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            "text": "ACTION ITEM 8C",
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            "text": "KENTUCKY STATE UNIVERSITY BOARD OF REGENTS",
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            "text": "Approval of authority to draw up to $2,500,000 from Revenue Anticipation Note."
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            "text": "Kentucky State University has the power and authority, by legislation, to borrow money in any fiscal year in anticipation of the receipt of current revenues in the form of a Revenue Anticipation note from Fifth Third Bank pursuant to Kentucky's Short Term Borrowing Act (KRS 65.7701, et. seq.)."
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            "text": "The Kentucky State University Board of Regents approved a Resolution at the Special Called Board Meeting of July 8, 2021 authorizing the issuance of a revenue anticipation note (the “Note”) in the maximum amount of $5,000,000 for the purpose of paying operating expenses of Kentucky State University during its fiscal year ending June 30, 2022."
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            "text": "If drawn upon, Kentucky State University would need to repay the Note by June 30, 2022 and would pay Fifth Third interest at a variable interest rate per annum set forth in the Note (such interest rate to be based upon a published index or indices plus a credit spread not to exceed 10%) on the outstanding principal in addition to a fee."
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            "text": "RECOMMENDATION:",
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            "text": "Acting President Stamps recommends that the Board of Regents approve authority to draw up to $2,500,000 from Revenue Anticipation Note."
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            "text": "Approve authority to draw up to $2,500,000 from Revenue Anticipation Note."
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            "text": "Page 10 of 46",
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            "text": "Finance and Administration",
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