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[184]

Part of Minutes of the University of Kentucky Board of Trustees

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ESCROW AGREEMENT THIS ESCROW AGREEMENT, dated as of February 1, 1994, by and between the BOARD OF TRUSTEES OF UNIVERSITY OF KENTUCKY, a body corporate and public educational institution of higher learning of the Commonwealth of Kentucky (the "Board"), and FARMERS BANK & CAPITAL TRUST COMPANY, Frankfort, Kentucky, a state banking corporation organized and existing under and by virtue of the laws of the Commonwealth of Kentucky, with its principal trust office located in Frankfort, Kentucky 40602 (the "Trustee Escrow Agent"), W I T N E S S E T H : WHEREAS, pursuant to the Trust Indenture dated June 1, 1965, between the Board and the Trustee Escrow Agent, the Board has created and established an issue of Housing and Dining System Revenue Bonds (the "Bonds"), and authorized the issuance by the Board of said Bonds in one or more series pursuant to Supplemental Trust Indentures pursuant to which such series of Bonds are issued on a parity as to security and source of payment with all other series of Bonds; and WHEREAS, the Board has previously authorized, sold, issued and has outstanding prior issues of Bonds designated "University of Kentucky Housing and Dining System Revenue Bonds, Series B, Series C, Series D, Series E, Series F, Series G, Series I, Series J, Series K, and Series L" (the Series M Bonds having been authorized and sold but not yet delivered); and WHEREAS, there are presently outstanding $1,440,000 of the Series J Bonds, dated December 1, 1978, bearing interest at rates ranging from 6.00% to 6.40%, and scheduled to mature on June 1 in each of the respective years 1994 through 2008, and $2,885,000 of Series L Bonds, dated June 1, 1986, bearing interest at rates ranging from 6.15% to 7.00%, and scheduled to mature on June 1 in each of the respective years 1994 through 2006; and WHEREAS, because of favorable interest rates currently available in the marketplace, the Board has determined that $1,385,000 of the outstanding Series J Bonds scheduled to mature on June 1, 1995 through June 1, 2008, should be refunded and called for redemption on June 1, 1994, at a redemption price of 1021% of the principal amount to be redeemed, and that $2,405,000 of the outstanding Series L Bonds scheduled to mature on June 1, 1997 through June 1, 2006, should be refunded and called for redemption on June 1, 1996, at a redemption price of 103% of the principal amount redeemed, at substantial savings in debt service to the University; and WHEREAS, by resolution adopted on January 25, 1994, approving the Sixth Supplemental Trust Indenture (the "Sixth Supplemental Indenture"), the Board authorized the issuance of $ of "Housing and Dining System Refunding Revenue Bonds,