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[370]

Part of Minutes of the University of Kentucky Board of Trustees

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(f) to the credit of any fund or account created pursuant to a Series Resolution, at such time or times as shall be required by the Series Resolution, such amount, if any, of any balance remaining after making the deposits under clauses (a) to (e) inclusive, above (or the entire balance if less than the required amount), as shall be required by the applicable Series Resolution. Section 4.03. Bond Fund. There is hereby created a separate account called the "University of Kentucky Hospital Project Bond and Interest Sinking Fund" (hereinafter referred to as the "Bond Fund"). The Bond Fund shall be established and maintained by and in the custody of the Trustee, and maintained by the Trustee so long as any of the Bonds are Outstanding. The Bond Fund shall consist of (i) an Interest Account, (ii) a Principal Account and (iii) a Sinking Fund Account. There may also be established as a part of the Bond Fund, one or more Debt Service Reserve Accounts and one or more Redemption Accounts pursuant to a Series Resolution. Deposits to the various accounts of the Bond Fund shall be made in such amounts, at such times and under such terms and conditions as provided in a Series Resolution. Subject to the terms and conditions set forth in the Resolution, money held for the credit of the Interest Account, the Principal Account and the Sinking Fund Account shall be held in trust and disbursed by the Trustee for (a) the payment of interest on the Bonds issued hereunder as such interest becomes due and payable, or (b) the payment of the principal of such Bonds at their maturities, mandatory redemption dates or optional redemption dates, and such money is hereby pledged to and charged with the payments thereof. Money held for the credit of any Debt Service Reserve Account shall be held in trust and disbursed by the Trustee for (a) to the extent that the amount on deposit in the Interest Account is insufficient therefor, the payment of interest on the Series of Bonds issued under the Series Resolution establishing such Debt Service Reserve Account as such interest becomes due and payable, or (b) to the extent that the amount on deposit in the Principal Account or the Sinking Fund Account is insufficient therefor, the payment of the principal of such Series of Bonds at their maturities or mandatory redemption dates, as the case may be, or (c) if so provided in the Series Resolution authorizing the Series of Bonds with respect to which such Debt Service Reserve Account was created, to the direct payment of the principal of and interest on such Series of Bonds, and such money is pledged to and charged with the payments mentioned in this sentence. At least five (5) days prior to each date on which principal and/or interest shall become due on any of the Bonds, the Trustee shall be required to set aside from the Bond Fund moneys sufficient to pay the interest due on the Bonds on such date and the principal of all Bonds maturing or called for redemption on such date and to make arrangements with the Paying Agent to secure the prompt payment thereof at the time and in the manner set forth in a Series Resolution. -14-