xt7rn872vx5g https://exploreuk.uky.edu/dips/xt7rn872vx5g/data/mets.xml Lexington, Kentucky University of Kentucky 19630926 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1963-09-jul26-ec. text Minutes of the University of Kentucky Board of Trustees, 1963-09-jul26-ec. 1963 2011 true xt7rn872vx5g section xt7rn872vx5g
Minutes of the Meeting of the Executive Committee of the Board of Trustees
of the University of Kentucky, July 26, 1963.
The Executive Committee of the Board of Trustees of the University
of Kentucky on call by the chairman met in the President's Office on the campus
of the University of Kentucky at 1:10 p.m. , EST, Friday, July 26, 1963, with
the following members present: Dr. Ralph Angelucci. Chairman, Judge J.A.
Sutherland, Secretary, and Dr. H. B. Murray. Mr. Robert Hillenmeyer and
Mr. Smith Broadbent were unable to be present. Also present were Dr. A. D.
Albright, Interim President, Dr. William R. Willard, Dean W. L. Matthews,
Mr. George Kavanaugh, Mr. Clay Maupin, and Mr. Richard Wittrup.
A. Meeting Opened
It having been determined that a quorum was present, Dr. Angelucci
called the meeting to order, extended greetings to members of the press and
other visitors, and asked Judge Sutherland to pronounce the invocation.
B. Report from the Real Estate Committee
Dr. Albright indicated that Mr. Hillenmeyer, Chairman of the Real
Estate Committee, had asked that he present the committee's report.
Appraisals have been received on 122 Graham Avenue in the amount of
$15, 000 and on 136 Graham Avenue in the amount of $18, 300. Both of these
pieces of property have a relation to the proposed closing of Graham Avenue in
connection with the construction of the College of Law building. Dean Matthews
recommended that authorization be given to Mr. Kavanaugh to negotiate with the
property owners relative to the purchase of these two pieces of property in terms
of the appraisals submitted and also to get permission or release of these owners
for the closing of Graham Avenue as an alternative. Judge Sutherland so moved,
seconded by Dr. Murray. In the discussion that followed, it was pointed out
that further negotiations would need to be carried on with the city relative to the
closing of Graham Avenue as it concerns Virginia Avenue. Judge Sutherland
then amended his motion to include authorization for Dean Matthews to proceed
with negotiations with the city relative to the closing of Graham Avenue. Dr.
Murray concurring in the amendment, there being no objection, it was so ordered
by the chairman.
An appraisal of 321 Clifton Avenue in the amount of $17, 500 has also
been received. Dr. Albright recommended that authorization be given to proceed
with negotiations with the owner on the basis of this appraisal. Dr. Murray so
moved, seconded by Judge Sutherland, and without objection, so ordered by the
chairman.
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C. Resolution Providing for Issuance of $2, 025, 000 Student Union Bonds
of 1962, Series A and Series B, and Providing for a Public Sale Thereof
Dr. Albright reminded the Executive Committee that at the April 3,
1962 meeting of the Board of Trustees approval was given to a Loan Agreement
with the HHFA in the amount of $2, 025, 000. At the June 5, 1962 meeting of
the Board of Trustees a resolution was adopted giving the Executive Committee
authority "including but not limited to the formal and detailed authorization of
the bonds, approval and authorization of the requisite 'Trust Indenture' and
public advertisement and sale of the bonds in conformity with the Loan Agree-
ment and the prescribed practices and procedures of HHFA". The state
advanced the money for the construction costs in order to save interest payments
during the period of construction. The addition to the Student Union Building
will be completed and ready for occupancy the first of September; therefore,
it is necessary for the Executive Committee to authorize the issuance of the
$2,025, 000 University of Kentucky Student Union Bonds of 1962, Series A and
Series B, and to provide for a public sale thereof in order that bids may be
received at the September 17, 1963 meeting of the Board of Trustees.
Judge Sutherland then introduced and caused to be read in full a proposed
resolution as follows:
A RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE
BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY,
PROVIDING FOR THE ISSUANCE OF $2, 0Z5, 000 UNIVERSITY
OF KE NTUCKY STUDENT UNION BONDS OF 1962, SERIES A
AND SERIES B, AND PROVIDING FOR A PUBLIC SALE THEREOF.
