or after May 1, 1984. The maturity schedule and terms of redemption

are set forth in the "Official Statement" to which reference is hereinafter

made. Principal and interest will be payable at the principal office of the

Trustee, Second National Bank and Trust Company, Lexington, Kentucky,

or at the option of the holders at the principal office, of Chemical Bank,

in the City of New York, New York, or of The Northern Trust Company,

in the City of Chicago, Illinois.

           The Board of Trustees has, by Resolution, created its

"Community Colleges Educational Buildings Froject", comprising all

educational buildings and appurtenant facilities now existing and hereafter

erected at all Community Colleges of the University which are specifically

named in the Resolution, and at all Community Colleges of the University

which in the future may be specifically added to and constitute a part of

the Project, according to a Series Resolution or a Supplemental Resolution,

with the exception of housing buildings and facilities and all buildings

exclusively for athletics as distinguished from those that are, or may be,

wholly or principally for physical education; and has pledged for the secu-

rity and source of payment of its "Community Colleges Educational Buildings

Revenue Bonds" the Revenues (a defined term) consisting of student regis-

tration fees imposed upon and collected from all students attending Com-

munity Colleges of the University which are now or may hereafter be made

parts of the Project, for the services furnished by the Project. Tile Bonds

will not constitute an indebtedness of the University of Kentucky, or of its

Board of Trustees, or of the Commonwealth of Kentucky within the meaning



- 2 -