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           Within a minimum of five (5) business days prior to the date of
closing, the purchaser shall notify the Registrar of the names and tax identi-
fication numbers of registered owners for the initial delivery of the Bonds,
showing principal amounts    for each maturity.    Otherwise,  the Bonds will be
registered in the name of the bidder or in the name of the first participant
listed in the bid with one registered Bond provided for each maturity.

REDEMPTION:

           Bonds  maturing   on   and  after   August 1,   1997,  are   subject   to
redemption by the Board prior to maturity on any interest payment date
occurring on or after August 1, 1996, in whole or from time to time in part
(less than all of such Bonds of a given maturity to be selected by lot in such
manner as may be designated by the Paving Agent) at the redemption prices
(expressed as percentages of the principal amount of Bonds being redeemed) set
forth in the table below plus accrued interest to the redemption date:

                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%

           The Bonds are also subject to redemption in whole or in part on any
date, at the option of the Board, from the proceeds of casualty insurance or
condemnation awards, at a redemption price equal to 100% of the principal
amount thereof, without premium, plus accrued interest to the redemption date,
if all or any part of the University of Kentucky Hospital is damaged, destroyed
or taken through the exercise of the power of eminent domain.       In the event of
a redemption in part pursuant hereto, the Board shall redeem Bonds from each
maturity then outstanding,   to the extent practicable,    in the proportion that
the principal amount of Bonds of such maturity bears to the total principal
amount of bonds issued under the Master Resolution and then Outstanding.

BASIS OF AWARD:

           Unless all proposals are rejected, the Bonds shall be awarded to the
bidder submitting the bid having the lowest net dollar interest cost, which
cost shall be determined by computing the sum, for all of the Bonds, of the
total dollar amount of interest payable on every Bond from               1, 19_   to
its maturity   or mandatory   prior  redemption,  as  the  case may   be,  plus any
discount or minus any premiums.

AUTHORITY:

            The Bonds have been authorized by a Master Resolution, as supple-
mented by a Series A Resolution (the "Resolution") of the Board of Trustees of
the  University  of Kentucky   (the   "Board""),  pursuant   to  the  authority   of
Sections  58.010   through  58.140   of   the  Kentucky  Revised   Statutes,   which
authorize the issuance of revenue bonds by any agency or instrumentality of the
Commonwealth of Kentucky to provide funds for the financing of a public project
for use in the promotion of the public health.

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