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Part of Minutes of the University of Kentucky Board of Trustees

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Bond Counsel will render the customary opinion as to exemption of principal of the Bonds from ad valorem taxation and as to exemption of interest on the Bonds from Federal and Kentucky income taxation, assuming that the Board of Trustees complies with covenants made by it with respect to compliance with the provisions of the Tax Rill, if enacted into law in the form passed by the House of Representatives on December 17, 1985, and if such law reflects a postponement of effective dates to the extent endorsed in the Joint Statement, except that with respect to property and casualty insurance companies, such interest may be included in an alternative calculation of taxable income. If, prior to the delivery of the Bonds, any event should occur which alters such tax-exempt status, the purchaser shall have the privilege of voiding the purchase contract by giving immediate written notice to the Board, whereupon the amount of the good faith deposit of the purchaser will be returned to the purchaser, and all respective obligations of the parties will be terminated. ADDITIONAL TERMS OF SALE: The Bonds, but not less than all of the Bonds, are offered for sale on the following additional terms and conditions: A. A minimum price shall be required for the entire issue, of not less than $ (97-3/4% of par), plus accrued interest from the date of the Bonds (August 1, 1986) to the date of delivery. B. Each purchase bid shall be accompanied by a good faith check in the amount of $ (1%), which shall be represented by a certified or bank cashier's check in that amount, payable to the order of the Board of Trustees of the University of Kentucky. The checks of the unsuccessful bidders will be returned to them promptly. The check of the successful bidder shall be immediately deposited by the Board of Trustees and credited (without interest) against the purchase price at the time of the delivery of the Bonds. C. Bidders must state an interest rate or rates in a multiple of 1/8, 1/10 and/or 1/20 of 1%. D. Interest rates may be only on an ascending scale, in that the interest rate for Bonds of any maturity may not be less than the interest rate stipulated for any preceding maturity. E. There is no limit on the number of different rates which may be specified in any bid. F. All Bonds of the same maturity shall bear the same and a single interest rate from the date thereof to maturity, even though some of such Bonds may be subject to mandatory redemption prior to their maturity date. -5-