https://digitalcollections.eku.edu/files/original/bb2f947aea79071bb43c051165d89247.pdf a8b55872dfee5e2b39e98e38b9412836 PDF Text Text - ~57 MINUTES OF THE MEETING of the BOARD OF REGENTS of EASTERN KENTUCK! STATE COLLEGE lfovember 21 , 1955 I The Board of Regents of Eastern Kentucky State College met in the Regents' room of the Administration Building Monday morning, November 21, 1955, at 9 :30 O'clock with the following present: Regents n. E. Blackburn, vice chairman ; A. C. Jones , Cecil C. Sanders, and President W. F. O'Donnell , and Lois Colley, Secretpry . APPROVAL OF 1UNUTES OF PREVIOUS MEET I NG On motion by Mr . Jones , seconded by Mr. Sanders, the Boa rd approved th~ minutes of the meeting of August 1, 1955, as reported to the Board by mail . COMSI:!:lERATION OF ,.'.USIC 3UILD:::'.G FL~NS President O' Donnell discussed first the music building project, stating that when the original plans were drawn by Mr. Abner E. foster, I of Covincton , four years ago, :1!r • .:: . B. Rieman, then executive s ecretary of the State Pr~perty and Buildings Commission, insisted that the building cost not more than ~300,000. Consequently, the architect spe c ified certain materials and construction which wt uld result in a le ss than high-class building. When the Buildings Commission allotted ~250,000 toward the construction of the music building, the Commission asked the architect to revise the plans to make a better building. plans , ::.ir . In the midst of revisinb the Fester decided to take a vacation but promised to have the drawings completed by October 1 , the President said. However , Mr. Foster didn 't have the plans ready unti 1 about :·ovember 1 end the date of ,fovember 17 first set for the opening of bids hP.d to be postponed until December 1. I The t'resident stated that r,:r . Clifford Barnes , expediter for the Buildings Commission, called him recently end informed him that the college would have to i ncreAse the incidental fee by the music building could be constructed. t10 .oo before President O'Donnell said he discussed with Lr. Barnes the fact that fuorehead State College had dedi cated a part of its incidental fee to the building fund ~nd also that Eastern had done this for the construction of the library addition a number of years ago . 11-21-55 He said that Mr. Barnes told him, regardless, that �the fee would hAve to be increased and that $7.00 of the in crease should be dedicated to the r.i.usic building fund . President O' Donne ll told the Board that he was worried because only two general contractors have taken out plans for the purpose of nakinr, bids on the huilding . CHANGES IN PERSONNEL .AND SALARIES President O'Donnel l recomnended for the 3oard 1 s approval the I following changes in personnel and salaries that have been made since the last meeting of the Board : Resignation s Mrs . Elizabeth Adams , se cret~ry to the Dean , left her position Sep-ce,:ib er 24 to accompany h fl r husband to Orlando , r'lorida, where he had accepted a job . Mrs . Joyce Davis , Stenog r apher in the Registrar's Office , resigned her position August 27 . She and her husband and baby live in the Vi lla ge . }Ir s . Denyse Campbel 1 Murphy, stenographer in the Boo1<keeper' s 0ffi ce, l eft her job September 10 to accept a tea c hing position in the Brodhead I High School. Staff Appointments Mi ss Joan Dawson , of Hi chmond , a senior at Eastern, was employed in the Registr ar ' s \Jffi ce for three wee!cs , August 29 throu gh September 17, to replace :::Irs . Davis, at a salary of ~25 . 00 a ·week . JJrs . Betty tiacfarl ane , ,,those husband is a student at Eastern , replaced Lliss Dawson in the Registrar's Office September 22 at a s alary of $25 . 00 a week . She was t ransferred to the Dean ' s Uffice as mimeograph operator November 7 at the same salary • . f.iss Laura E. Todd , of Ri chmond , a senior , was employed a s secre cary to the Dean of Vfomen from August 8 to September 17 at a salary of $35 .00 a week . Miss Dean Rubar ts , a g r aduate student , was employed September 12 as se cretary to the Dean of Women at a salary of ~30 . 00 a week. Mrs . Coetta Lucas Combs , a graduate in the June class, was appointed account s clerk in the Busin ess Office August 2 a t a salary of $150 . 00 a month to replace Mr s . Joan Scal os, I·lr. Combs is a freshman at ~astern . filr s . Betty Scrogham, al so a student 's wife , was employed as clerk- 11-21-55 I �- 4'59 typist in the Business Office at a salary of ~25 .00 a week beginning September 21 replacing furs . Egnew . Mrs . Jane Parker Johnson, wife of one of our students, was employed September 12 at a salary of ~25.00 a week to replace Mrs. Denyse I Murphy in the Bookkeeper's Office . ..!rs. Johnson is a graduate of Eastern . Hrs. Kathryn K. ~earns, wife of one of our graduate students , was appointed to a part-time stenorraphic position in the Personnel Office at a salary of $13 . 00 a week beginning September 12. Mrs. Kearns is a graduate of Eastern in the class of 1954 . Mrs . Pauline Allen , whose home was formerly in Ashland, was appointed September 13 at a salary of $2200 e year for the position as social director of Burnam Hal 1 formerly held by Hrs. John Hagan. Mrs . Inez Claxton, of Clinton, was employed as supervisor of Sullivan Hell beginning September 1 at a salary of ~24JO for twelve months . Mrs. Sadie Morris, formerly connected with Oneida Institute, was appointed night supervisor of Sullivan rlell at a salary of $100.00 a month I beginning October 1. hlrs . ~orris patrols the hall at night to guard against fire hazards as Miss Bales does in Burnam Hall. The President said he also wanted to recommend the appoi ntment of Shirley Kearns, a graduate student end former basketball player at Eastern , to assist Coach ].(cBrayer with the basketbal 1 team for five months. beginning November 1, 1955, at a salary of i5o . oo a month . On motion by Mr . Sanders, seconded by Ur. Jones, the Board approved on roll call the staff appointments and accepted the resignations as listed . Faculty Appointments Miss Elizabeth Kessler, of Savannah, Georgia, was employed to teach in the English Department at a salary of $3600 for nine months beginning September 1 . I Miss ~essler received the B. A. degree from Newberry College , Newberry, South Carolina, arrl the M. A. degree from the University of South Carolina . She has done postgraduate work at George ieabody College. She has taught in primary grades of Savannah, senior high school at Lexington, South Carolina, was assistant profe ssor of English at Newberry College for two years, exchange teacher to England in 1953-54, and came to Eastern from Georgia Teachers College et Collegeboro, whe re she has been a member of the faculty for the past four years . 11-21-55 �Mr . Willard Thomas McHone , whose parents live in Berea., was employed in the Art Department , replacing ''rs. Tarwater, at a salary of $4300 fo r twelve months beginninr September 1. Mr . \lcHone received the A. B. degree from Eastern in 1949 and has completed al l work on his master's degree from the Uni ver si ty of Louisville except finishing his thesis • He taught in the I Okolona High School , Jefferson County, one year after his graduation and for the pa.st five years has been teaching in Southern High School in Jef fe rson County . Mrs . Carl Todd , a. nurse with the il'1adison County Heal th Department, was employed to teach one class in Home 1-iursinr; during the first semester at a salary of ~20 . 00 a week beginning September 10. :',frs. Louise l.icilvaine was employed to tea.ch four classes in English during the first semester at a sa lary of t265 . 00 a month beginning Septem- .'!rs . !fla.ry Baldwin , a. teacher in the Madison High Sch ool , Richmond , is teaching a class in English on Saturdays and receives a salary of ~75 . 00 a month f rom October 1 thr ough January 21, 1956. Mrs. Har old P . Adams, of Lexington , was employed to teach Saturday I classes in Education at a salary of ~35 . 00 eRch saturday she teaches beginnin g October 8 . On motion by 11lr . Jones , seconded by 1.r . Sanders , the Board approved on roll call the facul ty a.ppoinu~ents at salaries listed above . Salary Increases of Two Members of the Office Staff The President reported the t the salaries of ;1'1rs. Janice Burton Caudill, stenor,rapher in the Dean 's Office, and Ur s. Barbara. Reed , clerk-typist in the Dea.n 's Office, were increased froM $25 . 00 to $35 . 00 a. week beginning October 24 . He said these increases were eranted because of extra duties performed by !.frs . Caudill and ;,1rs. Reed since the resig:rrntion of :.1rs . Eliza.- I beth Ada.ms in Septembe r. Employment of Additional Wightwatchman The employment of William V,ylie , a. sophomor e at Ea.stem , as an extra night watchman beginning October 10 at a salary of t 35 . 00 a week was reported by President O'Donnell. He said that Vlylie is 29 years old, is married , and is a mature person . iie was formerly a state policemen and is highly recommended by the Richmond Chief of Police 1~ewland , who was 11-21-65 �formerly w:i th the police force for the state himself. y;ylie and Donald Littrell patr ol the campus at night and call the city police if needed for any em ergency. In addition to these two young men , Hr • .Mullins is employed fo r buildings nightwatchman, particularly to patrol the Adminis- I trati on 9uilding . Payments to Staff Members for Extra Serv ices During KEA Conferences T!-te President recommended the payment of the following amounts to members of the staff who perfonned extra services durinG the meetings of the Classroom Tea chers of Kentucky August 8- 9 and the Leadership Conference of the Kentucky Education Associati en August 10-12 held on the Caffi!)US: rs . Emma Y. Case , Dean of ,·romeo ~100.)0 :!.iss ~dith L . }fo:!: 1 va.:.ne , CP.feteria Directo::100.00 :.:rs. Katharine Chenault, Student Uni on Hostess 50 . 