xt7n5t3fz997 https://exploreuk.uky.edu/dips/xt7n5t3fz997/data/mets.xml Lexington, Kentucky University of Kentucky 19490520 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, 1949-05-apr20-ec. text Minutes of the University of Kentucky Board of Trustees, 1949-05-apr20-ec. 1949 2011 true xt7n5t3fz997 section xt7n5t3fz997 









      Minutes of the Ieeting of the Executive Committee of the
Board of Trustees, University of Kentucky, April 20, 1949.


      The Executive Committee of the Board of Trustees of the
University of Kentucky met in the President's Office at 10:40 a.m.,
7ednesday, April 20; 1949. .The following members were present:
Harper Gatton, T. H. Cutler, J. C. Everett, R. P. Hobson, and G-uy
A. Huguelet.   Absent:  None.   Vice President Leo MA. Chamberlain
and Secretary Frank D. Peterson were also present.



     A. Purpose of Meeting.

     The Executive Committee, pursuant to call and proper notifica-
tion, met on April 20, 1949.   It was stated that the meeting was
for the purpose of considering the sale of Library and Service
Building Revenue Bonds, and the sale of revenue bonds for the
extension of McLean Stadium.


     B. Sale of Library and Service Building Revenue Bonds and
University of Kentucky Stadium Revenue Bonds Authorized.

     The Secretary presented an affidavit from the advertising
clerk of the BOND BUYER, a daily and weekly newspaper printed
and published at 67 Pearl Street, City of New York, County of
New York, State of New York, to the effect that, pursuant to au-
thorization of the Board of Trustees of the University of Kentucky,
3490,000.00, University of Kentucky Library and Service Building
Revenue Bonds, and 300,000.00, University of Kentucky Stadium
Revenue Bonds, would be sold upon receipt of competitive bids
filed with the Secretary of the Board.

     The Secretary reported receipt of one bid from a Louisville
and Lexington Syndicate.   A certified check in the amount of
Q10,000.00 was attached to the bid for University of Kentucky
Library and Service Building Revenue Bonds, and a certified check
for Q6,000.00 was attached to the bid for University of Kentucky
Stadium Revenue Bonds, in compliance with the terms and conditions
of the bond sales.

     The bids were considered, and after some discussion, upon mo-
tion duly made by Member J. C. Everett, seconded by Member R. P.
Hobson, and carried, the following Resolution was presented and
unanimously adopted:




 



2



          A RESOLUTION OF THE EXECUTIVE COMdITTEE OF THE
          BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
          LISTING BIDS RECEIVED FOR Q490,OO.OO PRINCIPAL
          AIMOUNT OF "UNIVERSITY OF KENTUCKY LIBRARY AND
          SERVICE BUILDING REVENUE BONDS" and Qcj300,000.00
          PRINCIPAL AUOUNT OF "UNIVERSITY OF KENTUCKY
          STADIU1NI REVENUE BONDS" AND ACCEPTING THE BEST BID
          RECEIVED IN EACH CASE.



WHEREAS, the Board of Trustees of the University of Kentucky, at a
regular meetingf held on April 5, 1949, adopted a Resolution author-
izing the issuance of Five Hundred Thousand Dollars ($500,000.00)
principal amount of "University of Kentucky Library and Service
Building Revenue Bonds" dated April 1, 1949, and directed that the
Executive Committee of said Board advertise the sale of Four Hun-
cked and Ninety Thousand Dollars (S490,000.00) principal amount
thereof consisting of Bonds numbered One (1) to Four hundred Nine-
ty (490) inclusive, and authorized said Executive Committee to
receive competitive bids for said bonds, to accept the best bid
received and to establish the interest rate or rates to be borne
by said bonds in conformity with the accepted bid, and

     WHEREAS, the Board of Trustees of the University at said
meeting held on April 5, 1949, also adopted a Resolution authoriz-
ing the issuance of Three Hundred Thousand Dollars (o300,000.00)
principal amount of "University of Kentucky Stadium Revenue Bonds,
dated April 1, 1949, and directed that the Executive Committee of
said Board advertise the sale thereof, and vested in said Executive
Committee authority to receive sealed competitive bids, accept the
best bid received and establish the interest rate or rates to be
borne by said bonds in conformity with the accepted bid, and

     WHEREAS, advertisements of said sales have been duly published
in the Bond Buyer as directed by the Board of Trustees, and by meant
thereof public notice was given that sealed competitive bids would
be received in the office of the Comptroller of the University un-
til April 20, 1949, at 10.30 A.M,, and said date and hour lave
now arrived, and the Chairman of the Executive Committee has de-
clared the bidding to be closed, and the Comptroller of the Uni-
versity has produced, opened and read all of the competitive bids
received in his office prior to such date and hour, and the same
are listed as follows:




 







LIBRARY AND SELVICE REVENUE BONDS



Name of Bidder



Price Offered



Interest Rate or Rates
      Stipulated



Almstedt Brothers
J.J.B.Hilliard & Son
Stein Bros. & Boyce
O'Neal,AAlden & Company
J.D.Van Hooser & Company
RussellLong & Burkholder
Security & Bond Company
The Bankers Bond Company


By: P.M. Conway, for The
    Syndicate.



