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[403] > Image [403] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

The Treasurer, in conjunction with J J B Hilliard, W L Lyons Incorporated, Financial Advisor to the Board, and Bond Counsel, may cause to be prepared multiple copies of one or more Official Terms and Conditions of Bond Sale giving more complete and particular descriptions of the Series A Bonds, provisions for the security and payment thereof, disposition of bond proceeds and other information that is not feasible to give within the limits of the public Notice of Bond Sale, and may furnish copies of such Official Terms and Conditions of Bond Sale to all interested bidders upon request in substantially the form prepared by Bond Counsel, as set forth in Exhibit D to this Resolution. The right to reject any and all bids shall be especially reserved to the Board. On the occasion set forth in such Notice of Bond Sale, the Board, or its Executive Committee, or its Finance Committee, as the case may be, shall consider all bids made pursuant to such notice, and if acceptable bids are received, award the Series A Bonds in the manner and for the purposes herein provided, establish the interest rate or rates which the Series A Bonds shall bear, and take all other necessary and proper steps in the sale and issuance of the Series A Bonds. In the event no bid is deemed acceptable, the President or the Vice President for Administration of the University of Kentucky, upon the advice of J J B Hilliard, W L Lyons Incorporated, Financial Advisor to the Board, may readvertise for bids and adopt revised Official Terms and Conditions of Bond Sale, including a revision of the principal amount of Series A Bonds offered for sale, if less than the amount authorized herein, and a revision of maturities, dates and redemption provisions. The Financial Advisor to the Board shall prepare an "Official Statement" for the purpose of providing adequate information to prospective bidders, and the same shall be examined on behalf of the Board by the Treasurer, shall be approved by said officer prior to the use thereof in connection with the sale of the Series A Bonds, and shall be executed on behalf of the Board by the Chairman. ARTICLE III. REDEMPTION. Section 3.01. Limitation on Redemption. Except as provided in this Article, the Series A Bonds shall not be subject to redemption in whole or in part. Section 3.02. Optional Redemption of Series A Bonds. The Series A Bonds maturing on and after August 1, 1997, shall be subject to redemption prior to maturity by the Board in whole or from time to time in part in the inverse order of their maturities (less than all of a single maturity to be selected by lot by the Paying Agent) on any Interest Payment Date on and after August I, 1996, at the redemption prices, expressed in percentages of the principal amount of the Series A Bonds to be redeemed, plus in each case accrued interest to the date of redemption, as set forth below: -9-