00 11 '.)n moti on by :.:r. Jones , de conded by •-r • ..,anders, t he 3oard approved on roll ca ll the salary increases for ~Jr s. Ce.udi 11 and Hrs . Reed , the employment of the n ight watchman , and the payment to staff members for I KEA c onfe r e nce services. CONCLUSION OF LEAVE FOR MR . :foCONNELL President O'Donnell re ported that !.Ir. E . P . McConnell, Bookkeeper , r eturned to h is wo r k here September 1. that :fr . He said the Board would re call McConnell was granted a leave of P.bsence with pay du ri ng June, July, and August because of ill health . DEGREE GRA!TTED TO JOH~ H. COOPER John .t:I . Cooper , a member of' t:ie Department of :foal th and Physical Education faculty, hns completed all the r equi rements fo r the degree of Doctor of Physi cal Edu cation at =ndiana University, the P r esident reported . Although the diploma will not be cor.i'erred unt.il next June, according to accepted practice at the University, Mr . Cooper is now entitled to be ad- I dressed as Dr . Cooper, the President added. He said al so that a number of the you~~ ~aculty nen are working on the doctorate . PROPOSED CHRISTMAS PAYM3NTS TO ~,1.AINTENA~CE FORCE Presid ent C 'Donnell r eminded the Board that during the last two or thr ee years the maintenance force has b ee n given at Christmas time a check eq.1ivalent to approximately 70 percent of their weekly salary. reconnnended that this practice be contfaued thi:i ;year. 11- 21- 55 He After maki ng de- �ductions for those who have been with the colle[;e less than twelve months , he added, the payment, based on 100 percent of the weekly salary, will total around ~1800 . ie said this is a considerable sum but it represents less than a two percent increase in the annual wages of these employees . He stated that he would really like to give them the equivalent of one week ' s salary. for the Board 's info r mation in considering this pr oposal , I the President submitted the entire list of maintenance eriplcyees with their v,eekly wages , as follows : Name Position Vieekly Wages i.!e chanic- Plumber Hilbert Barnes $46.00 Sam 9urton .rarr:1 :.eborer 22 . 50 Hugh Bates Campus Laborer 35 . 00 '.faria Bates Maid, College Hospital 18 . 00 'ilil li am Beamon Janitor, I~en ' s Dormitories 37 . 00 J,:m i tor , Roark James 3lack ( ~ mo~ths) 33 . 00 Harvey Brooks Janitor, Science 41 . 55 George Bosley Jani tor , Burnam 39 . 00 ·fochnnic C. L. Bowling 54 . 00 Elizabeth Chenault ~aid , Health Bldg . 18 . 00 Rebec ca Cravrford iiaid, Pr esident's Home 17 . 00 James Crowe Fireman 47 .oo ;.'.a ggi e lJi 11 in {;ham :.~aid , :urn am 18 . 00 Foster Doty Crurpus Laborer 15 . 00 Fireman MoKinley Dudley 47.00 Geor ge Duer son Janitor, Library 37 . 00 Herschel Duerson Janitor, Sullivan 35 . 00 Sarah Farris llaid , Burnam 18 . 00 Paul Ferrell Janitor , Adm. Building 37 .oo Vi . C. Forston C!l.ie:' Engineer 69 . 23 Charles :'owl er Carpenter 50 . 00 'r1iil liam G. i<rancis Garbage Collector 35 . 00 Raymond Gabbard ? lasterer 55 . 00 Ernest Gentry (6 mon ths) Janitor, Arts 5uilding 33 . 00 Janitor , Model H. S. Reed Gilber t 39 , 00 Huber t Golden Tru ck Driver 38 . 00 Painter 44. 00 James Hol comb (~ months) Fireman James Hiatt 33 . 00 Eva Hisle Ma id , Burnam 18 . 00 James Howard Jeni tor , I·fon 's Dor mitories 35 . 00 George Jackson (11 months) Campus labore r 33 . 00 Addis Kindred Pa.inter 55 . 00 ?,!aid, Sullivan Nannie Lewis (11 months) 18 . 00 Ermnett Million Maintenance Foreman 45 . 00 Walter Mullins Ni e;ht Watchman 40.00 John Patton Carpenter 55 . 00 Fireman James Robertson 47. 00 Lee Roy Smith (11 months) Campus Laborer 33 . 00 Joe Smith Campus Laborer 35 . 00 Theresa Smith Uaid , Burnam 18 . 00 Allen Thomas ( 4 months) J<U1itor , Keith Hall 33 . 00 George Todd Painter 48 . 40 Herber t Turne r Plumber's He lper 35 . 00 James Turner Janitor , Sullivan 35 . 00 Betty Warfo r d Maid , Music 3ldg. 9 . 00 rlazel Warford Jani tor , Heel th Bldg . 45 . 00 R. L. Warren Carpenter 50 . 00 Alonzo Whi te Janitor , Training School 35 . 00 Oscar White Janitor , Adm . Building 40 . 00 Vertee Hawkins Janitor , Student Union 37 . 00 Clarence Stone Janitor, Student Union 40 . 00 Mary Ann Kennedy ila id , Student Union 17 . 00 Total Heel:ly ViaGeS $1 , 902 . 68 11- 21 - 55 I I �The 3oard agreed with the .r'resident that it is a good policy to continue makinG these extra payments to the maintenance force and, on motion by Mr . Jones, seconded by .Ir . Sanders, approved the payment of one week's salar y to the persons who have been employed for twelve months , I with a pro- rated amount for those who have been employed for less than a year . BUDGET FOR T'IE BIENNIUM 19 56- 58 President O' Donnel l to l d the Board that he regretted he could not at this time pr esent a definite recommendation relative to the amount of money which should be r equested from the legislature for the operation of the college dur ing the biennium 1956- 58 . He said the college preside~ts have been working since the middle of July vd.th the Budget Division of the State Department of Finance and numerous meetings have been held to discuss the amount required to provide a continuation program for each college . The fresident said it is quite evident that it will take considerably I mor e money just to hold our own the next two years . He said that all services 8Ild mater ials are expected to cost ~ore and that the college will also need an enlarged faculty to take car e of the 30 percent increase which it had in its enrollment this yea~ and the further increases we have every reason to believe we will have both next year and the next . He said he had already reported to the Board by mail that we will need an annual appropriation of not less than $850,000 but he now believed it will be nearly $900, 000 . President O'Donnell said that the average student-teacher ratio in the Southern Association Colleges during 1954- 55 was 15 students to ea.oh teacher and the average in the nation was less than that. He stated that Ea.stem's aver age is 25 students per teacher, and only one school in the I South reported as many as 21 students to a teacher last year. Mr , Sanders asked how many faculty members the college employs . President O' Donne l l replied that there are about 85 college teachers . Mr . Jones asked whether this high ratio of students per teacher might jeopardize Eastern ' s standing with the Southern Association. dent r eplied that it would . The ?resi- He added that the State Budget Division estimated thElt Eastern needs 108 teachers next year and 118 the following 11- 21- 55 �co 't:l ~ ::r: year . 1Ar . Sanders asked if there were enough classrooms for additional teachers . The President stated that class schedules would be rearranged so that classrooms may be used 100 percent of the time instead of about 70 percent as they are now used and that with the new classrooms in the music building there would be enough rooms for a larger number of classes . Mr. Sanders asked if the colle ge would have enough money to pay I salaries of additional faculty members for the coming two years and the President replied that he would expect to offer only nine months' cont ract s to new members . since no additional teAchers wer e needed for t he summer session. their estimates colleges . Also . he added , the State Budget Division included in A salary of $4800 for each new teacher for the state In reply to another question from Mr . Sanders if the 108 faculty members would bring Eastern ' s ratio up to 21 stude~ts per teacher . President O'Donnell said it would • •:1r . Jones asked if the pressure for the Linimum Foundati on Program would make it difficult for the state colleges to get more money for their own use durin 6 the next biennium. The Presi- dent expressed the opinion that the needs of the public schools would be taken into c onsideration first. and he agreed that the need of the schools I is great , but this could result in disaster for the state colleges unless the state ' s income is increased . APPROPRIATION FOR SPRINKLER SYSTEM ?resident O' Donnell reported to the Board that the State Division of Insurance has appropriated out of its surplus ~19 . 547 for the installati on of sprinkler systems in Memorial Hall . Old Burnam and Sullivan Halls . The said that it is estimated the work will be completed by June 1, 1956 . This installation will add very mu ch to the safety of these buildings , the President stoted . ~r. Jones asked of all this work could be d one for that amount of money and the President replied that he h~d called the Insurance Division about this but was unable to get informstion on the scope of the proposed work . COMPLETION Or' lfftTETEE] ROOMS IN KEITH HA.LL President O' Dor.nell informed the Board that nineteen r ooms ~nd the supervisor ' s apartment in Keith ]"Ill have now been completed and ?rill be occupied the week of ]ovember 21 or 28 . .1'3 said that es fast 11s finish ed E-21- 55 I �rooms are e.ve.ile.ble students ~~11 be moved from the unfinished rooms which they 1-iave occupied since the begim ine; of this semester. DELIVERY OF NE"l FUR': ITURE '.:'O SULLIV.Ai~ "f{ALL The President stated thRt most of the furniture for Sullivan Hall I he.s been received and is now in us~. He said all cf the new furniture for Keith ]e.11 has been r e ceived exce_ t th A furniture for the lounge which probably ~~11 not arrive before the first of the year . REPORT ON AUDIT FOR I- ::i:3CAL Y1AR .i:..iDL'llr JUNE 30 , 1955 ?resident O'Donnell said th8t copies of the audit report made by the William Cotton Company ,·rere mailed to members of the Board last week . He reported that the auditors complained that the college has not made the changes recommended in pr evious audits but stated that the auditors wrote : "Regardle ss of this fact. we found no evidence of loss ." The President said the Cotton Company hes always insisted that we need e.n internal auditor and that nearly all of the operations now being done by hand could be perfonned more effecti vel)' end efficiently with accounting I me.chines . President O'Donnell reportP.d to the Board th~t he endorses these recommendations but in the interest of economy he had not pressured the Boe.rd for approval and implementati on of the recomr,ended chani:;es . He said he was sure the pro cedur e now us ed in the Business Office could be improved but he we.s a l so confident that while our bookkeeping methods are not efficient they do safeguard the coll ege's funds . He stated that in the event the Soard directs the college to ohange its bookkeeping system he believed help can be obtained from Dr. Frank Peterson, Vic e President of the University of Kentucky, ,vithout having to pay for it . :.n-. Wallingford of the Cotton Company has indicated that the Company would expect to be compensated for any services rendered in set- I ting up a new accounting system. fresident O' Donnel l said thqt the Cotton CCtllpany has insisted that all bills for the college shoul d be prepared by one agen cy end collected by another so that a better check could be made between the college 's anticipa ted income and the actual receipts . The rresident said that the college has a fairl y good check on tnis through a sampling of receipts given to students . 