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[374]

Part of Minutes of the University of Kentucky Board of Trustees

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(2) provides written notice to the State Treasurer of such determination and of the percentage, if any, of the Depreciation Reserve Fund Requirement to be deposited thereafter in the Depreciation Reserve Fund and/or the amount of transfers to be made; and (3) pursuant to Section 7.01, the Board adopts a supplemental resolution amending Section 4.02(e) to state the percentage, if any, of the Depreciation Reserve Fund Requirement thereafter to be deposited in the Depreciation Reserve Fund and/or providing for transfers from the Depreciation Reserve Fund. Section 4.06. Investment Income. The interest and realized income from the investment of moneys in any fund or account shall be added to and become a part of the fund or account out of which the investment was made, except as may otherwise be provided in a Series Resolution. The expenses of purchase, safekeeping, sale and redemption and all other expenses and losses incident to said investments shall be charged to the fund or account out of which the investment was made. ARTICLE V. CONCERNING THE TRUSTEE, PAYING AGENTS AND REGISTRAR Section 5.01. Appointment and Duties of Trustee. In the Series Resolution authorizing the issuance of the initial Series of Bonds, the Board shall appoint a Trustee and so long as any Bonds are Outstanding under the Resolution, the Trustee so appointed or a successor Trustee appointed in the manner as hereinafter provided shall be the Trustee under the Resolution. The Trustee shall (i) authenticate all Bonds issued under the Resolution, (ii) serve as Paying Agent for the payment of the principal and interest on the Bonds and the redemption price upon redemption of the Bonds prior to maturity, (iii) serve as Registrar for the registration, exchange and transfer of the Bonds, (iv) serve as depository of the Bond Fund and any other trust funds created pursuant to a Series Resolution for deposit with the Trustee; invest and reinvest the assets of the funds held in trust by the Trustee as required by the Resolution or as directed by the Board or its designee; (v) upon a declaration of an event of default, take whatever action as may be authorized by the Resolution and applicable law to enforce the rights of Bondowners; and (vi) perform such other duties of a trustee as may be required by a Series Resolution to which the Trustee has consented. Section 5.02. Reliance on Board by Trustee. Except as otherwise expressly provided in the Resolution, any request, consent, demand, notice, order, appointment or other direction made or given by the Board to the Trustee shall be deemed to have been sufficiently made or given by the proper party or parties if executed on behalf of the Board by the Chairman or Secretary of said Board, and the Trustee may conclusively rely as to the correctness of the statements, conclusions and opinion expressed therein upon any certificate, report, opinion or other document furnished to the Trustee pursuant to any provision of the Resolution. -18-