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Part of Minutes of the University of Kentucky Board of Trustees

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4 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. -2-