President Sias addressed the Board regarding the following matters:

President Sias requested that Stephen Mason, Sr., Chief of Staff, provide an update on the Pedestrian Walkway Bridge. Mr. Mason stated that the Kentucky Legislature authorized $500,000 for the design of the pedestrian bridge project that would cross U.S. 60/East Main Street in the Fiscal Year 2012 state budget. The second phase of the project has been funded for the Fiscal Year 2013 in the amount of $2 million for the actual construction of the bridge, with an elevator on the South side of campus. President Sias explained that this project is mission critical for the university as a safety issue since many students cross four lanes of traffic to reach the other side of campus, particularly in the bad weather. The pedestrian bridge will also be necessary as the university expects that more students will be living on the south side of the campus as additional housing facilities are constructed. President Sias thanked Mr. Mason, legislators and others who worked on the university's behalf for the addition of these project funds in the state budget.

President Sias met with representatives with Thoroughbred Builders in Somerset to discuss the construction of the university's aquatic vessel. President Sias also met with the U.S. Coast Guard and reported that most of the construction elements have been approved by the Coast Guard. President Sias expects that the boat will be ready to go out on the Kentucky River in Spring 2013.

President Sias stated that June 25, 2012 will be the date for the nationwide celebration of the 150th anniversary of the 1862 Morrill Act. The first Morrill Act established land-grant universities. President Sias will be one of three presidents speaking at the Library of Congress during the celebration. President Sias will present the history of the 1890 Morrill Act, the legislation authorizing land-grant status at HBCU's.

President Sias requested that Lori Davis, General Counsel, address the Board regarding the university patent policy. Ms. Davis explained the rationale to amend the patent policy to include a standard distribution of financial interests between the university and the inventor(s) whenever a patent is discovered at KSU. The share distribution recommendation provides 60% to KSU (to be used at the discretion at KSU) and 40% to the inventor(s). Ms. Davis stated that she reviewed the distribution policies at the University of Kentucky, Kentucky regional universities, other research institutions and various HBCU's to assist in the recommendation for KSU's distribution. The University of Kentucky's patent policy distributes financial interests between itself and inventors using a 60%/40% division. Additionally, Ms. Davis stated that a slightly higher