WHEREAS, the Board of Trustees of the University of Kentucky is
authorized by Section 162. 340, et seq., of the Kentucky Revised Statutes to erect
buildings for educational purposes at the University of Kentucky, in Lexington,
Kentucky, and to finance the costs thereof (to the extent not otherwise provided)
through issuance of the Board's Revenue Bonds; and
WHEREAS, the Board by Resolutions adopted April 3 and June 5,
1962, ratified and approved in all respects action of its officers in making ap-
plication to the Housing and Home Finance Agency of the United States Govern.
ment for the making of a loan in the principal amount of $2, 025, 000, for assistance
in financing the enlargement and reconstruction of the existing Student Union
Building on the campus of the University at Lexington, Kentucky; and authorized
execution of the Loan Agreement dated May 1, 1962, tendered to the Board by
said Housing and Home Finance Administrator, identified as its Project No.
CH-KY-50(S) Contract No. H-302-637, for said enlargement and reconstruction
program; and
e
WHEREAS, the Board, by its Resolution, adopted June 5, 1962, au-
thorized this Committee to take all formal and detailed action to implement the
3
aforesaid action of the Board, and to authorize the issuance of Bonds evidencing
such loan, and approve and authorize the form of Trust Indenture to secure said
bonds and to advertise for the public sale thereof; and
WHEREAS, a portion of the cost of said enlargement and reconstruction
to the Student Union Building to the extent of $575, 000 is to be paid from available
funds, and it is necessary that additional funds be provided through the issuance
of Revenue Bonds to the total amount of Two Million and Twenty. Five Thousand
Dollars ($2, 025, 000) to be issued as One Million Three Hundred Fifty Thousand
Dollars ($1, 350, 000) Series A Bonds, and Six Hundred Seventy-Five Thousand
Dollars ($675, 000) Series B Bonds, pursuant to Section 162. 340, et seq. , of the
Kentucky Revised Statutes;
NOW, THEREFORE, THE EXECUTIVE COMMITTEE OF THE BOARD
OF TRUSTEES OF THE UJNT`7TRSITY OF KENTUCKY, HEREBY RESOLVES,
AS FOLLOWS:
Section 1. That the construction of Project CH-KY-50(S) on the campus
at the University of Kentucky according to the plans and specifications heretofore
prepared and approved is hereby declared necessary for educational purposes
and is hereby in all respects ratified and confirmed.
Section 2. In order to pay a portion of the costs of enlarging and recon-
structing the existing Student Union Building, said Project CH-Ky-50(S), Uni-
versity of Kentucky Student Union Bonds of 1962, Series A, Series B, shall be
and are hereby ordered issued by the Board of Trustees of said University of
Kentucky, to the aggregate principal amount of Two Million and Twenty-Five
Thousand Dollars ($2, 025, 000), of which Series A Bonds are to be issued in the
aggregate principal amount of One Million Three Hundred Fifty Thousand Dollars
($1, 350, 000), and Series B Bonds are to be issued in the aggregate principal
amount of Six Hundred Seventy-Five Thousand Dollars ($675, 000), both dated
July 1, 1962, such Series A Bonds to bear interest at one or more rates averaging
no greater than three and one-half per cent (3-1/2%) per annum, and such Series
B Bonds to bear interest at one or more rates averaging no greater than three
and three-eighths per cent (3-3/8%) per annum; as may be established by one or
more supplemental resolutions of the Board upon the basis of competition at public
sale as hereinafter provided; all of such Series A and Series B Bonds to be offered
at public sale as negotiable coupon Bonds, registrable as to principal only, in the
denomination of $1, 000; but subject, nevertheless, to issuance by the Board at
the election of the purchaser or purchasers in fully registered form; and to be
in substantially the respective forms and in all respects to conform to the
specifications and details set forth in the Trust Indenture referred to in and set
out under Section 3 of this Resolution.
