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



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