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[408] > Image [408] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

(e) expenses of administration properly chargeable to the Series A Hospital Project, as the case may be, legal expenses and fees, fees and expenses of consultants, financing charges (including interest on the Series A Bonds during construction of the Series A Hospital Project and credit facility agreement fees), cost of audits and of preparing and issuing the Series A Bonds, and all other items of expense not elsewhere in this Section specified incident to the construction and equipping of the Series A Hospital Project, as the case may be, and the placing of the Series A Hospital Project in operation; and (f) any obligation or expenses heretofore or hereafter incurred by the Board or by any other agency of the Commonwealth in connection with the Series A Hospital Project or, as the case may be, for any of the foregoing purposes. ARTICLE V. FUNDS AND ACCOUNTS; INVESTMENTS. Section 5.01. Creation of Debt Service Reserve Account. There is hereby established with the Trustee a special fund in the Debt Service Reserve Account of the Bond Fund designated "University of Kentucky. Hospital Revenue Bonds (Series A) Reserve Account" (the "Reserve Account"), which special fund shall consist of two subaccounts designated "Equity Subaccount" and "Proceeds Subaccount", respectively. The moneys in each of said subaccounts shall be held and applied as hereinafter provided and, pending such application, shall be subject to a lien in favor of the Owners of the Series A Bonds and for the further security of such Owners until paid out or transferred as herein provided. Section 5.02. Flow of Funds. The Board shall cause to have filed with the State Treasurer, in sufficient time to enable the State Treasurer to make the withdrawals from the Revenue Fund and to make the deposits required by this Section, a requisition of the Board, specifying the amount required for the various purposes herein- after set forth. Notwithstanding the provisions of the Master Resolution, it shall be the duty of the State Treasurer, upon receipt of such requisition to withdraw from the Revenue Fund on deposit with the State Treasurer so much of the money on deposit therein as is required to make the deposits hereinafter required and to deposit the sum so withdrawn with the Trustee to the credit of the following accounts in the following order: (a) beginning on the fifth Business Day prior to February 1, 1987, and on the fifth Business Day prior to each Interest Payment Date thereafter, to the credit of the Interest Account, that amount which, together with the amount then on deposit therein, shall be equal to the interest payable on the Outstanding Series A Bonds on the next ensuing Interest Payment Date; (b) beginning on the fifth Business Day prior to August 1, 1990, and on the fifth Business Day preceding each August 1 thereafter, to the credit -14-