Section 3. Said Bonds shall be issued pursuant to and secured by a Trust
Indenture between the Board of Trustees of the University of Kentucky, at Lexington,
Kentucky, party of the first part, and The Citizens Union National Bank & Trust
Co. , Lexington, Kentucky, a banking corporation having corporate trust powers,
organized and existing under and by virtue of the laws of the United States of
America, and having its principal office and place of business in the City of
4
Lexington, Kentucky, party of the second part. The Vice-Chairman of the
Board of Trustees, who is also Chairman of this Executive Committee, and the
Secretary of the Board of Trustees are hereby authorized and directed to make,
execute, and deliver such Trust Indenture in substantially the form, text, terms,
and provisions hereinafter set out, and this Executive Committee acting for and
on behalf of the Board of Trustees hereby approves, ratifies, and confirms all
of the covenants, provisions, and stipulations as set out in such Trust Indenture,
to-wit:
TRUST INDENTURE
SECURING
UNIVERSITY OF KENTUCKY
STUDENT UNION BONDS OF 1962
Dated as of July 1, 1962
ISSUED BY BOARD OF TRUSTEES OF THE
UNIVERSITY OF KENTUCKY
LEXINGTON, KENTUCKY
CONSISTING OF
SERIES A BONDS $1, 350, 000
SERIES B BONDS 675, 000
THIS INDENTURE, dated as of the first day of May, 1962, made by
and between BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY, a
body corporate; as an Educational Institution and Agency of the Commonwealth
of Kentucky, at Lexington, Kentucky, (hereinafter sometimes called the "Board"),
party of the first part, and The Citizens Union National Bank & Trust Co. , Lexington,
Kentucky, a banking corporation duly organized and existing according to the
laws of the United States of America, having full powers to act as a corporate
Trustee, and having its principal office and place of business in the City of
Lexington, County of Fayette, Commonwealth of Kentucky, as Trustee, (herein-
after sometimes called the "Trustee"), party of the second part,
W I T N E S S E T H:
THAT WHEREAS, pursuant to Section 164. 160 of the Kentucky Revised
Statutes now in full force and effect, the Board is a body corporate with all powers
generally invested in corporations and as such is the governing body of the Uni-
versity of Kentucky, an Educational Institution and Agency of the Commonwealth
of Kentucky, having full control of the management and operation of said University
together with the property and funds thereof; and
WHEREAS, pursuant to the provisions of Section 162. 340, et seq.,
5
of said Kentucky Revised Statutes, said Board as the governing body of said
University of Kentucky, is authorized to erect buildings and appurtenances to be
used in connection with said University for educational purposes, and to issue
its revenue bonds, payable solely from the income and revenues of such buildings;
and
WHEREAS, the Board has determined that said University and its stu-
dents are not at this time provided with adequate buildings and accommodations
for educational purposes; and has determined that it is necessary to construct
additions to and alterations of the existing Student Union Building on the campus
of the University (which Building as so enlarged and reconstructed is hereafter
referred to as "the Project"); and in order to defray the costs of such additions
and alterations (to the extent not otherwise provided) it is necessary that the Board
authorize and issue at this time its additional revenue bonds as hereinafter set
forth; and
WHEREAS, the Board through its duly authorized Executive Committee
has adopted an appropriate Resolution authorizing the issuance of $2, 025, 000
Bonds, designated "Student Union Bonds of 1962, " comprising $1, 350, 000 "Series
A," and $675, 000 "Series B"' for said Project, as hereinafter described and set
forth, and has duly authorized the execution of this Trust Indenture, in the form
hereof, for the purpose of securing the paymert of said Series A and Series B
Bonds, and the interest thereon, and to provide for the proper and orderly admnin-
istration of the revenues of said Project and of the proceeds of the Series A and
Series B Bonds; and
WHEREAS, the Bonds may be issued as coupon Bonds in the denomination
of $1. 000 each, or as one or more fully registered Bonds without coupons in any
denomination which is a multiple of $1, 000, or partly in one form and partly the
other; and the coupon Bonds of said authorized issue, and the coupons appertaining
thereto, and a Trustee's certificate with respect there to, and provisions for the
registration thereof as herein prescribed, are to be substantially in the following
forms, with appropriate insertions, omissions and variations as in this Indenture
provided or permitted:
(FORM OF COUPON BOND)
UNITED STATES OF AMERICA
COMMONWEALTH OF KENTUCKY
UNIVERSITY OF KENTUCKY
STUDENT UNION BOND OF 1962
SERIES A
(SERIES B)
Number $1, 000
The Board of Trustees of the University of Kentucky, a body corporate,
as an Educational Institution and Agency of the Commonwealth of Kentucky, at
Lexington, Fayette County, Kentucky, for value received, hereby promises to
6
pay, solely from the special fund provided therefor as hereinafter set forth, to
the bearer, or, if this Bond be registered, to the registered owner hereof, as
hereinafter provided, the sum of One Thousand Dollars ($1, 000) on the first
day of July, and to pay, solely from said special fund, interest thereon
from the date hereof until payment of principal at the rate of per
centum ( _ _ ) per annum, such interest being payable semiannually on
January 1 and July 1 of each year, beginning January 1, 1963, except as the
provisions hereinafter set forth 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 currency which, on the respective dates of payment of
such principal and interest, is legal tender for the payment of debts due the
United States of America, at the principal office of the Trustee, The Citizens
Union National Bank & Trust Co. in the City of Lexington, County of Fayette,
Commonwealth of Kentucky, or, at the option of the holder hereof or of the
interest coupons hereunto appertaining, at the principal office of Chemical Bank
New York Trust Company, in the Borough of Manhattan, City of New York, State
of New York.
