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Kentucky. Upon the specified redemption date the holder of each bond so
redeemed shall be entitled to receive the face amount of the bond, togethe-
er with interest to the redemption date at the coupon rate and together
with additional interest which shall be in the sum of Thirty Dollars
($ 30. 00) if the redemption date is prior to May 1, 1963; Twenty Dollars
($ 20. 00) if the redemption date is on or after May 1, 1963 but prior
to May 1, 1968: Fifteen Dollars ($ 15. 00) if the redemption date is
on or after May 1, 1968 but prior to May 1, 1973; Ten Dollars ($ 10. 00)
if the redemption date is on or after May 1, 1973 but prior to May 1,
1978; and Five Dollars ($ 5. 00) if the redemption date is on or after May
1, 1978, to final maturity. Bonds called for redemption as herein provided
and funds for the payment of which have been duly set aside, shall cease to
bear interest as of the redemption date.

    This bond is issued for financing the cost not otherwise provided of
six small dormitory buildings and appurtenances for educational purposes
in connection with the University of Kentucky, under and in full compliance
with the Constitution and Statutes of Kentucky, including among others,
Sections 162. 350 to 162. 380, inclusive, of the Kentucky Revised Statutes.

    This bond is payable only from a fixed amount of the gross income
and revenues to be derived from the operation of said dormitories and
appurtenances, which will be set aside as a special fund and pledged for
that purpose and identified as the "Student Dormitories Revenue Bond and
Interest Redemption Fund of 1952", and this bond does not constitute an
indebtedness of the University of Kentucky or its Board of Trustees or of
the Commonwealth of Kentucky within the meaning of any constitutional
provisions or limitations.

    A statutory mortgage lien, which is hereby recognized as valid and
binding on said dormitory buildings and appurtenances, is created and
granted to and in favor of the holder or holders of this bond and the series
of which it is a part and in favor of the holder or holders of the coupons
attached thereto, and said dormitory buildings and appurtenances shall
remain subject to such statutory mortgage lien until the payment in full
of the principal of and interest on this bond and the series of which it is
a part.

    This bond is fully negotiable but may be registered as to principal
only on the books of the Secretary of the Board of Trustees of the Uni-
versity of Kentucky, such registration to be evidenced by notation there-
of on the reverse hereof by said Secretary, after which no transfer of
this bond shall be valid unless made on said books at the written request
of the registered owner or his authorized representative and similarly
noted on the reverse hereof; but this bond rnay be discharged from
registry by being registered to bearer, and thereafter transferability by
delivery shall be restored.  Registration of this bond as aforesaid shall
not affect the negotiability of the coupons appurtenant hereto, which
shall continue to be transferable by delivery merely and shall remain
payable to bearer.

    IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all
acts, conditions and things required to exist, happen and be performed