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[369]

Part of Minutes of the University of Kentucky Board of Trustees

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Treasurer first to pay Operating Expenses of the Hospital, second, to make the payments required for the funds and accounts referred to below, to make any payments required by any Credit Facility Agreement, to make the payments required by any Parity Indebtedness, and thereafter for any lawful purpose of the Operations of the Hospital as may from time to time be determined by the Board. With respect to each Series of Bonds, unless otherwise provided in the Series Resolution authorizing such Bonds, the Board shall cause the State Treasurer to withdraw from the Revenue Fund so much of the money on deposit therein as is required to make the deposits hereinafter required and to deposit the sum so withdrawn to the credit of the following funds and accounts in the following order: (a) to the credit of the Interest Account such amount thereof (or the entire sum so withdrawn if less than the required amount) as may be required to make the total amount then on deposit to the credit of the Interest Account equal to the amount of interest to become due and payable on the next succeeding date on which such interest is due and payable with respect to the Bonds of each Series then Outstanding, except any interest for the payment of which funds have been provided from the proceeds of Bonds, from a drawing under a Credit Facility Agreement or from a transfer from any other fund or account; (b) to the credit of the Principal Account such amount, if any, of any balance remaining after making the deposit under clause (a) above (or the entire balance if less than the required amount) as shall be sufficient, together with the amount then on deposit therein, to pay the maturing principal of all Outstanding Bonds on the next succeeding maturity date, except principal for the payment of which funds have been provided from a drawing under a Credit Facility Agreement; (c) to the credit of the Sinking Fund Account, such amount, if any, of any balance remaining after making the deposits under clauses (a) and (b) above (or the entire balance if less than the required amount) as shall be sufficient together with the amount then on deposit therein to retire all Bonds to be called by mandatory redemption on the next ensuing mandatory redemption date, except any Bonds, funds for the retirement of which have been provided from a drawing under a Credit Facility Agreement; (d) to the credit of each Debt Service Reserve Account, such amount, if any, of any balance remaining after making the deposits under clauses (a) to (c), inclusive, above (or the entire balance if less than the required amount) as may be required by any Series Resolution to make the amount then to the credit of any Debt Service Reserve Accounts created under such Series Resolution equal to the Reserve Account Requirement for the Bonds of such Series; (e) to the credit of the Depreciation Reserve Fund, on December 1 of the year in which a depreciation reserve is required to be funded and on each December 1 thereafter, one hundred percent (100%) of the Depreciation Reserve Fund Requirement for such year; and -13-