This Bond is one of a duly authorized issue of Bonds in the aggregate
principal amount of $2, 025, 000, consisting of Series A Bonds in the aggregate
principal amount of $1, 350, 000, and Series B Bonds in the aggregate principal
amount of $675, 000. all of said Bonds being of the same tenor and effect (except
for numbers, denominations, maturity dates, series designations, provisions
with respect to redemption prior to maturity, and possible variation in interest
rates), issued for financing the costs, not otherwise provided, of the additions
to and alterations of the existing Student Union Building on the campus of the
University in Lexington, Fayette County, Kentucky, (which Student Union
Building as so enlarged and reconstructed is identified in the Trust Indenture
hereinafter referred to as "the Project") 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.
All of said Bonds are issued under and pursuant to a Trust Indenture
(said Indenture, together with all indentures supplemental thereto as therein
permitted, being hereinafter called the "Indenture"), dated May 1, 1962, executed
by and between said Board of Trustees and The Citizens Union National Bank &
Trust Co., Lexington, Kentucky, as Trustee (said Trustee and any successor
Trustee under said Indenture being herein called the "Trustee"), an executed
counterpart of which is on file at the office of said Trustee in the City of Lexington,
Kentucky. Reference is hereby made to the Indenture for the provisions, among
others, with respect to the custody and the application of the proceeds of the
Series A and Series B Bonds; the collection and disposition of the rentals, charges,
income and revenues including lease or use payments; the fund charged with and
pledged to the payment of the interest on and the principal of said Bonds; the nature
and extent of the security; the rights, duties and obligations of said Board of
Trustees and of the Trustee; and the rights and limitation of rights of the holders
of the Bonds; and, by the acceptance of this Bond; the holder hereof assents to
7
all of the provisions of said Indenture. Under authority of the statutes pursuant
to which this Bond is issued, this Bond shall have all the qualities and incidents
of a negotiable instrument, and, subject to the provisions for registration en-
dorsed hereon and contained in the Indenture, nothing contained in this Bond or
in said Indenture shall affect or impair the negotiability of this Bond.
The holder of this 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 the Project, the same to be
applied first to the payment of principal of and interest on said Bonds as the same
become due, to provide reserves for such purposes, to provide reserves for
certain maintenance, repairs, renewals and replacements, and to the extent
thereafter available for the payment of Current Expenses of the Project as the
same are specifically defined in the Indenture to which reference is hereby
made. The Indenture provides for the creation of a special fund designated
"University of Kentucky Student Union Building Bond and Interest Sinking Fund
Account of 1962" (herein 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 gross income and revenues of said Project to pay the principal
of and the 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.
This Bond and the issue of which it is one, is payable as provided in the
Indenture and does not constitute any indebtedness of the University of Kentucky
or of its Board of Trustees or of the Commonwealth of Kentucky within the
meaning of any provisions or limitations of the Constitution of the Commonwealth
of Kentucky.
*REDEMPTION PROVISIONS
*(To appear in Bonds of both Series A
and Se rie s B).
The Board reserves the right to call and redeem Series A and/or Series
B Bonds prior to their respective maturity dates, as follows:
(a) Surplus funds in excess of $47, 000 in the "Project Construction Ac-
count," provided for in the Indenture, will be applied to the redemption of the
Series B Bonds in the inverse order of their numbering;
(b) Bonds shall be subject to redemption from the proceeds of insurance,
in the event of damage to or destruction of the Project facilities, as provided in
the Indenture;
(c) The Board reserves the right to call for redemption Series B Bonds
numbered 1583 through 2025, inclusive, maturing July 1, 1998, through July 1,
8
2002, inclusive, at the option of the Board in inverse numerical order on any
interest payment date subsequent to the date of the Bonds at par or face value plus
accrued interest to the date of redemption; prior to call for redemption of Series
A and Series B Bonds which are at the time callable for redemption at a premium.
