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[360] > Image [360] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

"CREDIT FACILITY AGREEMENT" means an irrevocable letter of credit, insurance policy, guaranty or surety bond providing for the payment of or guarantying the payment of principal and purchase price of and interest on Bonds when due. "DEBT SERVICE COVERAGE RATIO" means for any period of time the ratio determined by dividing the Income Available for Debt Service by the Principal and Interest Requirements. "DEBT SERVICE RESERVE ACCOUNT" means that account created as a part of the Bond Fund by a Series Resolution. "DEFEASANCE OBLIGATIONS" means (i) Government Obligations, (ii) evidences of ownership of a proportionate interest in specified Government Obligations, which Government Obligations are held by a bank or trust company organized and existing under the laws of the United States of America or any state thereof in the capacity of custodian and (iii) obligations of state or local government municipal bond issuers, provision for the payment of the principal of and interest on which shall have been made by deposit with the trustee or escrow agent of obligations described in (i) or (ii) above, the maturing principal of and interest on which, when due and payable, shall provide sufficient money to pay the principal of, premium, if any, and interest on such obligations of state or local government municipal bond issuers, (iv) obligations of state or local government municipal bond issuers, the principal of and interest on which, when due and payable, have been insured by a bond insurance company whose obligations are rated in the highest rating category by Moody's Investors Service, Inc., and Standard & Poor's Corporation, and (v) full faith and credit obligations of state or local government municipal bond issuers, which are rated in the highest rating category by both Standard & Poor's Corporation and Moody's Investors Service, Inc. "DEPRECIATION RESERVE FUND" means that account created pursuant to Section 4.05. "EXISTING FACILITIES" means the University of Kentucky Hospital facilities located in Lexington, Fayette County, Kentucky, owned and operated by the Board as of the date of adoption of this Resolution. "FINANCIAL STATEMENTS" means the financial statements of the Operations of the Hospital. "FISCAL YEAR" means any twelve (12) month period beginning July 1 of each year and ending June 30 of the following year. "GOVERNMENT OBLIGATIONS" means direct obligations of, or obligations the timely payment of the principal of and interest on which are fully and unconditionally guaranteed by the United States of America. "GOVERNMENT RESTRICTIONS" means federal, state or other applicable governmental laws or regulations affecting the Board and the Operations of the -4-