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[385]

Part of Minutes of the University of Kentucky Board of Trustees

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Section 8.04. Pro Rata Application of Revenue Fund. Anything in this Resolution to the contrary notwithstanding, if at any time the Revenues in the Revenue Fund shall not be sufficient to pay the interest on or the principal of the Bonds and Parity Indebtedness as the same shall become due and payable, such moneys, together with any moneys then available or thereafter becoming available for such purpose, whether through the exercise of the remedies provided for in this Article or otherwise, shall be applied as follows: (a) If the principal of all the Bonds and Parity Indebtedness shall not have become due and payable, all such moneys shall be applied: first: to the payment to the persons entitled thereto of all installments of interest then due and payable in the order in which such installments become due and payable and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment, ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or preference except as to any difference in the respective rates of interest specified in the Bonds and in the Parity Indebtedness; second: to the payment of the principal of the Bonds and the Parity Indebtedness, ratably, to the persons entitled thereto, without preference or priority of any Bond over any other Bond. Whenever moneys are to be applied by the State Treasurer pursuant to the provisions of this Section, such moneys shall be applied by the State Treasurer at such times, and from time to time, as the State Treasurer, in his sole discretion, shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future; the deposit of such moneys with the Paying Agents, or otherwise setting aside such moneys, in trust for the proper purpose shall constitute proper application by the State Treasurer; and the State Treasurer shall incur no liability whatsoever to the Board, to the Owners of Bonds or holders of Parity Indebtedness, or to any other persons. for any delay in applying any such moneys, so long as the State Treasurer acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of this Resolution as may be applicable at the time of application by the State Treasurer. Whenever the State Treasurer shall exercise such discretion in applying such moneys, he shall fix the date upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The State Treasurer shall give such notice as he may deem appropriate of the fixing of any such date and shall not be required to make payment to the Owner of any Bond or holder of any Parity Indebtedness until such Bond or evidence of Parity Indebtedness shall be surrendered to the State Treasurer for appropriate endorsement, or for cancellation if fully paid. -29-