*(To appear only in Bonds of Series A)
*(d) Bonds numbered 1 through 238, inclusive, maturing July 1, 1965,
through July 1, 1972, inclusive, are non-callable, except through application
of the proceeds of insurance, as aforesaid.
If * * (End)
(Following to appear in Bonds of both
Series A and Series B)
Series A Bonds numbered 239 through 1350, inclusive and Series B Bonds
numbered 1351 through 1582, inclusive, maturing July 1, 1973, through July 1,
1997, inclusive, are subject to redemption at the option of the Board prior to the
stated maturities thereof, in whole or in part, and in inverse numerical order,
on any interest payment date after July 1, 1972, upon notice as hereinafter
provided, at the principal amount thereof plus accrued interest to the date of
redemption and a premium for each Bond redeemed prior to its stated maturity
according to the following schedule-
3% if redeemed January 1, 1973 through July 1, 1977, inclusive,
2-1/2% if redeemed January 1, 1978 through July 1, 1982, inclusive,
2% if redeemed January 1; 1983 through July 1, 1987, inclusive,
2-1/2% if redeemed January 1, 1988 through July 1, 1992, inclusive,
1% if redeemed after July 1, 1992.
Notice of any such intended redemption, identifying the Bonds to be re-
deemed, will be on file at the office of the Trustee at least thirty days prior to
the specified redemption date, and such notice shall be published at least once
not less than thirty days prior to said redemption date in a financial newspaper
or journal of general circulation published in the English language in the City of
New York, New York. Any Bonds called for redemption and for the payment
of which funds are on deposit with said Trustee on the specified redemption date
shall cease to bear interest on said redemption, date.
This Bond shall pass by delivery unless registered as to principal on
the books of said Board of Trustees at the office of the Trustee under the Indenture,
and such registration noted hereon, after which no valid transfer hereof shall be
effective unless made on said books and similarly endorsed hereon at the written
request of the registered holder or his duly authorized representative, but this
Bond may be discharged from registration by being in like manner registered
to bearer whereupon full negotiability and transferability by delivery shall be
restored but may again from time to time be registered as aforesaid. Such
registration shall not affect the negotiability of the interest coupons which shall
9
always remain payable to bearer and transferable by delivery merely. The
Board of Trustees and the Trustee may deem and treat the bearer of this Bond,
if not registered as to principal, and the bearer of any coupon hereto apper-
taining, whether or not this Bond be so registered, or if this Bond be registered
as herein authorized, the person in whose namne the same is registered, as the
absolute owner for the purpose of receiving payment and for all other purposes.
A statutory mortgage lien, which is hereby recognized as valid and
binding on the Project and those portions of the site physically occupied thereby,
and all necessary appurtenances, including adequate provision for ingress, egress
and the rendering of necessary services, is created and granted to and in favor
of the holder or holders of this Bond and the issue of which it is a part, and in
favor of the holder or holders of the coupons attached thereto, and said Project
and the site thereof shall remain subject to such statutory mortgage lien until
the payment in full of the principal of and interest on this Bond and the issue of
which it is a part; and shall continue in full force and effect so long as any of the
said "University of Kentucky Student Housing Bonds of 1962, Series A and Series
B1" remain outstanding and unpaid.
This Bond shall not be valid or become obligatory for any purpose, or
be entitled to any security or benefit under the Indenture, until it shall have been
authenticated by the execution by the Trustee of the certificate hereon endorsed.
It is hereby certified, recited and declared that all acts, conditions
andthings required to exist, to happen, and to be performed precedent to and
in the issuance of this Bond do exist, have happened, and have been performed
in due time, form and manner as required by law, and that the amount of this
Bond, together with all other obligations of said Board of Trustees and of said
University of Kentucky, does not violate any provision or exceed any limit
prescribed by the Constitution or Statutes of Kentucky; that said Project will be
continuously operated, and that the gross income and revenues therefrom has
been pledged to and will be set aside into said Bond and Interest Sinking Fund
as required by the Indenture for the payment of the principal of and interest on
this Bond and the Series A and Series B issue of whi h it is a part, as the same
will respectively become due.
