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[419]

Part of Minutes of the University of Kentucky Board of Trustees

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The Series A Bonds shall not constitute an indebtedness of the Board or the Commonwealth within the meaning of any provisions or limitations of the Constitution or Statutes of the Commonwealth, but are payable solely from the Net Revenues and any other revenues provided therefor in the Series A Resolution. Neither the Board, the Commonwealth, nor any other political subdivision of the Commonwealth, is obligated to pay the principal of the Series A Bonds or the interest thereon, or other costs incident thereto, except from the Net Revenues pledged therefor. Neither the faith and credit nor the taxing power of the Board, the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of, premium, if any, or interest on the Series A Bonds or other costs incident thereto. This Bond is one of the duly authorized University of Kentucky Hospital Revenue Bonds, Series A, issued in the aggregate principal amount of $ (the "Bonds") pursuant to a Master Resolution and a Series A Resolution duly enacted by the Board (collectively, the "Resolution") under the authority of, and in full compliance with, the Constitution and Statutes of the Commonwealth of Kentucky, and particularly Sections 58.010 through 58.140 of the Kentucky Revised Statutes (the "Act") for the purpose of financing the Series A Project. Copies of the Master Resolution and the Series A Resolution are on file at the corporate trust office of the Trustee, and reference shall be made to the Master Resolution and the Series A Resolution for the provisions, among others, with respect to the custody and application of the proceeds of Bonds issued under the Resolution, the collection and disposition of Revenues, the funds charged with and pledged to the payment of the interest on and the principal of the Bonds, the nature and extent of the security, the terms and conditions on which Bonds and Additional Indebtedness are or may be issued, the rights, duties and obligations of the Board and the rights of the Owners of the Bonds. The Board has reserved the right to issue Additional Indebtedness, including additional Series of Bonds on a parity as to source of payment and security with the Bonds. The Bonds maturing on and after August 1, 1997, are 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), on any Interest Payment Date on and after August 1, 1996, at the redemption prices, expressed in percentages of the principal amount of the Bonds to be redeemed, plus, in each case, accrued interest to the date of redemption, as set forth below: Redemption Dates Redemption Price August 1, 1996, through and including August 1, 2000 103% August 1, 2001, through and including August 1, 2004 102% August 1, 2005, and thereafter prior to final maturity 101% -2-