Kentucky income taxation on the date of their delivery to the
purchasers.

          If, prior to the delivery of the Series L Bonds, any
event shall occur which alters such tax-exempt status, the pur-
chasers shall have the privilege of voiding the purchase by giving
immediate written notice to the Board, whereupon the amount of the
good faith deposit of the purchasers will be returned to the
purchasers.


                              Henry Clay Owen, Treasurer, Board of
                              Trustees, University of Kentucky,
                              Lexington, Kentucky 40506



10