UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported): January 3, 1996
Commission File Number 0-11176
NTS-PROPERTIES III
(Exact name of registrant as specified in its charter)
Georgia 61-1017240
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Item 5.Other Items
On January 3, 1996, NTS-Properties III (the "Partnership") funded
$100,000 to its Interest Repurchase Reserve pursuant to Section
16.4 of the Partnership's Amended and Restated Agreement of
Limited Partnership. Under Section 16.4, limited partners may
request the Partnership to repurchase their respective interests
(Units) in the Partnership. With this Interest Repurchase
Reserve, the Partnership will be able to repurchase up to 480
units at a currently contemplated price of $208 per Unit. Units
will be repurchased on a "first-come, first-served" basis until
the Interest Repurchase Reserve is depleted. The first units to
be repurchased will be those tendered during the fourth quarter of
1995 after the Interest Repurchase Reserve for that quarter had
been exhausted. If the number of Units submitted for repurchase
during the first quarter of 1996 exceeds that which can be
repurchased by the Partnership with the remaining balance of the
$100,000 Interest Repurchase Reserve, those additional Units may
be repurchased in subsequent quarters. The above offering price
per Unit was established by the General Partner in its sole
discretion and does not purport to represent the fair market value
or liquidation value of a Unit. The General Partner believes that
this purchase price represents a substantial discount from the
value of each Unit. However, there is no guarantee of the amount
that limited partners who choose not to sell their Units will
receive upon the ultimate liquidation of the Partnership.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NTS-PROPERTIES III
(Registrant)
BY:NTS-Properties Associates
BY: NTS Capital Corporation,
General Partner
/s/ John W. Hampton
John W. Hampton
Senior Vice President
Date: January 3, 1996
