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[279]

Part of Minutes of the University of Kentucky Board of Trustees

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The principal of (redemption price, if redeemed prior to maturity) and interest on the Series M (Second Series) Bonds shall be payable in lawful money of the United States of America as same respectively become due. The principal of each Series M (Second Series) Bond is payable upon surrender of same at the principal corporate trust office of the Trustee. Interest on the Series M (Second Series) Bonds shall be paid by check mailed by the Trustee on or before each interest payment date to the owners of the Series M (Second Series) Bonds shown on the Bond Register as of the end of business on the Record Date, at the respective addresses appearing on the Bond Register. The Series M (Second Series) Bonds shall be executed on behalf of the Board, as permitted by Section 61.390 of the Kentucky Revised Statutes, with the duly authorized reproduced facsimile signature of the Chairman, and the reproduced facsimile of its corporate seal shall be imprinted thereon and attested by the reproduced facsimile signature of the Secretary; and said officials, by the execution of appropriate certifications, shall adopt as and for their own proper signatures, their respective facsimile signatures on said Series M (Second Series) Bonds; provided the Authentication Certificate of Trustee must be executed by the manual signature of the Trustee on each Series M (Second Series) Bond before such Series M (Second Series) Bond shall be valid. The Trustee shall have the right to order the preparation of whatever number of Series M (Second Series) Bond certificates as, in the sole discretion of the Trustee, shall be deemed neces- sary in order to enable the Trustee to maintain an adequate reserve supply of such Series M (Second Series) Bond certificates to effect properly the continuing transfers and exchanges of ownership of Series M (Second Series) Bond certificates as same are sold, exchanged and/or otherwise surrendered in the future. No further action regarding the authorization or execution of additional Series M (Second Series) Bond certificates shall be required by the Board, and all expenses incident thereto shall be borne by the Board. All Series M (Second Series) Bonds shall be exchangeable and transferable upon presentation and surrender thereof at the office of the Trustee, duly endorsed for transfer or accompanied by an assignment duly executed by the owner or his authorized repre- sentative, for a Series M (Second Series) Bond or Series M (Second Series) Bonds of the same maturity and interest rate and in any authorized denomination of $5,000 and/or a multiple thereof within a single maturity, in an aggregate principal aro'int or amounts equal to the unpaid principal amount of the Series M (Second Series) Bond or Series M (Second Series) Bonds presented for exchange and transfer. The Trustee shall be and is hereby author- ized to authenticate and deliver exchange Series M (Second Series) Bonds in accordance with the provisions of this Section. Each exchange Series M (Second Series) Bond delivered in accordance with this Section shall constitute an original contractual obligation of 5