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Part of Minutes of the University of Kentucky Board of Trustees

Year of Maturity Principal Amount 1987 $ 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Section 2.04 Place and Manner of Payment of the Bonds. Each Series A Bond shall bear interest from the Interest Payment Date to which interest has been paid next preceding the date on which such Series A Bond is authenticated unless it is authenticated on an Interest Payment Date to which interest has been paid, in which event it shall bear interest from such date, or if it is authenticated prior to the first Interest Payment Date, it shall bear interest from the date of issue, until maturity or earlier redemption of such Series A Bond. The principal of and redemption premium, if any, on any Series A Bond shall be payable upon maturity or prior redemption to the Owner or his assigns upon surrender of the Series A Bond to the Trustee at the principal corporate trust office of the Trustee. The interest on any Series A Bond, when due and payable, shall be paid to the Owner registered as the Owner on the Record Date, by check or draft mailed to such Owner at such Owner's address last appearing on the registration books of the Registrar or at such other address as is furnished to Trustee in writing by such Owner. All payments of principal, redemption premium, if any, and interest on the Series A Bonds shall be payable in lawful money of the United States of America. Section 2.05. Execution; Limited Obligation. The Series A Bonds shall be executed in the name and on behalf of the Issuer by the manual or facsimile signature of its Chairman and the seal of -4-

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