Learn about University of Kentucky, including Featured News, Key Projects, The Team, and Outstanding UK Debt.

Student Enrollment (Fall 2020)
General Receipts Debt Outstanding (as of 6/30/20)
$1.1 Billion
$5.1 Billion

About the University of Kentucky

The University of Kentucky has a broad range of resources centered on a single campus in the heart of the Bluegrass. Our wide array of programs allows us to excel in multidisciplinary studies and fosters an environment of cooperative engagement across all colleges, programs, and research endeavors. Because of the lives we touch and teach, we remain anchored in our mission to Kentucky– to educate, innovate, heal, and serve. To be sure, our complex, multi-faceted mission looks different today in many ways than it did in 1865. However, our sense of responsibility to our communities on campus and across the region is resolute. The mission has evolved and grown. The vision of service to our Commonwealth and the world beyond remains the same. They remain our compass – the soul of the University of Kentucky.

Key Projects

The Cornerstone

2019 Series A and Taxable Series B Certificates of Participation

$32,485,000 Par Amount

The Cornerstone serves as the gateway to an emerging innovation district that will further link the University with the City of Lexington. The project is scheduled to be completed in fall 2020. The Cornerstone property will allow UK to provide much-needed additional parking capacity on the north side of campus, by expanding the existing parking structure at Limestone and Upper Streets to include more than 900 new spaces. These additional parking spaces will further improve mobility and access to, from and around campus for our students, faculty, staff and visitors. 

The ground floor of The Cornerstone will include a flexible, technology-rich innovation space with a variety of programming to stimulate conversation and collaboration between students, faculty, staff and community. Other features of The Cornerstone include a gamers' lounge, a multiuse 100-seat theater that can host esports tournaments, hold classes, and be the home for a myriad of other events and a food hall with shared seating to create additional opportunity to build community and collaboration.

To read more about The Cornerstone project, please visit the website here.

  • $32.4M total project cost and is financed through a P3 arrangement
  • Mixed use parking facility will add more than 900 parking spaces with roughly 23,000 gross square feet of space for UK and retail use
  • Included in that total will be space for UK Innovation and eSports programs
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Chem-Phys: The construction project will result in renovation third floor, as well as a completely new exterior facade of the building. Rendering courtesy of the UK College of Arts and Sciences.
Renew/Modernize Facilities

2018 Series A and Taxable Series B General Receipts Bonds

$222,530,000 Par Amount

2020 Series A and Taxable Series B General Receipts Bonds

$58,525,000 PAR AMOUNT

The University's Renew/Modernize Facilities Capital Project is a multi-phase effort to renew and modernize buildings that make up the core of central campus. By rehabilitating, restoring, and modernizing these facilities, the University can better preserve its heritage, conserve energy, create an environment for more efficient and effective teaching, and attract productive researchers. The project will include modernization efforts on the Chemistry-Physics Building, Frazee Hall, Patterson Office Tower, White Hall Classroom Building, Enoch Grehan Journalism Building as well as other buildings in the core of central campus. 

  • $122M total project cost
    • $60M - Phase I was funded by a portion of the 2018 Series A and Taxable Series B General Receipts Bonds
    • $62M - Phase II was funded by the 2020 Series A and Taxable Series B General Receipts Bonds
  • Preserve and extend useful life of existing buildings
  • Improve utilization of space providing a more flexible array of classrooms to serve our growing student population
  • Manage escalating repair and maintenance costs
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Student Center Renovation & Expansion

2016 Series A and Taxable Series B General Receipts Bonds

$158,105,000 Par Amount

The University of Kentucky's Student Center was originally constructed in 1938 and expanded in 1968 and 1982. The Project replaced the outdated existing student center with a state-of-the art new facility, retaining the historic original 1938 portion of the building and preserving the Alumni Gymnasium originally constructed in 1924. The renovated and expanded facility accommodates a growing student enrollment and includes an atrium, recreation area, lounges, conference facilities, entertainment venues, retail space, food service, bookstore, student organization space, and administrative support offices. 

  • $200.3M total project cost
    • $160M  - bond proceeds
    • $40.3M - gifts and university funds
  • 378,000 gross square feet
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UK HealthCare

The Albert B. Chandler Hospital Facilities Development Plan (Development Plan) provides for the systemic replacement and renovation of patient care facilities. Since the opening of the first two patient care floors in Pavilion A of the new patient care facility in May 2011, UK HealthCare (UKHC) has continued to experience strong patient demand for the delivery of its hospital system services. This volume increase has placed substantial capacity and throughout constraints on the hospital system operations, requiring continued fit-out of Pavilion A and the renovation of Pavilions H, HA, and G to provide adequate facilities for patient care.

  • The Development Plan has been implemented using two legislative authorizations which provide for an investment not to exceed $1.180M 
    • Patient Care Facility
      • Financed by a combination of bonds and equity. The bonds included on this project are:
        • 2005 ALCo General Receipts Notes
        • 2007A&B ALCo General Receipts Notes
        • 2009B Build America Bonds
    • Renovate/Upgrade HealthCare Facilities.
      • Financed by a combination of bonds and equity. The bonds included on this project are:
        • 2015A General Receipts Bonds
        • A portion of the 2018A General Receipts Bonds
  • To date, the Board has approved a total $1.052M investment in the Development Plan.
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The Team

Penny Cox


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Sarah Simpson

Debt and Liquidity Director

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Alli Feldmann

Treasury and Debt Analyst

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Outstanding UK Debt

About UK's Outstanding Debt

The University of Kentucky primarily issues General Receipts Bonds. These bonds are secured by a general receipts pledge, as defined below. The total pledged revenues for FY 2020 were $3.1B.

"General Receipts" means:

(a) certain operating and non-operating revenues of the University, being (i) Student Registration Fees, (ii) nongovernmental grants and contracts, (iii) recoveries of facilities and administrative costs, (iv) sales and services, (v) Hospital Revenues, (vi) Housing and Dining Revenues, (vii) auxiliary enterprises – other auxiliaries, (viii) auxiliary enterprises – athletics, (ix) other operating revenues, (x) state appropriations (for general operations), (xi) gifts and grants, (xii) investment income, (xiii) other nonoperating revenues, and (xiv) other;

(b) but excluding (i) any receipts described in clause (a) which are contracts, grants, gifts, donations or pledges and receipts therefrom which, under restrictions imposed in such contracts, grants, gifts, donations or pledges, or, which as a condition of the receipt thereof or of amounts payable thereunder are not available for payment of Debt Service Charges, (ii) federal grants and contracts, (iii) state and local grants and contracts, (iv) federal appropriations, (v) county appropriations, (vi) professional clinical service fees, (vii) capital appropriations, (viii) capital grants and gifts, and (ix) additions to permanent endowments, including research challenge trust funds.

Outstanding General Receipts Debt Breakouts

Outstanding debt and debt profile as of June 30, 2021; subject to change without notification.

*General receipts debt includes the 2019A&B Certificates of Participation which have a subordinate general receipts pledge.

**The 2010 QECB's have a balloon payment of $12,955,000 coming due in 2025 and is reflected in the Annual Debt Service graph above.

View Outstanding UK Debt