined, and the Comptroller was directed to increase the appropriation
in the amount of $3, 470. 00.


    H. Attorney Employed to Prepare Bond Issue Document.

    President Donovan reported that the Board of Trustees and the State Property
and Building Commission had authorized the filing of an application for Federal
loan with the Housing and Home Finance Agency, Washington, D. C. , for
$1, 400, 000, to help finance the construction of a men's dormitory. The Loan
Agreement has been approved.  The University is asked by the Agreement to sub-
mit legal documents pertaining to the bond issue and an approving opinion by a
reputable attorney of national standing.

    Mr. Peterson reported that he had conferred with Governor Wetherby and
various members of the Executive Committee of the Board of Trustees, and had
secured the services of Attorney Cornelius W. Grafton, Louisville, Ky. , and
Chapman and Cutler, Chicago attorneys, to prepare the necessary documents, and
to furnish approving opinion, and requested ratification by the Board of Trustees.

    Upon motion duly made, seconded and carried, the employment of Cornelius
W. Grafton, attorney of Louisville, Ky., for the sum of $3, 000. 00, with the
understanding that the approving opinion will be given by Chapman and Cutler,




 











bond attorneys of Chicago, was ratified and approved.  The necessary funds were
appropriated for the costs involved.


    I. Comptroller's Position Re-stated and Directive Renewed.

    The University Comptroller made the following statement to the Board:

        "The Board of Trustees on April 1, 1941, by resolution established a
    department of Business Management and Control.  The head of the Department
    was designated as Comptroller of the University. He is charged with the man-
    agement and control of the business and finance of the University. He is
    'charged with the accounting and control of all funds from whatever source de-
    rived of every department and activity of the University and with the control,
    under the law, of all requisitions and purchases and all budgetary matters
    thereof, and shall report such matters in due form through the President to
    the Board of Trustees of the University, but he shall not delegate the functions
    of finance, accounting, and control. ' Some Departments within the colleges
    and the Experiment Station secure bids previous to the submission of the
    requisition to the Comptroller's Office.  This practice has a definite tendency
    to confuse and delay the actual purchase on such a requisition. It often hap-
    pens that the vendor, having bid to the department, feels that such a bid should
    be final and fails to bid when a formal request for a quotation is sent to him.
    This causes unnecessary confusion, delay, and work on the part of both the
    University and vendor personrel.  There is also a tendency on the part of
    some members of the staff to make purchases, thereby obligating the Uni-
    versity for unauthorized purchases.

       "Requisitions are received specifically, specifying one 'brand name' with
    the request, 'No substitution', when it is possible to secure an alteranate at
    a cheaper price which would do the work or is an equal to the product wanted.
    Requisitions are also received without adequate specifications. even though
    they are available, and the wording is so sketchy as to be unintelligible ex-