https://digitalcollections.eku.edu/files/original/00f029027878f1b1205c410e95e824c0.pdf 61e77d9b8fcea5c3ee95be06bead3306 PDF Text Text I MINUTES OF THE QUARTERLY MEETING OF THE BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE RICHMOND, KENTUCKY October 28, 1961 I The Board of Regents of Eastern Kentucky State College convened in regular statutory quarterly meeting, as provided in and by KRS 164.340, in the Regents Room of the Administration Building on the campus in Richmond, Kentucky, at 9:30 a.m., Eastern Standard Time, Saturday, October 28, 1961. Mr. Earle B. Combs, Sr., Vice Chairman of the Board, was in the chair presiding. Upon roll call it was determined that the follow ing members of the Board were present: Ear le B. Combs, Sr., Vice Ch arr man F. L. Dupree H. D. Fitzpatrick Judge Thomas B. McGregor Dr . Russell I. Todd Absent were: Mr . Wendell P. Butler, Chat~man Mr. Robert B. Hensley Present also for the meeting were Dr. Robert R. Martin, Presi dent of the College, and Miss Lois Colley, Board Secretary . I MEETING CALLED TO ORDER It having been determined that a quorum was present for the transaction of business, the Vice Chairman ca l led the meeting to order. APPROVAL OF MINUTES OF MEETING OF AUGUST 3, 1961 The Vice Chairman asked the Board ' s wishes concerning the minutes of the meeting of the Board of Regents held August 3, 1961 . The Board then waived the reading of the minutes and motion was made by Dr. Todd that the minutes be approved as reported by the Secretary to the Board by mail. The motion was seconded by Mr. Dupree . There being no objection, the Chairman put the question and upon the roll being called the following voted "aye": Mr. Combs, Mr. Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr . Todd . Voting "nay" : None. NEW PERSONNEL I President Martin reported to the Board that it was necessary to employ Mr . Arthur L . Jackson to do full - time work in the Biology laboratories. The President recommended that Mr. Jackson be paid $4200 for nine months beginning September 1, 1961 . He is a graduate of Ashland High School, has the A.B. degree from Trevecca College in Nashville, the M.A . degree from Southern Illinois University, and has completed additional graduate work at the University of Cincinnati. His home is in Louisville . �The President stated that, because of the large enrollment in the Commerce Department, it was necessary to employ Mr . Victor Messmer, of Richmond, during the first semester. Mr. Messmer is a graduate of Eastern and completed the work for his Master of Business Administration degree at the University of Kentucky this past summer. He has taught for the College on a supply basis on other occasions. President Martin recommended for Mr. Messmer a salary of $2100 for the first semester of 1961-62. President Martin recommended also the appointment of Mr. Paul B. Frazier to become an Associate Professor in the Department of English at a salary of $6600 for twelve months beginning September 1. Mr. Frazier is a graduate of Picadome High School in Lexington and received the A.B. and M.A. degrees from the University of Kentucky. He has a l so completed 54 semester hours of additional graduate work at the University. He has taught in Powell County, North Carolina, Maysville, and a number of colleges in Il li nois, Iowa, West Virginia , Indiana, Wisconsin , and Missouri. He is 52 years old. The President recommended th e employment of Mr. Bruce McWhorter to become Instructor in the Department of English at a sa..ary of $5200 for nine months beginning September 1. Mr. McWhorter's home is in Jamestown, Kentucky, and he is a graduate of Lindsey-Wilson College and has the A.B. degree f from Transylvania College. He holds the Master of Arts degree from the University of Kentucky. He has taught in Jamestown, Lexington, Jefferson County, Tennessee, Southwestern College in Kansas, and at Morehead State College. President Martin recommended the appointment of Mr. Jim Cullivan to a position of Assistant Professor of Health and Physical Educat ion at a salary of $7200 for twelve mont hs beginning September 1. Mr . Cullivan has been with the Department of Health and Physical Education at Murray State Col l ege and was football coach there six years before go ing last year to Indiana University on a graduate assistantship. He is a native of Tennessee, has the B.S. degree from Murray , received the Master ' s degree also from Murray State Co ll ege, and completed a year of additional graduate work at Indiana University. He served three years in the Army, taught two years in Fulton High School, was assistant footbal l coach at Murray in 1951- 52, and was a teacher and coach in Covington, Tennessee, one year before returning to Murray State in 1953. The President recommended the appointment of Mrs. Anna Kalec as a second first grade t eacher in the Laboratory School at a sa.ary of $4500 for a period of nine months beginning September 1. Mrs . Kadlec retired in 1 959 after teaching in the Chicago public schools twenty- seven years . She has the Ph. B. degree from the UniverSJ..ty of Chicago and also attended Chicago Teachers College . She taught in the Madison County schools last year . She is 67 years old. President Martin also recommended the appointment of Mr . Charles Pack to be in charge of the foods service on the campus at an annual sa l ary of $7000 beginning September 1. He said that Mr . Pack is to be in charge of the cafeteria, the grill in the Student Union Building, the grill in Mattox Hall, and the gri lls and other cafeterias to be established o n the campus. I I I �3 I I President Martin told the Board that this position is a new one and that for the past twelve months he had been looking for a person who could take care of all the gri ll s and cafeterias on the campus. President Martin explained to the Board that Mr. Pack had been employed at Morehead State College but wanted to leave there whether or not he came to Eastern. The President said he consulted with President