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Image 4 of 1999 - Board of Regents Meeting Minutes.

Part of Murray State University Board of Regents Meeting Minutes.

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to rank on a basis of parity and equality as to security and source of payment with the Board's previously issued and outstanding "Housing and Dining System Revenue Bonds," Series C, D, E, F, _ G, H, I, J, K, L and M (the Series A Bonds and Series B Bonds having matured on September 1, 1995 and September 1, 1997, respectively, prior to the issuance ofthe Series N Bonds). Section 2. In order to assure the purchasers of the Series N Bonds that interest thereon will be excludable from gross income for federal income tax purposes and exempt f`rom Kentucky income taxation, the Board agrees that (1) the Board will take all actions necessary to comply with the provisions of the Intemal Revenue Code of 1986 (the "Code"), (2) the Board will take no actions which will violate any of the provisions of the Code, or that would cause the Series N Bonds to become "private activity bonds" within the meaning of the code, (3) none of the proceeds of the Series N Bonds will be used for any purpose which would cause the interest on the Series N Bonds to become subject to federal income taxation, and that the Board will comply with any and all , requirements as to rebate (and reports with reference thereto) to the United States of America of certain investment earnings on the proceeds ofthe Series N Bonds. The Board has been advised by Bond Counsel, Peck, Shaffer & Williams LLP, Covington, Kentucky, and therefore believes, that the Series N Bonds are not "private activity bonds" within the meaning of the Code, and that interest on the Series N Bonds is not included as an item of tax . preference in calculating the altemative minimum tax for individuals. The Board, including all subordinate entities thereof does not reasonable anticipate issuing tax-exempt obligations during calendar year 1999 in excess of $10,000,000, and, therefore the Board designates the Series N Bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of - the Code. Prior to or at the time of delivery of the Series N Bonds, the Chairman of the Board and/or the chief fmancial officer of the University shall execute the appropriate certifications with reference to the matters referred to above, setting out all known and contemplated facts concerning such anticipated expenditures and investments, including the execution of necessary and/or desirable certifications of the type contemplated by applicable Treasury Regulations in order to assure that interest on the Series N Bonds will be exempt from all federal income taxes and that the Series N Bonds will not be treated as arbitrage bonds. Section 3. In order to implement the issuance of said Series N Bonds, and to make provision for all details relating to said Series N Bonds, including the date thereof the disposition thereof respective conditions and limitations applicable to the public offering thereof maturities, redemption provisions and security and source of payment thereof and in order to comply with the requirements of the aforementioned Trust Indenture dated September 1, 1965, in connection therewith, this Board shall execute the Fourth Supplemental Trust Indenture with Chase Manhattan Trust Company, National Association, Louisville, Kentucky, as Trustee. A proposed form of such Fourth Supplemental Trust Indenture having been prepared in advance by Bond Counsel, Peck, Shaffer & Williams LLP, Covington, Kentucky, with the approval of the President of the University, - 2 -

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