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[8]

Part of Minutes of the University of Kentucky Board of Trustees

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which should be issued by the Board of Trustees, in order to afford maximum savings to the University, nor the maturity dates in respect thereof, as such calculations will necessarily be dependent to some extent upon government securities markets. Accordingly, in the interests of securing the greatest monetary savings to the University, it is necessary that the Financial Advisor and Bond Counsel be authorized to take certain steps in connection with the Refunding Bonds, subject to subsequent approval of this Board or its Executive Committee. Section 3. A certain Resolution authorizing the issuance of Refunding Bonds having been prepared by Bond Counsel, but not containing final financial data, such as maturity schedules and like matters, a copy of which Resolution is appended hereto as Exhibit A, the same is hereby approved as to form and con- tent, and, subject to refinement and completion by the addi- tion of financial data and such modifications as shall, in Bond Counsel's judgment, be required in order to secure to the University the benefits of the best obtainable Bond ratings, and consequently the best obtainable Bond bid, said Resolution in final form shall be adopted by this Board of Trustees or by the Executive Committee of this Board of Trustees prior to the actual sale of the Refunding Bonds, -4 -