$1017.50 per
51000 Bond



Bonds maturing 1951-56,
inclusive, 2-3/4%,
Nos. 1-150, inclusive.



Bonds maturing 1957-64,
inclusive, 3%,
Nos. 151-366, inclusive

Bonds maturing 1965-69,
inclusive, 5%, Nos.
367-490, inclusive



(Average Interest Costs 2.90986%)




   STADIUM REVEN'JE BONDS



Name of Bidder



Almstedt Brothers
J.J.B. Hilliard & Son
Stein Bros. & Boyce
O'NealAlden & Company
J.D.Van Hooser & Company
RussellsLong & Burkholder
Security & Bond Company
The Bankers Bond Company

By: P.M. Conwiay, for The
     Syndicate.



Price Offered



1O017.50 per
$1,000. Bond



Interest Rate or Rate
Stipulated

Bonds maturing 1950-
56, inclusive, 2-3/4%,
Nos, 1-105,inclusive
Bonds maturing 1957-
64, inclus lve 3%3,
Nos. 106-225, inclu-
sive.

Bonds maturing 1965-
69,inclusive, 34%,
Nos.226-300, inclu-
sive.



(Average Interest Costs 2.90714%)



and




 



4



    WHEREAS, it appears to the Executive Committee that the
best bid received for the Four Hundred and Ninety Thousand Dol-
lars ($490,000.00) principal amount of "Library and Service Build-
ing Revenue Bonds" is that of The Syndicate, offering a price of
$1017.50 per $1000.0o bond, and stipulating interest rates as fol-
lows:



Name of Bidder



Price Offered



Interest Rate or Rates
    Stipulated



Almstedt Brothers         1017.50 per
J.J.B.Hilliard & Son      $1,000 Bond
Stein Bros. & Boyce
O'Neal, Alden & Company
J.D.Van Hooser & Company
RussellLong & Burkholder
Security & Bond Company
The Bankers Bond Company

By: P.I1I. Conway, for The
     Syndicate



Bonds maturing 1951-56,
inclusive, 2-3/4%,
Nos.1-150, inclusive.

Bonds maturing 1957-64,
inclusive, 3%, Nos.
151-366, inclusive,

Bonds maturing 1965-69,
inclusive, 3,%, Nos.
367-490, inclusive.



                  (Average Interest Costs 2.90986%)



     AND, WHMEAS, it appears to the Executive Committee that
the best bid received for the Three Hundred Thousand Dollars
($300,000.00) principal amount of "Stadium Revenue Bondsa is that
of The Syndicate, offering a price of $1017.50 per $1000.00 bond,
and stipulating interest rates as follows:



Name of Bidder



Almstedt Brothers
J. J.B.Hilliard & Son
Stein Bros. & Boyce
O'NealAlden & Company
J.D.Van Hooser & Company
Russell,Long & Burkholder
Security & Bond Company
The Bankers Bond Company

By: P.M. Conway, for The
      Syndicate.



Price Offered



l4l07.50 per
$1,000 Bond



Interest Rate or Rates
   S ti pulat ed

Bonds maturing 1950-56,
inclusive, 2-3/4%,
Nos.1-105, inclusive.



Bonds maturing 1957-64,
inclusive, 3a, Nos.
106-225, inclusive.

Bonds maturing 1965-69,
inclusive, 3%d, Nos.
226-300, inclusive.



(Average Interest Costs 2.90714%)




 


5



     NOW, THEREFORE, THE EXECUTIVE COI1AITTEE OF THE BOARD OF
TRUSTEES OF THE UNIVERSITY OF KENTUCKY RESOLVES AS FOLLOWS:

     Section 1. It is hereby determined and declared that the
highest and best bid received for Bonds numbered One (1) to Four
Hundred Ninety (490) inclusive of a series of ItUniversity of
Kentucky Library and Service Building Revenue Bonds". dated April
1, 1949, and being a part of a series authorized by a Resolution
adopted by the Board of Trustees of the University on April 5, 1949,
is the bid of The Syndicate, offering the sum of $1017.50, per
#14OOQ bond, and stipulating interest rates as follows:



Price Offered



Almstedt Brothers        $1017.50 per
J.J.B, Hilliard & Son      $1,000 Bond.
Stein Bros. & Boyce
O'Neals Alden & Company
J.D. Van Hooser & Company
RussellLong & Burkholder
Security & Bond Company
The Bankers Bond Company

By: P.M. Conway, for The
    Syndicate.



Interest Rate or Rates
    Stipulated

Bonds maturing 1951-56,
inclusive, 2-3/4%,
Nos. 1-150,inclusive.



Bonds maturing 1957-64,
inclusive, 3%, Noso
151-366, inclusive.

