11



      This bond is fully negotiable but may be registered
 as to principal only on the bcoks of the Secretary of the
 Board of Trustees of the University of Kentucky, such
 registration to be evidenced by notation thereof 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 re-
 verse hereof.   But this bond may be discharged from
 registry by being registered to bearer, and thereafter
 transferability by delivery shall be restoreO.   Regis-
 tration 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 precedent to and in the issuance of
this bond do exist, have happened and have been performed
in due time, form and manner as required by law, and the
amount of this bond, together with all other obligations
of said University of Kentucky and its Board of Trustees,
does not exceed any limit prescribed by the Constitution
or Statutes of Kentucky; that said library and service
building and appurtenances will be continuously operated
by said University of Kentucky, and that a sufficient
portion of the gross income and revenues therefrom has
been pledged to and will be set aside into a special
account for the payment of the principal of and interest
on this bond and the series of which it is a part, as the
same will respectively become due.

     IN WITNESS 71{HEREOF  the Board of Trustees of the
University of Kentucky has caused this bond to be signed
by its Chairman, and its corporate seal to be hereunto
affixed, attested by the Secretary, and the coupons hereto
attached to be executed with the facsimile, signatures of
said Chairman and said Secretary, wnrho, by the signing of
this bond, do adopt said facsimile signatures, and each of
them, to be their respective authorized and official signa
tures, all as of the First day of April, 1949.



                             Chairman, Board of Trustees

Attest:



Secretary, Board of Trustees

(SAL)