11-21-55 He explained that whenever a student withdraws, his �account in the Business Office is checked to determine what refund, if any, he will be entitled to receive. The uncertainty about which students might withdraw provides e check on all studen-': payments to the college. In addition, the President said, no student is enrolled and no class cards can be written until his schedule card is st~~ped paid by the cashier . Iiir . Sanders suggested the employment of an internal auditor to I act also as an administrative assistant to the President would be money well spent, even if it is neressary to pay a salary of $6000 to obtain such a person. Both Mr . Jones and Mr. Blackburn agreed with i1ir . Sander s that this would be an excellent solution to the problem of having an internal auditor and would also relieve the President of many details of administratil n. ADDITIONAL PARKING SPACE NEEDED President O'Donnell asked the Board 's approval of making a parking lot 80 feet wide and 240 feet lonG between the Health Building and Keith Hall and adja cent to Park Drive. He said the cost ~111 be approximately $1500 for g rading and for the rock base, and he added that it may be possible to blacktop the area !1ext year . The President said thRt al though I the space will provide room for 40 or more cars it will help the parking situation some but won't relieve it. He said that during eny hour of the college day r;ore than 600 cars are parked on the campus or on streets near the campus . The i resident said the t the St.ate Prope rty and Buildings Com- mission has been requestedto l et the college use the small balance s in the allotments for Sullivan rla] 1, the gymnasium roof, and Roark basement im- provement to pay the cost of the parking project. FINA.l."l"CIAL STATEMENTS President O' Donnell cal led the uoard ' s attention briefly to the statement of budget encumbrances and expenditures for the first quarter of the fiscal year and sai d expenditures and balances are in line with those of the first quarter of any year. He stated that the large outstanding checks, listed on page 17 of the report, were for the following accounts : Check No . 29-$14,302.25 II " 30- 59,446.01 II 31- 10,478.00 II 32-123,362.98 " ,, - Keith Hall Building Revenue Rund Mi l estone Fund State 7reasurer for Revolving Fund In response to a question about the far m income , the President said that tne farm showed a profit of $282 . 82 for the period . He stated that 11-21-55 I �the men i~ charge of the farm operation were planning to resume the pasteurizing of milk produced on the farm and discontinue the practice of selling milk to Berea College, then buying it baok for use in the cafeteria and grill. I He said the operators of the farm believe they can make more money by doing their own pasteurizing. Mr . Sanders asked about the agriculture courses offered at Eastern and said he understood that mRny students wo~ld like to oome to Eastern for this work but they felt the University offered a more complete program. ?resident O' Donnell said the State Board of Education required students in the state col l eges to do their student teaching in agriculture at the University but when these students went there to do their student teaching they found that many of their credits in agriculture were questioned by officials in the College of Agriculture. After much inconvenience and dissatisfaction under this procedure, the President said he went to Dr . Donovan and Dean Cooper to try to work out a better system of cooperation between the two departments and a formal agreement was prepared by which I Ea stem would offer the first two :rears fur agriculture majors and the Uni versity would accept their work toward the final two years there . He stated that after World War II the University had bui]t up a large department and faculty in agriculture and had made preparations to carry on an enlarged program in that Department. RESOLUTION ON BOND SALE FOR r.nJSIC BUILDING At 11:00 o'clock the President called into the meeting Mr. John Farra, representative of the Kentucky Company, who presented the followin 6 documents for considerati on by the Board: 4 Resolution Providing for the Issuance, Sale and Delivery of Building Revenue Bonds of 1955, to pay the Cost of Constructing a ~ew ~usic Building upon the Prenises of Said College. Statement of Terms and Conditions of Bond Sale . :lot ice of Sale of Bonds. .. I Mr. Farra read the Statement of Terms and Conditions of Bond Sale to the Board, and each member of the Board read the pr oposed resolution. Hr. C,anders moved that the Resolution for the Issuance, Sale and Deli very of Bonds be adopted. Th':l Motion was seconded by }:r. Jones and approved by the Board on roll call. . un motion by i.l:r. Sanders, seconded by 11-21 - 55 l{r. Jones, the ~oard approved �also, by unani mous vote, the Statement of Terms and Conditions of Sale and the Notice of Sale of Bonds , and the doctlI'lents were signed in quintuplicate by Mr. Blackburn, vice cheirman, and the secretary. Following are copies of the Resolution, the Statement of Terms I and Conditions, and Notice of Sale of Bonds : A RESOLUTION OF TH~ BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE PROVIDING FOR T;IB ISSUA.t'JCE , SALE AND DELIVERY OF BUILDING REVENUE BONDS OF 1955, TO PAY THE COST OF COUSTRUCTING A NSW MUS IC BUILDIPG UPO:J THE PREMISES OF SAID COLLEGE. Y/HEREAS , Eastern Kentucky State College and its students are not now being provided with adequate buildings for educational purposes and in order to provide same, it is necessary that a new music building be constructed upon premises owned by the College; and WHEREAS , plans and specifications for the same have been prepared and submitted to the Board of Regents and the same have been e pproved and construction bids will be received and acted upon prior to the sale of the bonds hereinafter authorized, and appropriations toward the cost of said building have been me.de by the State Prcpert:r and Building Com:iission, I indicating to the Boa.rd of Rege::1ts that the cost of such proje ct will exceed the available funds on hand and which have been set aside for that pur pos'3 , by not more than Three :Iundred Seventy-Five Thousand Dollars ($375 , 000 . 00) ; and ~\'HEREAS , under the pr ovis.;.0::1s of Section 162 . 340 tc 162.380 of the ;~entucky Revised Statutes the Board of Rer;ents of Ee stern Kentucky State College , a s the governing body o_ said state educational ~nstitution , is authorized to issue bonds as hereinafter provided fo r the purpose of financing the cost of said project to the extent not otherwise provided , and the i ssuance of bonds has been approved ru1d authorized by the St ate Property and Buildings Gomrnission , f:s required by law; NOW , T:IEREFORE, T~ BOARD OF REGE~TS OF EASTERN KENTUCKY STATE COLLEllE HERE!'Y RESOLVES AS FOLLOWS: Section 1. Thl\t the plms and soP.cif'ications prepared and sub- mitted to this 3oard for the construction of a new music buildinc upon premises o-·:ned by the CoJlege , are hereby in all respects approved . Said new building vd. th appur tenances is hr.reir.after s or:i.etimes referred to as 11-21-55 I �the "Pr0 j ect, 11 and sa.:.d Project .:..; hereby declared to be A building for use by the College for educationq~ .Jurposes ,;i thin the meaning and application of \RS 162 . 340, et . seq . Section 2 . I In order tc., prov ice i'0r the payment of the costs of the Project n0t otherxise pr ovided , there shall be and there are hereby ordered to be issued by the Board of r.egis:'lts of Eq::-tern Ker.wcky State College, in its corporate name, and as a state educational institution and ager,cy, bonds which shall be de.s.:.g.1e.ted "Eastern iCentuch.-y State College Building Revenue Bonds of 1Jo5, " in the ae,gregate principal amount of Three dundred Seventy- Five Thousand Dollars (;375,000.00) dated December 1 , 195 5, consisting of three hundred seventy-five (375) bonds of the denomination of One Thoucand Dollars ($1 , 000 . 00 ) each, to be numbered consecutively from one (1) to three hundred seventy- five (375) , both numbers inclusive, bea ring interest to be evidenced by coupons attached to each bond and maturin 6 one June 1 and December 1 of each year to tte respective maturity dates of the principal at a rate not ex- I ceeding six per cent per annum (R.%) , (the exact rate , or rates, to be detem.ined at the time of the receipt and consideration of financing proposAls As hereinRfter provided.) Said bonds shall mature serially and in numerical order , as follows: BONDS 1-JUMBERED I 1-10 11-21 22- 32 33- 43 44-55 56-67 68-80 81- 93 94-107 108-121 122- 136 137-151 152-167 168-183 184-200 201-218 219- 236 237- 255 256-275 276- 295 296-315 316- 335 336- 355 356- 375 PRINCIPAL AMOUNT $10 , 000 . 00 11, 000.JO 11 , 000 . JO 11 , 000 . )0 1:::, 000 . 00 12, 000 . 00 13, 000 . 00 13 , 000.00 14, 000 . 00 14 , 000 . 00 15, 000 . 00 15,000.')0 16 , ClJ0 . 00 16,000.'"10 17 , 000.00 18,000 . JO 18 , 000 . 00 19, 000. 00 20 , 000.00 20 , 000.00 20 , 0"'lv . :) 20 , 'JOO , JO 20 , 000 . )0 20,000 .oo DATE OF 1-r:ATURITY December December December December December DeceMber December Decem~er December December December December December December December Decer:iber December December December December December December December December 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1957 1958 19 59 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1372 1973 1974 1975 1976 1977 1978 1979 1980 provided , however , that said bonds uwnbered 44 to 375, inclusive , or such Qf them as may be outstanding from t~me to time , Shall be redeemable prior to maturity in whole , or from t imP to time in part, in the inverse order 1) - 21- 55 �- e.c "u ,.... - 470 ::r:: of their maturity (less than all of a s~ngle maturity to be selected by lot), on any interest payment date on or after December 1, 1960, providing a notice specifying the bonds to be redeemed shal 1 have been on file at the place of payment of the principal and interest at least thirty (30) days prior thereto, and provided also that such notice shall have been published at least once not less than thirty (30) days prior to the re- I demption date in a nevspaper having general circulation throughout Kentucky, and provided that th?. holder of each bond so redeemed shall be entitled to receive on the specified redemption date the face amount of the bond , together with interest to the redemption date at ~he applicable coupon rate, and together with additional interest, per bond , in the sum of Thirty Dollars ($30 . 00) if the redemption date is prior to :Cecember 1 , 1965 ; Twenty Dollars ,~20 . 00) if the reder.i.ption date is on or after De cember 1, 1965 , but prior to December 1, 1970; and Ten LJollars ~10 . 