ACTION ITEM:

Approval of Repayment of Revenue Anticipation Note.

FACTS:

Pursuant to HB 250, Vice President Dr. Gerald D. Shields submitted on behalf of Kentucky State University a request to Kentucky's Council for Post-Secondary Education for the disbursement of $17.5 million on April 12, 2022. In that request, Dr. Shields included the repayment of the revenue anticipation note that totaled $2.5 million. Kentucky State University now seeks the approval from the Board to repay the revenue anticipation note.

BUDGETARY IMPLICATIONS:

Kentucky State University shall repay the revenue anticipation note with the funds allocated as part of HB 250.

RECOMMENDATION:

Acting President Stamps recommends that the Board of Regents approve the repayment of revenue anticipation note.

MOTION:

Approve Repayment of Revenue Anticipation Note.

Finance and Administration