the provisions, among others, with respect to the custody and
application of the proceeds of the Series N Bonds; the collection
and disposition of the defined Revenues; the fund charged with and
pledged to the payment of the interest on and the principal of said
Series N Bonds; the nature and extent of the security; the reserved
right of the Board to issue in the future certain additional Series
of Bonds which will rank on a basis of parity as to security and
source of payment with the Bonds theretofore authorized, subject to
conditions and restrictions which are specifically set forth in the
Indenture; the rights, duties and obligations of said Board and of
the Trustee; and the rights and limitation of rights of the owners
of the Bonds; and, by the acceptance of this Series N Bond, the
owner hereof assents to all of the provisions of said Indenture.

          The owner of this Series N Bond shall have no right to
enforce the provisions of the Indenture or to institute action to
enforce the covenants therein, or to take any action with respect
to any default under the Indenture, or to institute, appear in or
defend any suit or other proceedings with respect thereto, except
as provided in the Indenture. The Indenture provides for fixing,
charging and collecting rentals and other charges for the use of
said Housing and Dining System, which rents and charges will be
sufficient to pay the principal of and interest on said Bonds as
the same become due, and to provide reserves for such purposes and
also to pay the cost of maintenance, operations and repair of the
said Housing and Dining System, to the extent not otherwise pro-
vided.  The Indenture provides for the creation of a special fund
designated "University of Kentucky Housing and Dining System
Revenue Bond and Interest Sinking Fund Account" (hereinafter called
the "Bond and Interest Sinking Fund"), and for the deposit to the
credit of said Bond and Interest Sinking Fund of a fixed amount of
the defined Revenues of said Housing and Dining System sufficient
to pay the principal of and. interest on the Bonds as the same
become due, and to provide a reserve for such purpose, which Bond
and Interest Sinking Fund is pledged to and charged with the
payment of said principal and interest.

          The Series N Bonds are issuable as fully registered
Series N Bonds in the denomination of $5,000 and any authorized
multiple thereof within a single maturity.

          This Series N Bond is transferable by the Registered
Owner hereof in person or by his attorney duly authorized in
writing at the main office of the Trustee, but only in the manner
and subject to the limitations provided in the Indenture, and upon
surrender and cancellation of this Series N Bond, duly endorsed for
transfer or accompanied by an assignment duly executed by the
Registered  Owner or his authorized representative.       Upon  such
transfer being made, a new registered Series N Bond or Series N
Bonds of the same series and the same maturity of authorized
denomination, for the same aggregate principal amount, will be
issued to the transferee in exchange for this Series N Bond.



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