Bonds maturin- 1965-69,
inclusive, 3&% Nos.
367-490, inclusivee



                   (Average Interest Costs 2.90986%)



Said bid is hereby accepted by the Executive Committee for and on
behalf of the Board of Trustees of the University of Kentucky. It
is hereby determined that said Bonds shall bear interest in conform-
ity with the provisions of said bid, and the printer shall immedi-
ately be directed to prepare the bonds accordingly.


     Section 2. It is hereby determined and declared that the high-
est and best bid received for the Three Hundred Thousand Dollars
($300,000.00) principal amount of "University of Kentucky Stadium
Revenue Bonds", dated April 1, 1949, and authorized by a Resolution
adopted by the Board of Trustees of the University on April 5, 1949,
Is the bid of The Syndicate, offering the sum of $1017.50 per $1,000
bond, and stipulating interest rates as follows:



Name of Bidder




 



6



Name of Bidder            Price Offered    Interest Rate or Rates
                                             Stipulated

Almstedt Brothers         $1017.50 per     Bonds maturing 1950-56,
J.J.B. Hilliard & Son      $1,000 Bond       inclusive, 2-3/4%,
Stein Bros. & Boyce                          Nos.1-105,inclusive,
O'Neal, Alden & Company
J.D. Van Hooser & Company                  Bonds maturing 1957-64,
Russell, Long & Burkholder                   inclusive, 3%, Nos.
Security & Bond Company                      106-225, inclusive.
The Bankers Bond Company
                                            Bonds maturing 1965-69,
By: P.M. Conway, for The                     inclusive, 3ig,
    Syndicate                                Nos,226-300, inclusive.


                   (Average Interest Costs 2.90714%)


Said bid is hereby accepted by the Executive Committee for and on
behalf of the Board of Trustees of the University of Kentucky. It
is hereby determined that said Bonds shall bear interest in con-
formity with the provisions of said bid, and the printer shall im-
mediately be directed to prepare the bonds accordingly.


     Section 3.   As soon as the finished bond blanks have been
received from the printer, they shall be executed as provided in the
respective authorizing Resolutions adopted by the Board of Trustees
of the University on April 5, 1949, and shall thereafter promptly
be tendered to the respective purchasers named in Sections 1 and 2
of this Resolution, and delivered to said purchasers upon payment
of the balance of the respective purchase prices as set forth here-
in.


     Section 4.   The certified or bank check of the purchaser of
the "Library and Service Building Revenue Bonds", in the sum of Ten
Thousand Dollars (Q10I000.00) and the certified or bank check of
the purchaser of the "Stadium Revenue Bonds", in the sum of Six
Thousand Dollars ($6,000.00), shall be cashed by the Treasurer of
the University, and the proceeds thereof shall in each instance be
deposited as constituting a part of the proceeds derived from the
sale of said Bonds; and said respective amounts (but without inter-
est thereon) shall be allowed as credits to the respective pur-
chasers when the bonds are delivered and paid for.   The checks of
all other bidders shall immediately be returned to them.


     Section 5.   Bonds numbered Four Hundred Ninety-one (491) to
Five Hundred (600) inclusive of the abovementioned series of "Libra-
ry and Service Building Revenue Bonds" may be prepared by the
printer at the same time, and shall bear the same rate of interest




 



7



as Bonds numbered Four Hundred Eighty-Seven (487) to Four Hundred
Ninety (490) inclusive, which mature upon the same date; subject,
howeverto the right and power of the Board of Trustees or the
Executive Committee thereof to provide a different interest rate
for said bonds, if and when the same shall later be ordered sold.
Said Bonds shall be held unexecuted, and may be delivered by the
Treasurer of the University to the First National Bank and Trust
Company of Lexington, Kentucky, for safekeeping L*ending the further
order of the Board of Trustees, or the Executive Committee thereof.


     Section 6. This Resolution shall be in full force and effect
from and after its adoption.











     C. Proceedings Contract for Dormitory Revenue Bonds, 456 Rose
Street.

     The Bankers Bond Company submitted a proposal to serve as fis-
cal agent for the University in the issuance of University of Ken-
tucky Dormitory Revenue Bonds, 456 Rose Street.   They pro-osed to
serve as fiscal agent for a fee of $1000.00 to reimburse for ex-
penses incurred in preparing, printing and advertising bonds for
sale, as compensation for the risk assumed in making a guaranteed
bid and for services rendered in setting up and marketing the bonds
issued.   They submitted a guaranteed bid of 1002 for bonds running
a period of thirty years and bearing an interest rate of 3-i5e.

     The proposal was read in full to the Committee, and after some
discussion, the Committee took the following action:

     Upon motion duly made, seconded and carried, the proposed
Proceedings Agreement by the Bankers Bond Company, Louisville, Ky.,
was accepted, the Agreement was directed executed, and a copy was
ordered filed with the Secretary of the Board.




 



                                                                8



     D. AdJournment.

     Upon motion duly made, seconded and carried, the meeting of
the Executive Committee was adjourned at 11:45 a.m.



                                  Frank D. Peterson
                                  Secretary, Board of Trustees
                                     and Executive Committee,