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[368]

Part of Minutes of the University of Kentucky Board of Trustees

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Section 3.02. Loss, Theft or Destruction of Bonds. Upon the receipt by the Trustee of evidence satisfactory to the Trustee of the loss, theft, destruction or mutilation of any Outstanding Bond, and of indemnity satisfactory to the Trustee, and upon surrender and cancella- tion of such Bond if mutilated, the Trustee may authenticate and deliver, upon the lapse of such period of time as the Trustee may deem advisable, a new Bond of like tenor and maturity bearing the same or different serial number, to be issued in lieu of such lost, stolen, destroyed or mutilated Bond. The Board may require the payment of the cost of each new Bond issued under this Section, and the furnishing of indemnity satisfactory to the Trustee and the Board. The Trustee shall incur no liability for anything done by it under this Section in the absence of negligence or fault. ARTICLE IV. PLEDGE OF REVENUES; CREATION OF FUNDS: INVESTMENTS Section 4.01. Pledge of Revenues. There is hereby pledged to the payment of the principal of, interest on and any premium upon the redemption of, the Bonds, the proceeds of the sale of the Bonds until expended for the authorized purpose, the Net Revenues and all funds established by and in accordance with the provisions of the Resolu- tion, including the investments, if any, of any of such funds, all in accordance with the terms and provisions of the Bonds and of the Resolution, and there is hereby created in favor of said Bonds, a paramount charge on all of the Net Revenues over and ahead of all claims or obligations of any nature against the Net Revenues hereafter arising or hereafter incurred. The Board covenants and agrees that the foregoing pledge shall be valid and binding from and after the date of the issuance, sale and delivery of any Bonds issued pursuant to the Resolution, and all such money and securities hereby pledged shall then be subject to the lien of this pledge without any physical delivery thereof, or any further action by the Board. Section 4.02. Revenue Fund. From and after the issuance of any Bonds pursuant to the Resolution, all Revenues shall be deposited to the credit of a special fund to be known as the "University of Kentucky Hospital Revenue Fund" (hereinafter referred to as the "Revenue Fund") which Revenue Fund is hereby created. Such Revenue Fund shall be held in the custody of the State Treasurer of the Commonwealth, separate and apart from other funds; provided, however that if no law requires such funds to be held by the State Treasurer, with the consent of the State Treasurer, the Revenue Fund may be held by the Board. The Board covenants and agrees that, upon the issuance and delivery of any Bonds pursuant to the Resolution, all Revenues shall be deposited as collected in the Revenue Fund. Moneys and securities from time to time in the Revenue Fund shall be trust funds of the Board for the uses and purposes provided in the Resolution and shall be paid out and applied for the uses and purposes for which said moneys are pledged by the provisions of the Resolution. The Board shall cause money in the Revenue Fund to be paid out by the State -12-