00) i f the redenption date is on or after December 1, 1970, but prior to December 1, 1975 . If the redemption date is on or after December 1 , 1975, no such additional interest shall be due or payable. All bonds called for redemption and for vhich funds are duly provided as herein provided shall cease to bear I interest as of the redemotion date . Said bonds shall ~e signed for and on behalf of the Board of Regents of Eastern Kentucky State Col le ge by the Chairman of said Board of Regents, attested by its Secretary, and sealed w.i.th its corporate seal , and the interest coupons attached to said bonds shall be executed with the facsimile signatures of said Chairman and sRid Secretary, and if any officer whose signature or counter-signature shall appear on said bonds or coupons shall cease to be sich officer prior to the delivery of the bonds, such signature, or counte~signature shell be valid for all purposes , the same as if such officer had continued in office until such delivery, and said bonds together w.i.th interest thereon, and together with any additional bonds ranking on a parity therewith as may be issued pursuant to the restrictions and conditions thereina.fter set forth , shall be payable in lawful money of the United States of America at the office of State Bank and Trust Company, in the City of Richmond , Kentucky , but only out of the "Buildine; Revenue Bond and Interest Hedemption Fund of 1955," hereinafter created, and shall be a val id cle.im of the holders hereof only against 11-21-55 I �- 111 said fund , and the gr oss in come and revenues of the Project pledged to such fund . Said bonds shall be fully negotiable , but may be registered as to principal only on the books of the Se cretary of the Board of Regents of I Eastern Kentucky State College , such registration to be noted by said Secretary on the fonn provided for such purpose upon the reverse of each bond , after which no transfer of such bonds shall be valid unless made on such books at the written request of the registered owner or his authorized representative , and similarly noted on the reverse thereof; but any registered bond may be discharged from registry by being registere« to bearer, and thereafter t ransferability by delivery may be restored . Registration said bonds , as aforesaid , shall not affect the negotiability of the coupons appur tenant thereto, which sh911 continue to be transferable by delivery nerely, and shall re:-iein payable to bearer . Section 3 . The afor esaid bonds and coupons shall be in substantially the following form , to- wit : I ( F0P.}: OF BOND) UNITED STATES OF AMERICA CO!.lMO'NHEALTH 0F l<:.J.~ TIJCKY EASTERN KENTUCKY STATE COLLEGE BUILDING REVE:,lJE BOND OF 1955 No . $1 , 000 . 00 KNOW ALL MEN BY THESE PRESENTS : That the Board of Regents of the Eastern lentuoky State College as a state educational institution and agency , for value received hereby promises to pay to the bearer, or if this bond be registered, to the registered holder hereof, as hereina~ter provided, the sum of One Thousand Dollars ($1 , 000 . 00) on the first day of December 19_ _ , with interest thereon from the date hereof until paid at the rate of I per cent ( ----- -%) per annum, payable semi - annually on June 1 end December 1 of each year , except at the provisions hereinafter set forth vn.th respect to prior redemption may be and become applicable hereto , such interest as may accrue on ar.ct prior to the maturity date of this bond to be paid only upon presentation and surrender or the annexed in- terest coupons as they sever ally mature , both principal and jnterest being payable in lawful money of the united States of America at the principal 11-21-55 �- 47Z office of State Bank & Trust Company, in the City of hichmond , Kentucky. The right is hereby reserved to call and redeem bonds numbered 44 to 375 , both numoers inclusive, of the series of which this bond is a part, pri or to stated maturities , in whole , or from time to time in part, in the inverse order of their maturity ( less than all of a single maturity to be selected by lot) on December 1, 1960, or on any interest payment I date thereafter providing a notice specifying the bonds to be redeemed shall have been on file at the place of payment of the principal and interest at least thirty days (30) pri or thereto and providing also that such notice shall have been published at least cnce not less than thirty (30) days 2rior to the redemption date in a newspaper having general circulation throughout Kentucky; and providing that the holder of each bond so redeemed shall be entitled to receive the face amount of the bond , together with interest to the redemption date at the applicable coupon rate and together with additional interest which shall be in the sum of Thirty Dollars ($30.J0) per bond if the redemption date is prior to December 1, 1965; Twenty DollP-rs (~20 . 00) per bond if the redemption date is on or after De~e~ber 1, 1965, but prior to December 1, 1970; ond I Ten Dollars ($10.00) per bond if the redemption date is on or after December 1 , 1370, but prior to De cember 1, 1975. If the redemption date is on or after December 1, 1975 , no such additional interest shall be due or payable . Bonds called for redemption as herein provided and funds for the payment of which have been duly set fl.side, shall cease to bear interest as of the redemption date . This bond is is sued for financing th£ cost not otherwise provided of constructing a new mus.i.c bL2ilding and appurtenances , for educational purposes i.1 ccnnection with Eastern .ci:E:intucky State Collage under and in full cor.ipliance with the Cons ti tut ion and Statutes of ,i.entucky • including among others, Sections 162.340 to 152 . 380, inclusive, of the Kentucky Revised Stat~tes . This bond and the s~ries of whicr. it is r> port , anJ any bouds rankin:; on a pari ty therewith Rs may be is sue d pursuant to the conditions and restrictions prescribed in thst con 1ection, are payable only from a fixed amount of the gross inc0r1e •md revenues to be derived fn,m the opereti.on of said music b-.lilding and e.ppurtene.nces, which will be set aside as e. special fund and ?ledged for that purpose and identified as 11-21-55 I �- 473 the "Building Revenue Bond and :;: -. '::ere st Red empt ion ?und of 13 55;' end this bond does not oonstl tute e.n indebted.>1ess of the Eastern i\entuck:y State College or its 3oard of Regents or of the Ccm.:1cn·;19al th of Kentucky within the meaning of any constitutional provisions or limitations. I T~is bond is fully negotiable, but may be register ed as to principal only on the books of the Secretary of the Board of Regents of Eastern Kentucky State College, such registration to be evidencea b✓ notation thereof on the reverse hereof by said Secretary , after which no transfer of this bond shall be valid unless made on said b ooks at the vrritten request of the registered owner or his authorized representative and similarly noted on the reverse h~reof ; but this bond may be discharged from registry by being registered to bearer, and thereafter transferability by delivery sh.all be restored . Registration of this bond as aforesaid shall not affect the negotiability of the coupons appurtenant hereto , which shall continue to be transferable by delivery merely end shall remain payable to bearer. I A statutory mortgage lien upon said music building and appurtenances , which is hereby recognized to be valid and blnding, is created by KRS 162. 350 and KRS 162 . 200 fer the benefit and protection of the holder s of the bonds and coupons of the series herein referred to , and said statutory mortgage lien shall remain in full force and effect until the payment in full of all bonds of said series, includint parity bonds , with all interest due thereon. IT I~ HEREBY CERTIFI ED, RECITED A.."ID DECLARED, that all acts, conditions and ttlngs r equired to exist, happen and be performed precedent to and in the issua nce of thi s bond do exist, have happened and have been performed in due time , form and manner as required by law, and the amount of this bond , together with al l other obligations of said Easte r n Kentucky I State College and its Board of Regents , does not exceed any limit prescr ibe d by the Constitution or Stat utes of Kentucky ; that said music buildings and appur tenances wil l be c ontinuously operated by said Eastern Kentucky State College and that a suffi c i ent portion of the gross income and revenues t~erefr om has been pledged t o and will be set aside into a special account for the payment of the principal of and interest on all bonds which by their terns are made payable therefrom. 11- 21- 55 �IN WI TNESS ViHEREOF • the Board of Regents of Eastern Kentucky State Collage has caused this bond to be signed by its Chair man , and its corporate seal to be hereunto affixed, attested by the Secretary, and the coupons hereto attached to be executed with the facsimile signatures of the said Cha i rman and said Secretary , who , by the signing of this bond , do adopt said facsimile signatures , and each of them, to be their respec- I tive authorized and official si~natures , nl l as of t he fir st day of December , Hl 55 . CHAIRMAN Board of Regents (SEAL) ATTEST : Secretary Board of Regents (FORM OF COUPON) Number --------- $._ _ __ _ - - - - - I *Unless the bond to which this coupon is attached shall have been called for prior redempti on . On the first day of ----------• 19 --- , the Boa rd of Regents of Ea stern Kentucky State Colle~e will pay to bearer Dollars (t ----- ) ------- in lawful money of the United States of America , out of its "Bui l ding Revenue Bond and Interest Redemption Fund of 1955 ," at the principal office of State BaM & Trust Company in the City of Richmond , h.entucky , as provided in and fo r interest then due on its Building Reven ue Bond of' 1955, dated December 1,1955, Number _____ Chairman, Board o~ Regents Secretary, Board of Regents * (This redemption l~gend to appear only on coupons maturing on and afte r June 1, 1961 . ) 11- 21-55 I �(FORM FOR REGISTRATION TO BE PRINTED ON THE BACK OF EACH BOND) Date of Registration Name of Registered Holder Signature of Secretary, Board of Regents I Section 4 . The Project shall be c anpleted e.s expeditiously as may be, end continuously thereafter it shall be operated as a. revenue-producing undertaking on a fi seal year basis endinr, en November 30 of ea.oh year• and on that be.sis the gross income and revenues of said Project shall be set aside into a separate and speciel fund designated the "Building Revenue Fund of 1955" (hereinafter designated the ''Revenue Fund"). It is hereby represented and dec lared that in addition to tuition and other charges imposed for ettendance at the College, the Board of Regents of said College has heretofore, and so long as any of the bonds herein authorized are outstanding will continue to fix, impose, charge I and collect an "incidental fee " incident to registration, which ell students have been and will continue to be required to pay; and a portion thereof has now been allocated to, and so long as any of the bonds herein authorized may remain outstanding will continue to be allocated to the music department and music progrrun of the College . It is hereby declared that a substantial portion of said "incidental fee" so allocated will represent income and revenues from the students of the College Generally, for the services and facilities of said ner music bui 1 ding (sometimes herein referred to as the "Project"). It is , therefore , hereby cove- nanted and agreed by the Board oi' Regents that annually when fixing the amount of said incidental registration fee, due account will be taken of the cost and value of the services and facilities of said new music building ; I that the portion of said fee allocated annually to the music department and music program of the College will continue to take into account the cost and value of such facilities ond services ; that the amount so allocated to the music dep~rtment and music program will be sufficient in each year to discharge all expenditures properly chargeable thereto and in addition an amount v.hi ch , with any other annual gross income and revenues received as direct admission charges in connection with musical events and other 11-21-55 �("C ""O ,-.,c ::r: activities conducted and carried on in said music building will con stitute said ''Building Revenue fund of 1955 1 11 and will be sufficient at all times to make the required payments into the "Building Revenue Bernd and Interest Redemption Fund of 1955 11 (her einafter created) and to pay costs of opera.ti on and maintenance (including; insurance) of said new music building Project . It is hereby covenanted and agreed by the Board of Regents that I the annual portion of such :ncidental registration fee so allocated. as herein provided. shall be no~ less than ,7 . 