10



with respect to prior redemption may be and become applicable hereto, such
interest as may accrue on and prior to the maturity date of this Bond to be
paid only upon presentation and surrender of the annexed coupons as they
severally mature, both principal and interest being payable in any coin or cur-
rency of the United States of America which at the time of payment thereof is
legal tender for the payment of public and private debts, at the principal
office of the Trustee, First Security National Bank& Trust Company of Lexington,
in the City of Lexington, Kentucky, or, at the option of the holder  hereof or
of the interest coupons hereunto appertaining, at the principal offices of Con-
tinental Illinois National Bank and Trust Company of Chicago, in the City of
Chicago, Illinois, or of Chemical Bank New York Trust Company, in the City
of New York, New York,

        This Bond is one of a duly authorized issue of Bonds designated as "Com-
munity Colleges Educational Buildings Revenue Bonds' (hereinafter referred to
as the "Bonds") issued and to be issued under and in full compliance with the
Constitution and Statutes of the Commonwealth of Kentucky, including among
others, Sections 162. 350 to 162. 380, inclusive, of the Kentucky Revised Statutes,
now in full force and effect, and under and pursuant to the Resolution adopted
by the Board of Trustees on March 4, 1963, as amended in certain respects by
a Resolution adopted on April 2, 1963 (hereinafter referred to collectively as
the "Resolution") and the Series A Resolution adopted by the Board of Trustees
on April 2, 1963.

       As provided in the Resolution, the Bonds may be issued from time to
time pursuant to separate resolutions in one or more series, in various principal
amounts, may bear interest at different rates and may otherwise vary as in the
Resolution provided.  The aggregate principal amount of Bonds which may be
issued under the Resolution is not limited except as provided in the Resolution,
and all Bonds issued and to be issued under the Resolution are and will be
equally secured by the pledges and covenants made therein, except as otherwise
expressly provided or permitted in the Resolution.

       Thie Bond is one of a series of Bonds of various maturities designated
as "Community Colleges Educational Buildings Revenue Bonds, Series A, '
(herein called the "Series A Bonds") issued in the aggregate amount of $1, 200, 000
under the Resolution for the purpose of financing the costs {to the extent not
otherwise provided) of erecting and completing educational buildings and necessary
appurtenances as parts of the Community Colleges Educational Buildings Project
of said University (hereinafter referred to as the "Project").  Copies of the
Resolution and the Series A Resolution are on file at the office of the Trustee.
Reference is hereby made to the Resolution pursuant to which First Security
National Bank & Trust Company of Lexington, in the City of Lexington, Kentucky,
has been designated as Trustee for the holders of the issue of Bonds of which
this Bond is one and for the provisions, among others, with respect to the custody
and application of the proceeds of the Bonds; the rights, duties and obligations
of said Board of Trustees, and of the Trustee, and the rights of the holders of the
Bonds; and by the acceptance of this Bond, the holder hereof assents to all of
the provisions of the Resolution, Under authority of the statutes pursuant to