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[407]

Part of Minutes of the University of Kentucky Board of Trustees

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Any balance in the Series A Construction Account not deemed by the Board to be necessary to be reserved and so reserved by the Board for the payment of any remaining part of the cost of the Series A Hospital Project or for additions to the Series A Hospital Project shall be transferred by the State Treasurer (i) to the Revenue Fund if such amount is less than 5% of the face amount of the Series A Bonds, or (ii) to the Trustee for credit to a special account of the Redemption Account to be then established and designated as the University of Kentucky Hospital Building Project--Series A Bonds Redemption Account" (the "Series A Redemption Account") as a part of the Bond Fund and shall be used to redeem Series A Bonds by purchase in the open market if Series A Bonds can be purchased at not more than par plus accrued interest to the date of purchase or by redemption at the earliest date Series A Bonds can be redeemed at par plus accrued interest to the redemption date; provided, however, the Series A Redemption Account may be invested only upon the written advice of Bond Counsel at such yield as will not cause the Series A Bonds to become "arbitrage bonds" as defined in the Code, or cause the interest on the Series A Bonds to become subject to federal income taxation. Section 4.04. Items of Cost. For the purposes of this Series A Resolution, the cost of the Series A Hospital Project shall include, without intending thereby to limit or restrict or to extend any proper definition of such cost under any applicable laws or this Series A Resolution, any or all of the following: (a) obligations incurred for labor and materials and to contractors, builders and materialmen in connection with the Series A Hospital Project, as the case may be; (b) the cost of acquiring, by purchase, if such purchase shall be deemed expedient, and the amount of any award or final judgment in or any settlement or compromise of any proceeding to acquire by condemnation, such lands, property, rights, rights-of-way, franchises, easements and other interests as may be deemed necessary or convenient by the Board for the construction and operation of the Series A Hospital Project, as the case may be, options and partial payments thereon, and the amount of any damages incident to or consequent upon such construction and operation; (c) the cost of furnishing and equipping the Series A Hospital Project, as the case may be; (d) taxes or other municipal or governmental charges lawfully levied or assessed during construction upon the Series A Hospital Project, as the case may be, or any property acquired therefor, and premiums on insurance, if any, in connection with the Series A Hospital Project, as the case may be, during construction; fees and expenses of engineers and architects for surveys and estimates and other preliminary investigations, preparation of plans, drawings and specifications and supervising construction, as well as for the performance of all other duties of engineers and architects in relation to construction of the Series A Hospital Project, as the case may be, or the issuance of Series A Bonds therefor; -13-