IN TESTIMONY WHEREOF, the Board of Trustees of the University
of Kentucky, at Lexington, Kentucky, has caused this Bond to be executed in its
name and behalf by the authorized facsimile of the signature of its Chairman,
and has caused the authorized facsimile of its corporate seal to be imprinted
hereon, attested by the manual signature of its Secretary; and has caused the
coupons hereto attached to be executed with the authorized facsimile signatures
of said Chairman and Secretary; all being done as of the first day of May,
1962,
(FACSIMILE BOARD OF TRUSTEES OF THE UNIVERSITY
OF SEAL) OF KENTUCKY
(Fac simile)
ATTEST: Chairman
(Manual Signature)
Secretary, Board of Trustees
10
(FORM OF COUPON)
Number $
*Unless the Bond to which this coupon is appurtenant shall have been
called for redemption and funds for the payment thereof are duly provided, *
on the first day of _ , , the Board of Trustees of the Uni-
versity of Kentucky, at Lexington, Kentucky, will pay to bearer
Dollars ($ ) in any coin or currency which at said date of payment is
legal tender for the payment of debts due the United States of America, out of
its "University of Kentucky Student Union Building Bond and Interest Sinking
Fund Account of 1962" at the principal office of The Citizens Union National
Bank & Trust Co., in the City of Lexington, Kentucky, or at the option of the
holder hereof, at the principal office of Chemical Bank New York Trust Company,
in the Borough of Manhattan, City of New York, State of New York, as provided
in and for interest then due on its University of Kentucky Student Union Bond of
1962, Series A (Series B) dated as of July 1, 1962, Number
(Facsimile)
Chairman, Board of Trustees
University of Kentucky
(Fac simile)
Secretary, Board of Trustees
(*Passage between asterisks to appear only in coupons to which applicable.)
(FORM OF AUTHENTICATION CERTIFICATE)
This Bond is one of the Bonds described or provided for in the within-
mentioned Indenture.
THE CITIZENS UNION
NATIONAL BANK & TRUST CO,
Lexington, Kentucky
By (Manual Signature)
Authorized Officer
1.1
(FORM OF REGISTRATION TO BE PRINTED ON BACK OF EACH BOND)
Date of : Name of Signature of Authorized
Registration Registered Holder Officer of Trustee
AND WHEREAS, the fully registered Bond or Bonds without coupons
issuable hereunder shall be in substantially the form set forth below (with
appropriate insertions and changes therein as to principal amounts, dates, dates
of maturity of principal installments, names of payees, and otherwise as may
be required in the event that only certain maturities of the Bonds shall have been
purchased by the Government of the United States and/or by any other purchaser
or purchasers), to-wit:
(FORM OF FULLY REGISTERED BOND)
UNITED STATES OF AMERICA
COMMONWEALTH OF KENTUCKY
UNIVERSITY OF KENTUCKY
STUDENT UNION BOND OF 1962
SERIES A
(SERIES B)
No. R-1 $ -
The Board of Trustees of the University of Kentucky, at Lexington,
Kentucky, a body corporate, as an Educational Institution and Agency of the
Commonwealth of Kentucky, (hereinafter called "Board" or "Borrower"), for
value received, hereby promises to pay, solely from the special fund provided
therefor, as hereinafter set forth, to / the UNITED STATES OF AMERICA,
HOUSING AND HOME FINANCE ADMINISTRATOR, or his successor (herein
sometimes called the "Payee"), or his registered assigns (herein sometimes
called the "Alternate Payee")1 the principal sum of Dollars
($ ), on the first day of July in years and installments as follows:
YEAR PRINCIPAL AMOUNT YEAR PRINCIPAL AMOUNT
1/ This designation to be used where bonds have been awarded to the Government
12
in such coin or currency of the United States of America as at the time of payment
shall be legal tender for the payment of debts due the United States of America,
and in like manner solely from said special fund to pay interest on the balance
of said principal sum from time to time remaining unpaid, in like coin or cur-
rency, at the rate of % per annum. semiannually, on January 1 and July 1
of each year, commencing on January 1, 1963, until the principal amount
hereof has been paid. During the time the Payee is the registered owner of
this Bond payment of the principal installments and interest due shall be made
at the Federal Reserve Bank of Richmond, Richmond, Virginia, or such other
fiscal agent as the Payee shall designate (herein called the "Fiscal Agent").
During such time as an Alternate Payee is the registered owner hereof, said
payments shall be made at th