00 per student per semester during the regular college year, and ...,3 . 50 per student for summer session attendance ; and said minimum allocations shall b e increased from time to time if required . but shall not be reduced so l ong as any of the bonds' herein authorized may remain outstanding . There shll be and there is hereby cre ated a fund to be knovm as the "Building Revenue Bond and Interest Redemption Fund of 1955," (hereinafter called the "Bond Fund") into which there shall be set aside from t he moneys held in the Revenue Fund the entire proceeds of the m:nimum covenanted allocations from said incidental registrPtion fee. as above set forth (being 07 . 00 per student per semester during each regular college year . I and $3 . 50 per student for summer session attendance). until such time as there shall have been accumulated in said Bond Fund. in addition to meeting al 1 pa;yments of maturing principal and interest when due . a sum equal to the maximum amount thereafter becoming due inany fiscal year for futu re maturing interest and principal, which sum so accumu l ated shall thereafter be held and maintained as a reserve :n said Bond Fund , and used and applied only in the event there would otherwise be a default in the payment of rre.turing principal and interest of the bonds herein authorized; and in such event the rrescribed amount of such reserve shall be restored and maintained from the first Available revenues. ~or the infonriati on , only, of future administrations of the College. it is he reby detPrmined that the minimum annuP.l amounts to be set aside into said B0nd Fund, in order to meet when due the maturin 6 principal of, and interest on . the bonds herein authorized (no re gard being hed for the accurnulFtion of the above specified reserve) are as follo,·:s : 11-21-55 I �- 477 I r'or r or For 1'or Fo r }or For 1'or .r or For For l'or Fo r :-'or " or thP t he the t he the the the the t he t he the tile the t he the r·C'l' t he r'o. -i;h e For t 'l.t For For ::'or For Fo r Fer For the t he the the th e t le ., the fiscal fisc~l fiscal fiscal fiscal fis c al fiscal fis cal fi s e al ~iscal fiscal fisca1 fiscal fi s cal r:scal fiscal fisc~l fi scal fiscr l fiscal fi s Ml :'isci:> l fiscal fLc 1 fiscal ye Ar year year yenr year year year yea r year year year ;year year year year year year yoar year yea r ~ef!r year yeri.r year year e >1di n 0 endin g endin.., endins endinb endinb end.:.ni; en di n!; end ... ng ending endinc f" ndln.., en din·• end i n g end3.. •• u endinr ...'l..:.ir..r endin c end~ng e ndi ng endir-r; ending end i n r e nd inb ending ,:cYet ber ~ovember ,o venber .J oven:ber ~~ovember November .,r-vember "ovember ·,ovember ~ovember :ovenber : L.\.e"1ber t ovember :,rvember ·,o"l"enber ovember 'lovembcr " c veM .J r •! ••o-v emb e r Nove n·,er OV"', ,e r ~lo•:ember 'lo vem ber :;c..,,e,.._,er ' Jn vem' er 30 , 30, 30 , 30 , 30 , 30, 30 , 30 , 30 , 30, 3v , 3 0, 30, 30 , 30, 30 , 30, 3J , 30 , 30, 30 , 30, 30 . 3n , ~a. 1Q56 l 57 D 5~ 1J 53 1960 1~61 l'::l 62 1 JC3 lJ 64 1365 1 356 l.16 7 1968 L, 69 1970 19 71 19 72 1"' 7 3 B74 1D75 19 76 l "'r,.. l:i 7u 1'1 7 9 1980 • ••.• • • • t l 3 1 125 . 0 0 •.••••••• 23.125. 00 . . . .. . .. . 23 . 775 . 00 .... . . . . . 23 , 390 . 0 0 • • • • ••• • • 23 , 005 . 0 0 ••. •. •• • • 23 , 620 . 00 •• ••• • •• • 23,200 . 00 .• •• • •••• 23 , 780 . 00 • • • • • . • • • 23 , 325. )0 •..• •• ••• 23 . 870 , 00 .•• • •••• • 23 , 380 . ~ •••••••• • 23 , 89 0 . 0 . . . .... .. 23,365. 01.1 . ... ... . . 23 , 840 .00 • • ••• ••. • 23 , 280 . 0 ) • • ••••• • • 23,720 . 00 • •••. • ••• 24 , 195.00 ...... . .. 23, ~ 0 5 . 00 . . ..... . . 23 , 865 . 00 • • • • • • • •. 24 , 200 . ')0 • •• •.• • • • 23 , 500. 0 •••• •• ••• 22, 800 . 0J • ••• • •• • • 22, l ')J . 0 .. .... . . . 21, 400.00 • , • ••• • . • 20, 700 . 00 ~he foregoir.g schedul e of t he ninimum annual amounts to b e set asirle .:.n+ c the Bond Fun d solely i n o~rier t o ~ e e t matur .:.ng pr.:.r.cipal and interest when due ( a nd without abr o{;atin g the cov enant of the Board of I :-\ebents t o set a sid e into sai d Bon d Fund the entire pz· oceed s of the c ovenan t ed minimum annu al appropriat i ons and allocati ons from said annual incide '1 .;al r e gistration fee) , hr ve ' een c onputed u pon the basis tha t t he entire -.,375 , 000 . 00 of bonds here ' n authorize d v·ill be sold , and tha t a single interest coupon rat e of 3-1/2"/. per annUI"\ will be est abli shed and made app lic~ble to a ll of said bonds , upon the basis of competitive propo sals fe r the purchasing of s ai d b onds , as hereinaft er pr ovided ; and each minimum annual amount sho.vn in said schedule , above , is the amount required t o pay the interest coupo'1s m~~uring on June 1 in such fis ca l yeor , and the interest coupons ro1 0 bon<ls matur ing on December 1 immediately following en d of suc h fi s c al ye a r . If the b onds so ld shall be other than ~375 , 000 . 00 i n ?rinoipal amouac , and/or if the interest co upon r nte I or r ates established a nd nnde ap plic a bl e t hereto ere ot her t han 3-1/2% per annum, as herein arbit r arily a ssnm€o, the f oregoi ng minimum ru1nu al deposits i nto s aid Bond .r't..."ld , i n or der to me e t r..n turing i ntere st · and princi1al po~ments on l y , shall a utoJ11Bti cal l j c e ad j u ~t ed upward or down¼~rd accord.:.ngly, but always without alterin,J or obroe;nt in{; the c ovenant of t ne Boa r d of Regents to set aside int o sai d 3o:i d Fur d , and f or t he accumula tion of s a i d reserve t he rein , of ell pr oceeds of t he covenanted mini mum annual 11- 21-55 �al locations from said incid ental registration fee to the music department and music program of the College . P~rity bonds shall not be issued un- less prior to such issuance provision is made for addit ional annual deposits in said 3ond :'und suffic~ent to provide for the pe:yment of the principal of and interest on such pru-ity bonds, when due , and to increase , proportionately, the said prescribed reserve . I All funds received es acc rue d interest at the time o~ the issuance of said bonds , shall be paid into said B0nc Fund at the time of the issuance and delivery of the bonds thP-reby authorized, together with an additional sum from bo~d proceeds suf~lcie~t to make the totaJ such initial deposit in the Bond Fund equal to all interest which wi 11 accrue on the bonds ¼hich are sold and outstar.ding until and includinE December 1, 1956, (the estima~ed c ompletion date) , as aforesaid , and sh~ll be used for the payment of the interest on said bor.ds thereafter becoming due. The araount by which the payments in any fiscal year exceed the aggregate amount of interest on and principal of said bonds then currently becoming due shall be held in said Bond l''.tnd as a reserve and used solely as hereinabove provi ded; provided , however , that no further payments need I be mad e into said Bond Fund whenever and so long as such amount of the bonds shall have been retired that the amount then held in the Bond Fund , including the reserve , is equal to the entire amount of the pr incipal and interest thBt is to be paid on all of such bonds then r emainine outstanding . Jf , for any re~son, there shalJ be a failure tc make any payments into such Bond Fund as aforesaid during any fiscal year, any sums then held as a reserve shell be used for the payment of any portion of the interest or principal on which bonds there would otherwise be default, but such reserve shall be reimbursed therefor from the first available payments ma.de into the Bond Fund in the following :,· ear or years in excess of the required payment for the then current fi seal year . All moneys held in the Bond Fund or as said reserve shall be deposited in a bank which is a member of the Federal Reserve System or insured by Federal Deposit Insurance Corpcration; an d the moneys held as the reserve may be invested in direct obligations of the United States of America ; provid ed, however, that sale of a sufficient amount of su ch obligation shall be made in the event thRt it shall prove nece ssary to 11-21-55 I �- 479 draw upon said reserve, and provided further that moneys so held in excess of the prescribed reserve may be aptlied to the redemption of bonds prior to their maturities . The payments hereinabove provided into said Bond Fund from the I Revenue Fund shall be made immediately as and when payments are received from the students at the College fon said incidental registration fee. The bal ance from time to time remaining in the Building Revenue Fund may be set aside for the necessary expenses of operation and maintenance, as hereinafter mor e provided . In the e~ent that the moneys held in the Revenue Fund in any month shall be sufficient to make the aforesaid payments in full , any such deficiency shall be added to the amounts required to be paid into such Bond Fund in thb following month . The Bond Fund, hereinabove cre~ted and described, shall be used solely and· only for the purpo se of peyinE principel of and interest on the bonds herein authorized to be issued;and is hereby irrevocably pledged for that purpos e and shall be used for nQ other purpose whatsoever . I The balance of the moneys remaining in the Revenue Fund after the aforesaid payments into the Bond Funcl shall be set aside into an "Oper ation and Ha.:.ntenance Account, " hereby created, and all moneys set aside in such account shall be used for proper operation and maintenance of said Project, including an amount suffi cient to pay the cost of insurance . Section 5. 