Motion for the Board to table the resolution until it is amended. The motion was seconded by Regent Hatchett and passed without dissent.

CFO Shields provided an overview of the resolution. He noted that the former CFO was the only individual listed on the account and that it was recommended that the Board approves the authorization of a new individual for signatory purposes.

Regent Hatchett asked for clarification regarding the resolution. CFO Shields stated that the resolution sought to remove the former CFO as a signatory and add CFO Shields as the new signatory.

Regent Hatchett inquired whether one or two signatories were currently required.

Interim President Johnson noted that the language of the resolution may need to be changed. He agreed with Regent Hatchett that two signatories should be added to the endowment account.

Regent Fields expressed his belief that the Board should approve the motion as written to remove the current signatory as soon as possible; thereafter, the Board could then approve the amended resolution. Vice Chair Walston agreed with Regent Fields' recommendation.

General Counsel Lang opined that the Board should amend the resolution so that CFO Shields is given signatory authority and presidential authority must be given before any action is taken concerning the endowment account.

Move the Board to approve the authorized signatory resolution (as amended).

The motion was seconded and passed without dissent.

MOTION by Regent Moseley:

Move the Board to enter closed session to discuss pending litigation pursuant to KRS 61.810(1)(c). The motion was seconded by Regent Fletcher and passed without dissent.

MOTION by Regent Moyer:

Move the Board to enter open session.

The motion was seconded and passed without dissent.

Chair Patton stated that the Board entered closed session to discuss pending litigation and that no action was taken during the closed session.

Chair Patton gave his closing remarks.