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[412]

Part of Minutes of the University of Kentucky Board of Trustees

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(3) without compliance with either of the tests mentioned in (1) and (2) above, the Board may in the aggregate incur Additional Long-Term Indebtedness in an amount not to exceed 5% of Total Operating Revenues for the last twelve (12) months for which the Financial Statements were reported upon by the Auditor or by an independent certified public accountant or firm of independent certified public accountants. The total amount of Long-Term Indebtedness incurred by the Board under this clause (3) and outstanding without compliance with one of the tests mentioned in (1) and (2) above may not in the aggregate exceed at any time the amount calculated in accordance with the provisions of this clause. (3). (b) Completion Indebtedness may be incurred by the Board without limitation provided there is filed with the Trustee and the State Treasurer a certificate of an independent architect setting forth the amount required to complete the improvement for which the Indebtedness was incurred and an Officer's Certificate stating that the proceeds of the Completion Indebtedness and other moneys available therefor, including estimated earnings, will be sufficient to complete the improvement. (c) Indebtedness may be incurred by the Board for the purpose of refunding any Outstanding Indebtedness so as to render it no longer Outstanding if prior to incurrence thereof there is delivered to the Trustee and the State Treasurer the following: (1) an officer's certificate certifying that maximum Principal and Interest Requirements on the Indebtedness proposed to be issued for any twelve (12) consecutive calendar months is not in excess of 110% of the maximum Principal and Interest Requirements on the Outstanding Indebtedness being refunded for any twelve (12) consecutive calendar months; or (2) if the maximum Principal and Interest Requirements on the Indebtedness proposed to be issued for any twelve consecu- tive calendar months is in excess of 110% of the maximum Principal and Interest Requirements on the Outstanding Indebted- ness being refunded for any twelve (12) consecutive calendar months, such evidence as may be required to show that such proposed Indebtedness may be incurred in accordance with the requirements of paragraph (a) above; provided, however, that in no event shall clauses (1) and (2) above preclude the Board from issuing Indebtedness to refund all or any part of the Outstanding Series A Bonds. (d) Short-Term Indebtedness may be incurred by the Board in the ordinary course of business if immediately after the incurrence of such Short-Term indebtedness, the outstanding principal amount of all such Short-Term Indebtedness does not exceed 10% of Total Operating Revenues for the most recent_ period of twelve (12) full -18-