'Whi l e the bonds authorized hereunder, or any of them , remain outstanding and unpaid, the rents and charges fo r all services render ed by the Project, and fees charged to the students of Eastern Kentucky State College shall be reasonable and just, taking into account and consideration the cost and value of said Project, the cost of maintaining and operating the same , the 9m9unts necessary for the retirement of all bonds and the accruing interest on all such bonds as may be sold I and are unpaid under the provisions of this Resolution, and -there shall be charged against Eastern Kentucky State College such amounts for services rendered by the Pr oject as shal 1 be aqequate , together with rents and fees charged to students, to meet the requ~rements of this and the two preceding sections hereof. Section 6. The Board of Regents of Eastern Kentucky State College hereby covenants and agrees with the ho lder or ho lders of the bonds hereby 11-21-55 �c.o ""O ~ :r.: authorized or permitted to be issued,or any of them, thet all duties with reference to said Project required by the Con stitution and laws of the Connnonwealth of Kentucky will be faithfully and punctually performed, including the charging and collection from said Eastern Kentucky State College and its students, groups of students , or student or ganizations, of reasonable and su fficient amounts for services rendered by said Pr oject . I The Boa rd of Regents of Eastern Kentuc±y State Coll ege further covenants and agrees with the holders of said bonds to maintain in good condition and continuously to operate said Project , so long as the principal of or interest on any of the bonds herein authorized or permitted to be issued, remain outstanding and unpaid, and t o charge ~~d collect reasonable and sufficient amounts as rent and for ser vices rendered bJ the Proje ct in furnishing educational facilities to maintain the Bond Fund and the Operation and Maintenance Fund as required by the pre ceding sections of this Resolution , and the same ar e hereby pledged for that pur pose . Secticn 7 . Any holder of sAid bonds, or of any of t he coupons may , either at law, or in equity, by suit , Pction , mandamus, or other I proceedings , enforce and compel performance of all duties required by law, incluc.ing the charge, collection and accounting for sufficient rents, student fees and charges , or rents and charges to groups of students, or student organiz~~ions, and the se gregation and applicati on of the income and revenues as provided by this Resolution . If there be any default in the pa yment of the principal of or interest on any of said bonds then , upon t he filing of suit by any hol der of said bonds, or any of the coupons , r=my court havin g jurisdiction of tne action may appoint a receiver to 'ldminister said Project , with powe r to cl-iarge and collect a sum sufficient to provide for the payment of any bonds or obligations outstanding ugains t said Pr o ject and for the payment of the operating expenses, and to apply the income and revenues in confonr.i ty with this Resolution and the provisi ons of said laws of Kentucky aforesaid. Section 8 . The bonds authorized or perm.itted to be issued here- under and from t:.rie to ti'11e outst~, din6 shal 1 :1ut oe entitled to priority one over the other in the spplica.tion o:· the revenues of sc.;.i.d Project, or 11-21-55 I �with rl'lspect to the statutory mortgage lien securing their payment, r19gardless of the time or times of t.1-ieir issuance, it being the intentl en that there shall 1e I." :)r.:.ority among thl'l bonds quthorized to be iss1..1ed under the provisions of this Resolution, regerdless of the fa ct that they I may be actually i s sued and delivered at di~ferent times . Section 9 . While any of thP bonds herein authorized qre outstanc.ing, no additional bonds paJable from the revenues of the ?roject shall be authorized or issued unless the lien and secur ity for payment of such additional bonds are made junior end subordinate in all respects to the lien and se curity of the bonds · ,erein authorized ; provided, however , seid Board of Re gents of said Ea stern Kentucky State College hereby reserves the right to issue additi onal bonds whi ch will constitute a part of th:.s same series, end "ihich wi 11 rAn:: on a parity vi th said bonds numbered 1 to 375, inclusive , in ever y respect, but only if and to the extent necessary to orovide funds for the co~?letion of the Project, as presently pl anned , and subject to the condition as to the provisio~ of additional I annual deposits in t:1e Bond Fund , as hereine.bove set forth . Such bonds , r enking on a parity with sai d bonds numbered 1 to 375 , inclusive , are someti:nes herein refe r red to r,s bonds ''permitted" to be issued hereunder. Nothing herein contained shall be construed to pro- hibit the issuance of other bonds 1)ayabl e from the income and revenues of t he rroject, if the lien upon such income and revenue securi ng th~ same is expr essly made subordinate ruld infer ior to the lien created by t his Resolution to se cure the payment of the bonds hereby author i zed or pemitted to be i s sued . Section 10 . So long as any of said bonds rre outstanding , the 3oard of Regents of Eastern Kentucky State College shRll: (a) ;,iaint a.in insurance on the Project agi;.inst loss or damage bJ' fire , I l ightning and windstor m in an amount equal to its full insurcble value , ~nd PAY the cost of such insurance fr on the Operation Rnd 1,!aintenance Fund hPreinbefore descr ibed ; (b) ,:eep proper books of record and accounts (separate froJT\ all other records and accounts) in which complete and correct entries ~hall i e mRde of al l transactions relating to said Project, ar.d furn:sh the original purchaser of se.id bonds and any subsequent holder ,f 3ny of the said bonds , 11-21- 55 �at the written request of such holder, conplete operating and income statements of the said Project in reasonable detail coverin6 each six months ' period, and same shall be available not l eter tiwn thirty days after the close of each six months ' period; and (c) Grant to the holder of any of said bonds the right at all reasonable tiraes to inspect the said ?roject anc all records , accounts , I and data relatin 6 thereto . G'Jction 11. Upon the adoption of this Resolution , the Secretary of the Board of Regents of Eastern Kentucky State College is hereby authorized and directed to cause a notice to be published in the CourierJournal, a newspaper pr inted end published in the City of Louisville , Kentucky, reciting in such notice that a Resolution providing for the issuance of the bonds as herein authorized has been adopted and that at a time and place stated therein , which shall be the time and place of a scheduled meetin6 of the Board of Regents of Eastern Kentucky State College , the matter of issuing said bonds will be further considered and also that at SAid meeting any one interested may present sealed, written proposa ls for the purchase of the bonds as herein authorized. Each such proposal I should specify one or more interest rates for the bonds , each such interest rate to be a multiple of 1/4 of 1%, not more than one rate shall be specified for bonds maturing on the same date , and no such rate shall exceed 6% per annum , and the bid price must be 10~! of par , plus accrued interest, or better . Said Board of Regents shall consider all proposals made pursuant to such public notice and award the bonds in the manner and for the purposes herein provi ded, and establish the interest coupon rates which the bonds shall bear . The right to reject bi d s shall expressly be reserved . Section 12 . 7hat the provisions of this Resolution shall con- stitute a contrac~ between the Board of Regents of Eastern Kentucky College and the holder or holders of the bonds herein authorized to be issued and after the delivery of any of said bonds no change or alteration of any ki~d in the provisions of this Resolution may be me.de until e.11 of the bonds have been pRid in full as to both princ i pal and interest or funds sufficient therefore shell have been duly provided and deposited for that exclusive purpose at the place of payment thereof . I �- 483 Section 13 . All sume received Rs Rccrued interest when the bonds are delivered and peid for, together with additional sums es set forth in Section 4 hereof, shell be derosited in the Bond Fund. From said bond proceeds there shall next be pa id all expenses incident to the authoriza- I tion, issuance and sale of the bonds herein described , including the fee of the Fiscal Agents employed to assist in this preparation and :narketing of the bonds , unless other funds are available for the payment thereof . All sums then remaining shall be transmitted to the State Treasurer of the Commonwealth of ~entucky to be held and used , together with other available funds , for the completion of the Project . Section 14. That if any sect.:. on, paragraph, clause or orovision of this Resolution shall be held to be invalid or ineffective for any reason the remainder thereof shall remain in full force and effect, it being expressly hereby found and declared thRt the remainder of this Resolution would hPve been adopted despite the inval idity of such section, paragraph, cl ause or provision. I Section 15. That all resolutions and orders , or parts thereof , in conflict herewith are, to the extent of such conflict hereby repealed, and that this Resolution shell take effect from and after its adoption . Section 16 . The new music building to be financed in pert through the application of a part of the proceeds of the bonds hereby authorized shell be constructed upon lands owned by Eastern Kentucky State Col lege and constituting a part of the Campus thereof• at Ri.chmond , rvte.dison County , Kentucky, described as follows: tt3eginning at a stake on the Jouth side of CollPGe Street , corner to a lot of J . A. Sullivan, thence with line of said lot S 37-3/4 W 155 feet to a stake at another corner of J. A. Sulliven lot, thence .