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[362] > Image [362] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

(iii) installment sale or conditional sale contracts having an original term in excess of one year; provided, however, that any Guaranty by the Board of any obligation of any person which obligation would, if it were a direct obligation of the Board, constitute Short-Term Indebtedness shall be excluded. "NET REVENUES" means the excess, if any, of the Revenues over the Operating Expenses. "OPERATING EXPENSES" means the reasonable and necessary current expenses of maintaining, repairing and operating the Hospital, including, without limiting the generality of the foregoing, all administrative, general and commercial expenses, insurance and surety bond premiums, architectural expenses, legal expenses, refunds of overpayments on patient accounts, any taxes which may be lawfully imposed on the Board in connection with the income from or operations of the Hospital or the property forming a part thereof, rentals of equipment or other property, usual expenses of maintenance and repair, fees and expenses payable by the Board in connection with any Credit Facility Agreement and any other current expenses required to be paid by the Board in connection with the operation of the Hospital by law, all to the extent properly and directly attributable to the Hospital and all as determined in accordance with generally accepted accounting principles for hospitals consistently applied, and the expenses, liabilities and compensation of the Trustee and Paying Agents required to be paid under the Resolution and any Series Resolution, but not including reserves for operation, maintenance or repair or any allowance for depreciation, amortization of financing expenses, Principal and Interest Requirements or similar charges. 'OPERATIONS OF THE HOSPITAL" refers to those actions and activities generally permitted to a corporation. "OUTSTANDING" means, when used with reference to Bonds, as of a particular date, all Bonds theretofore issued under a Series Resolution, except: (i) Bonds theretofore cancelled by the Paying Agent or delivered to the Paying Agent for cancellation: (ii) Bonds for the payment of which money, Defeasance Obligations or a combination of both, sufficient to pay on the date when such Bonds are to be paid or redeemed, the principal or redemption price of, and the interest accruing to such date on the Bonds to be paid or redeemed, has been deposited with the Paying Agent in trust for the Owners of such Bonds; Defeasance Obligations shall be deemed to be sufficient to pay or redeem Bonds on a specified date if the principal of and the interest on such Defeasance Obligations, when due, will be sufficient to pay on such date the redemption price of and the interest accruing on, such Bonds to such date; -6-