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[373]

Part of Minutes of the University of Kentucky Board of Trustees

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equal to the pro rata portion of the Depreciation Shortfall attributable to such other Long-Term Indebtedness for such Depreciation Shortfall Year. (2) If, at any time, money held for the credit of the Revenue Fund should be insufficient to pay the principal and interest on the Bonds when due and payable, the Board shall cause to have transferred (except as limited by the provisions of any Series Resolution) from the Depreciation Reserve Fund to the Bond Fund an amount sufficient to make up any deficiency, and if at any time the Board should be unable to make payments of principal and interest on other Long-term Indebtedness when due and payable upon delivery to the State Treasurer of an Officer's Certificate stating the amount of such principal and interest, that such principal and interest have not been paid from any other source and that no funds are available to make such payments, the State Treasurer shall transfer from the Depreciation Reserve Fund to the Trustee or the Board for the other Long-Term Indebtedness, an amount sufficient to make such payments. (3) The Board may withdraw from the Depreciation Reserve Fund money to provide working capital in an aggregate principal amount not to exceed in any Fiscal Year an amount equal to 15% of Total Operating Revenues for the most recent Fiscal Year for which Financial Statements are available; provided, however, that at least once in each 13-month period there shall be an intervening period of not less than thirty (30) consecutive days during which no such transfer shall be outstanding. (4) For so long as there shall be no event of default under the provisions of the Resolution, the Board may use all or a portion of the amount on deposit in the Depreciation Reserve Fund to pay the cost of the acquisition or construction by the Board in the opera- tion of the Hospital of assets which are subject to the allowance for depreciation, provided that such cost has not previously been paid from the Depreciation Reserve Fund. (d) Notwithstanding any other section hereof or any provision of any Series Resolution, the Board may provide for the amendment of Section 402(e) to provide that (1) the percentage of the Depreciation Reserve Fund Requirement to be deposited in the Depreciation Reserve Fund may be reduced to any percentage thereof (including zero) and/or (2) amounts in the Depreciation Reserve Fund may be transferred to the Board without restriction if the Board: (1) reasonably determines that such deposits can be reduced or eliminated and/or such transfer made, as the case may be, because of a change in reimbursement rules from third-party payors relating to depreciation, the availability of funds from other sources adequate to ensure payment of principal of all Bonds or any other reason, determined by the Board in its sound discretion, with due regard to the Operations of the Hospital and the Board's obligation to provide for payment of the principal of the Bonds; -17-