~ 64-1/2 W 545 feet to a stake on the East side of Lancaster Avenue, and the Southwest corner of the yeB.r, thence with the West edge of Lancaster Street 157 feet to a stake on the South edge of College Street and The :forth West corner of the year, the!'lce with the South edge of College Street 550 feet to the beginning ." I Being the same property acquired by whAt is now designated as Eas"tern ri.entucky State College , by deed from T. S. Burnru'l, and Susan L. Burnam , his wife, by deed dated April 15, 1912, recorded in Deed vook 75, at page 473, in the of fice of the County Court of Madison County , Kentucky . ADOPTED AND .APPROVED --------------- , / s/ Vi . E . BLACK BURN Chairman / s/ Lois Colley ----=----:------------Secr etRry 11- 21- 55 1955 . �- 484 STATEMENT OF TERMS AND CONDITIONS OF BOND SALE As adverti sed in the Courier- Journal, Louisville, ~entucky, the Bo~rd of Regents of Eastern Kentucky StPte Co lete , in its corporate ca~acity and in its corporate name , anc as an educational institution and agency of the Corrrnonwealth of Kentucky, will , until the 5th day of December, B55, at the hour of' 10:QO A:hl., CST, receive in the office I of the President of the College at Richmond , ~entucky, sealed competitive bids for the following bonds , subject to the fol lowing terms and conditions: 1. The Board of Regents of Eastern Kentucky State College is an educational institution and agency of the Ccrr1omvealth of Kentucky, and is a body corporate pursuant to the provisions of Section 164.350 and succeeding sPctions of the Kentucky Revised Statutes . Said Board of Regents has adopted a res olution authorizing and providin~ for the issuance of ~375, 000 .00 principal amount of "Eastern Kentucky State College Buil ding Revenue Bonds of 1955 ," to be dated December l, 1955, consisting of 375 bonds of the denc~ination cf Cl , 000.00 eRch, numbered consecutively from 1 t o 375, :nclusi ve , a .•d niaturing as to pr incipal in I consecutive numerical order on December 1 , in th~ respective years, as follows: BONDS ]UMBERED ( Inclusive) PR.:i:.JCi?AL AUOlS:i':' 1-10 11-21 22-32 33-43 44-55 56-67 68-80 81-93 94-107 108-1 21 1- "2- 136 137-151 152-167 168-183 184-200 201-218 ?19 -23 6 '>;"7-255 255-275 276- 295 236-315 316-335 Z~"-355 356- 375 $10, JOO. OO 11 , 000 . 00 11 , vOO. OO 11,000 • .JO 12 , 000 . 00 12 , 000 . ao 13 , 000.')Q 13, 000 . "0 14, 000 . 00 14, 000. ')0 15, ')uO . OO lb , 000 . JO 16, '"'0 . JO 1:, 000 . )0 17, 800 . 00 lG , :n'.) . 1') 18,000 . 00 1,.., , 00 . 00 2'J , )00 •00 20,000 . ')" 20 , 00) . JO 20 , ooo . 'J') 20, JOJ . 00 20, JOO . vO DATE 0} 1~TURI7Y December 1, December 1, December 1, December 1, December 1, Decenber 1, December 1, December 1, Decer.,ber 1, December 1, December 1, December 1, Decenber 1, December 1, December 1, Decer ber 1, December 1 , 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 DeceMber 1, ]974 December 1, 1975 J<>cen,ber 1, l 976 :)ecember l, 1977 ::ecember 1, 1978 :::)ecember 1. 1979 December 1, 1980 11-21-55 I �provid~d, haNev6r , that sai d bonds c.un.bered 44 to 375 , inclus.:.ve , wi ll be su bject to rede... p"tion at the optiou cf said .:,oarcl , i::s e. whole , or frora time to time in p£1rt, .:.n 'cr.e ir1vt:r0e 0,der of tl.eir natur.:.ty (less thun all of a singl e rmturity to be selected b;-, lot) I on an:i June 1 0-1 Dece:nber 1 , 1360 , or !:;ecer.ter 1 the r eafter , upon 30 days prior notice to be 01· given by ,ublication ~-:; least --nee in a ne,•·spauer 0f general c.:.r culation thr ou ghout Ken tucky, at 103 i f recee~ed pr ior to December 1 , 1965 ; and thereaft er at lJ0 to final maturity . Authority for the .:.i.csuance of thc~e bonds is .::'our.d in Sections 162 . 340 to 162 . 3 80 of the Kentuck;r Revised Statut~s , 1353 Editio!l, now in full force P.nd ef:~ect . The b nds v'ill not constitute an indebtedness of the Board of Regents , or of the CollPE;f:l , or of -';he CoTllr'onweal th of Kentucky v'i thin the meaning of li.~.:.t:...tions prescribed by the Constituti on of the Commonwealth of Keutuc1<:y, hut vrill be s9"lc.:.a1 cbligations payable so l ely from ana secured by 9 f. l edge of ancl first lien upon the gross :ncome and revenues to be derived by the College and its Boar d of Regents I f r om the oper ation cf a new music building to be constructed upon the Campus of the College at hichnond , Aentucky , The bond- autho rizine; reso l u - tion makes pr ovision for the settinl esid e into a speci0l and separate fund , of a suffici e nt por tion of such gross income and revenues to provide fo r the payment of these bonds and the :nterest thereon a.s the hones and coupons st?vere.l ly The purpos 0 l'lP tu rP. of this tond issue is to provide funds (to the exteat net oth•:n·wisr.- providrd) to defray the cos-t o ·~ constructinr, saic. nevi music building . ?l"L.'1S ar.d specilic~tions have been co!nr>leted and r-1pproved and bids for the ccnstructi o:i of the JT1usic bt..ilding will heve beer duly received ririor to the opening of bids for the purch0sin& of the bonds . The rii;ht is reserved tc issue additional bonds which wlll cons ti tu-te a I par+ of chi.:. same series and vrhich will rank on a par ity with said bonds numbered 1 to 3 75 , inclusive , but 0nly if o.nd to the extent required to complete t:1e Jroject as present l y planned . The Bor-rd of Regents covenants that ns l ong as tnese bonds, or any of them, are outstandinr; and unpo.:.c. , it ,·.rill fix , char.:;e 1md collect as at the present time (and revise from t.:.me to tll':e , if necessal")) , a miscella.neous or incidentq 1 fee incident to the registration of each student 11- 21 - 55 �- 48lo of the Colle~e. and will ellocAte a sufficient portion thereof (not less thRn $7 . 00 per student per semester during the regular college year , and not less than $3.50 per student for cummer school AttendAnce) as may be necessary to meet the requir~nents of this bond issue, including the provisions for a debt service reserve• and as vdll be sufficient to provide for the pa~ment of these bonds R~d the interest thereon, as the bonds and I coupons mature from time to time, and also to provide an adequate fund for the co st of opera ti on, maintenance and insurance. ?rincipal ana interest wi 11 be payable at the principal office of State Bank & Trust Company , in Ricr.mond, i<:entucky. The issuance of these bonds and the awarding of the construction contra r•t s have been authorized by proper action of the State Property and Buildings Conmis sion, as required by Sections 56.440 to 56 . 550, 1953 Edition of the Kentucky Revised Statutes . If there be a default in the payment of principal and interest , then any holder of any of the bonds '1.nd coupons me.y file a suit in any court of competent jurisdiction and ney 0btain the appointment of a receiver to administer the identifiPd music bu ilding, with power to charge I and collect sums sufficient to provide for the payment of the bonds and interest thereon, aud for the paymer.t of the expenses of operation, maintenance and insurance. Interest wi 11 be evidenced by semi- annual coupons attached to the bonds maturing on each June 1 and Lecember 1 to the respective maturity dates of principal at such coupon rate or rates as may be established as a result of cOI:lpetition among the bidders , as set forth in paragraph (2) hereof . 2. The Board of Regents wil l open bids for the construction of theproject on December 1 , 1955 , and upon the basis thereof will determine hov• mfll'ly of the bonds it wi 11 be necessary to o"fer for sale, but the number of bonds to be sold will not be less than $325,000 . 00 nor more than ~375,000 . )0 , and if less then ~11 of the bonds are offpred , the bonds to be sold will be those bearing the lowest numbers and maturities . An- nouncement of the number s of bonds to be sold will be ~~de on the sale date and prior to the opening 01 b ids . Interested parties may register their names in advance with the fiscal agent , The Kentucky Company, 11- 21- 55 I �- 487 Exchange Building, Lexj n 6tcn, Kentucky , v1hereupon they will be not ified of the number of bonds to be sold prior to December 5,1955 , if the decis ion is reached prior to that date . Jids s~a11 be for cash and on the basis of a specified price per ~l , 000 . JO bond , the bidder agreeinb to accept at I such pri ce what ever number of' bonds ~not less than 325 nor more than 375) the Board of Regents may decide to of'fer. No bid offe r ing less then $1 , JO:J . ')0 per bond end accrued interest to delivery will be given favorable considerAtion . Bidders shAll stipulAte one omore interest coupon rates of their own choosing, providing each is A multiple of 1/4 of 1%, none may exceec 6;~ per annum, Pnd only one interest rate shall be stipulated for bonds maturin~ en the seme date . If e bid is accepted, the Board of Regents will talce proper action to establish the coupon rates to confo r m thereto. The Purchaser vdll be reqiired to pay nccrued interest on the bonds at the established ccupon rates frcm ~ecember 1, 1955 to the date of actual delivery and payment , and this will be a condition of every bid whether so stated in the face of the bid or not . I 3. The printer will be directed to prepare the bonds as soon as the inter est coupon rates h~.ve '.Jeen estaolished. Hhen the bond s have been received fror1 the printer, they will pr omptly be executed and tendered to the purchaser . A tender of delivery is guaranteed not later than January 15, 19 56 . 4. "'h~ bonds 1•d. 11 be tendered to tne pur che ser 0 t the expense of t~e Board of Regents at the office of ~ny bank or trust ccmpa ny designated by the purchAser in Lexington or Louisville , Kentucky, or in Cincinnati , Ohio . A tender cf r'elivery will be made at ,my bank or trust company e lsevrhere in the Con ti nental United States providing the purchaser p ys 0 the expenses incident to such delivery, includin., the cost of shipment And tne cost of :nsurance I 5. :n transit. The 3oard of Regents will provide the printed bond blan~s and an unqualified a~provinr, legal opinion of 11yatt, Grafton and Grafton, Lawyers , of Louisville , Kentuc~, , such opinion to accc pany the bonds when delivered, without expense to the pur chaser. 6. Each bid nust be accompanied by a certiii ed or bank ca.shier' s che ck payable to the order of Eastern Kentucky State College in the sum of $7, 500 . 00 . 11-21-55 The checks of unsuccessful bidders will immediately be �- 488 returned to them. Check of the purchas er will be held unc a shed by the Treasur er of the Co lege until the bonds are del ivered and pai d for, at which time the amount thereof (but without interest thereon ) will be credited upon the purcha se pr ice; otherwise , if the purcha ser should wr oni,;fully fail or refuse to Accept and pay for th~ bonds, the Co1lege shal 1 be au th.ori zed to retain the pur chaser's chec' • and the proceeds I thereof, as agreed liquidated damAges for t he ores.ch of the pur chase c ontra ct. 7. These bonds are offer ed upon the basis that the receipt of interest thereon will be exempt from inc ome taxation by the United States of America and b~ the CoI!1l1oriweAlth of l{ei.tuck) , and t hat the bonds themselves wi 11 be exempt from ad valoren taxation by the C mmonwealth of Kentucky or a ny of its political subdivisions . If , in the opinion of Wyatt , Grefton ano Grafton, such should not be the case At the time of delivery, the purcheser may refuse to a ccept end poy for the bonds by giving w,.itten noticl" to tr.e Pr esid~P.t of the C0llfge , whereupon the purchaser ' s good faith che ck wi 1 1 .:.mmediate ly be retumed and the Boi>rd of Regents will be free to re-advertise and re- sell the bond s. 8. bid will ,;e :Io particular form of bid is '1re scribed or required . I Any cor.s idered .