envelopes marked "Bid for University of Kentucky
     Housing and Dining System Refunding Revenue Bonds,
     Series N" and bids must be received by the Treasurer
     of the University prior to the date and hour stated
     above.

K.   It shall be the responsibility of the purchasers of
     the Series N Bonds to furnish or cause to be fur-
     nished to the Trustee at least five (5) days prior
     to the date of delivery of the Series N Bonds, a
     list of the names, addresses and social security
     numbers or employer identification numbers of each
     of the parties to whom the Series N Bonds are to be
     registered, and the principal amounts and maturities
     thereof. In the event of the failure to so deliver
     such list, the Series N Bonds delivered to the
     purchasers shall be registered in the name or names
     of such purchasers or their designated representa-
     tives appearing as the first name on the successful
     bid form, or otherwise appropriately designated, and
     shall be issued in denominations corresponding to
     the principal amount of each respective maturity, or
     in the denomination of $5,000, as shall be deter-
     mined by the Trustee.

L.   Delivery will be made in Louisville, Kentucky, on or
     about           , 1994.  The purchasers may elect to
     require delivery through a depository trust corpora-
     tion, provided the purchasers agree to pay any
     additional expense in connection therewith, such
     expense to include shipping expense, insurance in
     transit and the fee of the depository trust corpora-
     tion. In connection with the issuance of the Series
     N Bonds, the Board of Trustees will pay for the
     printing of the Series N Bonds, which will contain
     the opinion of Bond Counsel.

M.   Upon wrongful refusal of the successful bidder to
     take delivery of and pay for the Series N Bonds when
     tendered for delivery, the amount of the good faith
     check shall be forfeited by such bidder, and such
     amount shall be deemed liquidated damages for such
     default; provided, however, if said Series N Bonds
     are not ready for delivery and payment within
     forty-five (45) days from the date of sale, said
     bidder shall be relieved of any liability to accept
     the Series N Bonds hereunder.

N.   The purchasers of the Series N Bonds will pay the
     CUSIP Service Bureau charge for the assignment of
     CUSIP numbers, which numbers will be printed on the
     Series N Bonds at no expense or cost to the pur-
     chasers.   Neither the   failure  to print a CUSIP
     number on any Series N Bond, nor any error with



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