-:hich contP ~1.s ar. unequivocal offe r to purchase the bonds and which otherwise conforms t o the herein set forth . terms and conditions Each b id should be enclosed in a seal ed envelope ad- dressed to ~he Presi dent of Eastern Kentuc ky State College , Ric hmond, Kentucky , and on the outs ide of the envelope should appear substantially the fol lowing 1 Bonds of 1955 ." 11 3id for Eastern Kentueky State College :..lui l ding Revenue The bids may ':le ""nmsmit""ed to the President .:.n any manner or by e.ny means of the bidder ' s choice , but only those bids which ATP. Actually receive d in the of fice of the President prior to the t ime hereinA ove set forth, ,•·ill be given cons:cer tion . 0 9. At the time and p l. ce soP.cifi ed at the b t;in1.ing of this 0 instrument , the sealed bid s the r l"tofore received ~il be opened end sub!'litted to thP. Boerd of R"'g~r.ts of ';est rn .:entucky StAte Colleg~ , ther. scheduled to be in session . The right :s her~by expressly reserved to rej~ct any an i nll bids for a: • reason dee:-:ad satisfactory and said Board of Reg""!+s, ~•hose dec:sion in this respect shall be final and inding upon I �a.11 par ties concerr1ed . Tne ~0n_-, on the occRsion of the o~enin 6 of ':!f . _;,.:.1c;s 3~.:.c ~.:.us , .:.twill a ccept a bid or does agree , honever , thP.t reject •111 bids , and no b i d wi 11 be b ir.din;; upon the bidder after the date first herein set forth , e;,,. ce pt wit;} the express cunsent of the I b i dder . BY J?.DER 01- T:1E BOARD Or F:EvE:-iTS: /s/ 1 7. :S. 3LACK BL'R~T C:1airm1m 3oard of ?egents En3tern Kentucky Sta te Sollege (SEAL) ATTEST: /s/ LOIS (X)LLEY Secre t ry 0 NOTICE OF SALE 0. BONDS 7he Boa rd of Regents I 01 !:'1ster!'l •-.3c1.,uci.;:y 3tatir; Cc ' l.ai;e , R.ich."'.lond , Kentucky , in its cor porate cap eci ty and by and throu.,;h its cor por ate name , and Rs Su<; u C ~Jucationa~ .inst,;. tut.ion ,'.lnd agen cy oi t'.1e Com.":lon- v.edth of Kentucky , hcrebr l;ive :; :,u_li<: ,lo t.ice th3.t unuil the 5ti~ cr,-;y· ':Jf December , 1~ 55 , e.t t he hou r --:---- - - - oL lJ:.JO A.:,I., CST, it vr.:.11 receive in the office of the President of said Co 1 lege on tre Campus of the Co llPge At P.ich1:10nd , i,. en"uc·.y , s ealed cor.1peti tiv c oil.ls for t!i.e purchRsing of up t o t375 , 000 . 00 principal amount cf its " luildinc; Re ve nue ~ond s of 1955 , " dated De ,. e mber 1 , 1955 , cc:1sistin,; of 375 bonds , of the denon:.:.:11=1tj on of $1 , 000 . ')0 e" c h , numbered Cl nsecutivel;)' fror 1 to 375 , inclusive , and r.i.cturing as to principal in cons ecutive order on December 1 in ea c h of the years 1~57 to 1980 , es set forth in the fo:!.low:.ng schedule : I YEAR AI.10UNT YEAR Ai,:OUNT 1957 1958 1959 1360 1::;51 1 962 1363 1964 19 65 1966 1067 1068 ~1 0, 000 . 00 11, JOO . JO 11 , 000 . :JO ' l , :uJ . 0 12, 000 . l0 12 , 000 . )0 13, 000 • .,o 13 , OOQ •.JO 14, .,oo.ao 14 , JOO . JJ 15 , 0 00 , 00 15 , 000 . 00 1969 1970 1J71 1J72 1 973 1~74 1::,75 1J76 1:377 1978 1 979 1~80 i16 ,ooo .·Jo 16 , JOO . JO 17 ,ooo. )0 13 , 000 . 00 1 8 , 000 . JO U , J00 . 00 20, JOO . OO 2J , JOJ . 00 20, 000 . JO 20 ,ooc .oo 20 , 000 . 00 20 . 10::J . )0 11-21- 55 �- co ""O ~ 490 :::c provided , however, that said bonds numbered 44 to 375 , inclusive (all bonds meturi~g on or after December l , 1361) are subject to redemption at the option of said Board of R""gents prior to stAted naturities , as a whole, or from time to time in part, in the inver., order of their maturity (less than all of a sin~le r.~tt.~ity to be selec+ed by lot) or_ December 1, 1960, or on any June 1 or December 1 thereafter , upon I thirty ~30) days prior notice to be given by publication in a newspaper having general circulation thr ouc,hout .~eutucky at 103 if redeemed prior to ~ecember 1, 1965 ; at 102 if redeemed on or after uecember 1, 1365, but prior to Decem1 er 1, lJ"O; at 101 if redeemed on or after December 1, 1970, but prior to Dec~ber 1 , 1975; and at 100 if redeemed on or after December 1, 1375 to final r.aturity . Principal and interest will be paynble at the principal office of State Eank & Trust Company, in Riel.mood, lladi son County , {entucky. Th• issuance and sale of these bonds have been authorized by a resoluti on duly adopted by said Board of Regents to provide the costs (not othen·:i se provided) of a new mus· c bui r :ni; on the Campus of the College at Richmond, ~entucky , under authority of Sections 162 . 340 to 162 . 380 of the i~entucky Revised Statutes . I The issuance of the bonds hA.s been authorized and approved by the State iroperty and Buildings Commis sion . Said Commission has appropriated funds , vihich, together vrith the bond proceeds and other availl.bl"" funds of the College will be sufficient to defra:, all costs of the project. Interest on the bonds will be evidenced by coupons maturing on each June 1 and Decer.iber 1 at rates determined on the basis of canpetiti on as hereinafter set forth . The B ard of R•gents will open bids for the construction of the project <'n December 1, 1955, and unon the basis thereof will determine how many of the bonds it wi:l be necessary to offer for sale, but the number of bonds to be sold will not be less than $325 , 000 . 00 nor more than $375 , 000 . 1)0 , and if less than all of the bonds are offered, the bonds to numbers and maturities . be sold will be those bearing the lowest Annoimcement of the number of bonds to be sold will be made on the sale date and prior to the opening of bids . Inter- ested parties may register their names in advance with the Fiscal Agent, The Aentucky Canpany, Exchange Building, Lexington , Aentucky, whereupon they will oe notified of the number of bonds to be sold prior to December 5 , 11- 21- fifi I �1955, if the decision is reached prior to that date . -ids shall be for cash and on the basis of a specified price pe r vl , 000 . 00 bond , the bidder agr eeinb to accept at such price whatever number o~ bonds (not less than 325 nor more than 375) the Board cf Regents may decide to I of'fer . No bid offerin~ less than :'.:,1 , 000 . 10 per bond and accrued interest to delivery will be hiven f9vorable considPrRti on . Bidders shall stipu- late one or more interestcoupon rat~s of their own choosing, providing each is a multi pl~ o!' 1/4 of 1;:, nont" m!"y exceed 6% per a:mum, anci only one interest rate shall be stipulPted for bonds mnturinr, on the same date. The 3oa rd of Rerents ,·Jill pr ovid e the printed bond blanks , and the unqualified approving legal opinion of Wyatt , Grafton & Grafton , Lawyers of Louisville , AentuckJ' • the same to accor.ipany th,e bonds when delivered, without expense to the purchaser. Each bid shal 1 be accompanied by a certified or bank cashier ' s check paJab le t o Eastern Ken tuck y State College in the sum of i? , 500 . 00 . I The c hecl. of the purchaser wi11 be held uncashed by the Board of Regents until the bonds Rre delivered and paid for , a t which time the arnount thereof (but without inter"st) will be allowed as a credit on the purchase price ; otherwise, i f the purchaser shall wron r_;fully fail or r e fuse t o accept and p~y for the bon ds , the Board of Regents shall be entitled to retain the purchaser's check, and the proceeds thereof , as agreed liquldqt~d danages for the b reach of the purchase contract . In the opinion o· cruns el , these bonds and the receipt of interest thereon wiJ 1 be exempt At the time ad valore, 01 deli very from and income taxation by the United States of America , and the Commonweal th of Kentucky , and all polit ical subdivisions of the Commonweal th of Kentu cky . A I 11 Statener.t of Terms and Ccaditions of 3ond sale , " and financial data rela ting to the College and the Pr oject, may be obtained by address ing the 1'resident of the Colle ge , at hichmond , lentucky. The right to reject bids is expressly re served . BY ORDER OF THE BOARD OF REGENTS: / s/ Wice Chairman Board of Regen ts East!'!rn r:e ntucky Stete College (SEAL) ATTEST: /s/ ';J . E . Bv, ckburn LOIS COLLEY Secretary" �c:.c ..... "'O ::c ~ ADJOUR~MENT OF BOARD MEETING There being no further business before the Board, the meeting was Adjourned At noon to neet again lionday 1orning, December 5 , 1955 , at 10 : 00 o'clock for the sale of the oonds for the music building . I Signed ------- ------- -- Secretery • 3oe.rd of heg nts (Meeting of November 21, 19 55) Approved: Vice Chairman, 3oard of Regents • I I � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource EKU Board of Regents Records Subject The topic of the resource Eastern Kentucky University Description An account of the resource This collection consists of records relating to the Board of Regents and includes minutes, agendas and supporting documents. Only parts of the collection have been digitized at this time, but more will be added until all minutes are available. This collection is invaluable to anyone researching the history of Eastern Kentucky University. Creator An entity primarily responsible for making the resource Eastern Kentucky University Date A point or period of time associated with an event in the lifecycle of the resource 1906-present Format The file format, physical medium, or dimensions of the resource minutes Language A language of the resource eng Type The nature or genre of the resource text Identifier An unambiguous reference to the resource within a given context 0001-010 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Source A related resource from which the described resource is derived Board of Regents Records Creator An entity primarily responsible for making the resource Eastern Kentucky State College Date A point or period of time associated with an event in the lifecycle of the resource 1955-11-21 Title A name given to the resource Board of Regents Minutes Description An account of the resource Pages 457-458 Foster Music Building Plans Pages 458-463 Personnel Activities Pages 461-463 Salaries Christmas bonus Pages 463-464 Budget Biennium 1956-1958 Page 464 Sprinkler System For Memorial Hall, Burnam and Sullivan Halls Pages 465-466 Audit Report Page 466 Parking Lots Additional space needed Pages 466-467 Financial Statement July 1, 1955-September 30, 1955 Pages 467-496 Revenue Bonds Building Revenue Bond of 1955 Page 497 Foster Music Building Awarding of contract Format The file format, physical medium, or dimensions of the resource minutes Language A language of the resource eng Type The nature or genre of the resource text Identifier An unambiguous reference to the resource within a given context bor-minutes-1955-11-21