Doran before employing Mr . Pack. He stated that Mrs. Hill , who has been in charge of the cafeteria for sev eral years , is now 72 or 73 years old and cannot take on the extra jobs assigned to Mr. Pack. The President said that the Board would remember that Eastern is for the first time this year operating a kindergarten as a part of the Laboratory School and the services of Miss Lynell Brister, of Liberty, Mississippi, were obtained for this work. He said that Miss Brister has 20 kindergarten pupils in the mornings and 20 in the afternoons and that the kindergarten is self- sustaining financia lly. She has the A . A. degree from Southwest Mississippi Junior College and the B.S. and M. S. degrees from Mississippi Southern College. The President recommended that Miss Brister be ppid $5400 for twelve months beginning September 1. President Martin recported that because of the resignation of Mr. Keith Davis,1 £he English Department it was necessary to employ a replacement for him and that Mrs. Shirley Baechtold was employed as a temporary supply to complete the first semester. He recommended taat she receive $1500 for her services during the remainder of the first semester beginning October 9. The President state d that Mrs. Ba echtold is the wife of Jim Baechtold, one of the Basketball Coaches . The Board accepted the Pr e sident's recommendations on new personnel as listed, motion being made by Judge McGregor and seconded by Mr. Fitzpatrick. The Chairman put the question and upon the roll being called the fol l owing voted " aye": Mr. Combs , Mr . Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd. Voting "nay": None. PART- TIME FACULTY President Martin reported to the Board that again this year it is possible for Eastern to s e cure the serv ices of Mr . Donald G . Combs as coach of the swimming team. He has worked for the College in this capacity for several years, the President said, and will be busy with the swimming team from October 16 through March 17 . The President recommende d that Mr. Combs be paid $750 for this service, stating that the sa l ary for this work has been $600 for several years but that the service given by Mr. Combs has been improving every year. I Motion was made by Judge McGregor, seconded by Dr. Todd, that employment of Mr. Combs at the salary recommended be approved. Upon the roll being called, the following voted " aye": Mr . Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd. Voting "nay": None . Abstaining from voting was Mr. Combs by reason of his relationship to Mr . Donald Combs . Preside nt Martin stated that the following p e rsons hav e been employed to teach part-time during the first semester and wil l be paid at the following rates: �3004 'I Course William E. Adams Mrs. Dorothy Janz Mrs. Libbye Larance Gerald May Mrs . Mary McGlasson Mrs . Louise Mcilvaine Mrs. Geneva Owens Mrs. Opa l Patterson Henry Pryse Commerce 441 English 201 H. Ee. 204 & 310 Commerce 324 5 l ab . sec. Bio .111 4 sec. Eng. 101 English 211 2 lab. sec . Bio.111 Health 480 No . Hrs . 3 2 7 3 10 12 3 4 3 Salary $ 500 300 700 400 1000 1 600 400 400 400 The President said that Miss Bessie Ball is teaching two sections of Health 480 but is paid by the State Department of Health. I ADULT EDUCATION CLASSES President Martin stated that in instituting Edult Education classes it was necessary to use some fu l l - time staff : members who were already carrying a full load to t each addi tional classes . He said that these people are being paid the same rate they would be paid for extension classes taught off the campus . Following is a l ist of these persons and the salary recommended for each : Name Joan Dawson Mrs. Willa Harmon Dr. L. G. Kennamer Mrs. Nancy Miller Edsel Mountz Thomas E . Myers Wi lliam E. Sexton Course Commerce 215 Eng lish 211 Geography 471 2 sec. English 360 1 sec . English 101 Commerce 151 Ind . Arts 322 Ind. Arts 241 No . Hrs. Salary 3 3 3 9 $300 400 300 450 3 3 2 300 300 200 I The President said that Mrs. Miller works part-time in the library and she is being paid one hal f of the regular rate for her work as a part-time teacher . Motion was made by Dr. Todd that t h e President' s recommenda i tions for the empl oyment of the part- time faculty members and compensation for extra classes for the regu l ar facu lty members listed· be approved. The motion was seconded by Mr. Dupree and upon the roll being called the following voted " aye " : Mr . Combs, Mr. Dupree, Mr . Fitzpatrick, Judge McGregor , and Dr . Todd. Voting "nay": None. FELLOWSHIPS The President recommende d that Le dger Howard of Pineville and Christopher Patrick of Faye ttesville, Tennessee, receive fellowships whi ch wi ll cover registration fees, room rent, and food at the Training Table, and their books :for each semester of 1 961-62. Mr . Howard has a room in the stadium and Patrick lives in a basement room of Keith Hall. Out of stat e tuition wil l be waived for Mr . Patrick, t he Pre sident said. I �5 President Martin reported to the Board that Bruce Springate, who had been given a fellowship to do advanced work in Physical Education and coach the team at the Laboratory School, was called to service wi th the 100th Division and, therefore, had to give up his fellowship. ADDITIONAL PAYMENTS TO DORMITORY SUPERVISORS I The President stated that during the Intersession last August it was necessary that Sullivan Hall be operated. He asked that Mrs. Julia Hewlett receive an additional $100 for her services during this period and that Mrs. Myrtie B. Holder, who supervised th e girls who were on the campus with the Lafayette Band Camp prior to the opening of the fall semester, receive an additional $40 for her services that period. On motion by Mr. Dupree, seconded by Dr. Todd, the Board approved the fellowships for Mr. Howard and Mr. Patrick and the additional payments to the two dormitory supervisors. Voting " aye " on roll call were Mr. Combs, Mr. Dupree, Mr. Fitzpatirck, Judge McGregor, and Dr. Todd. voting "nay": None. SAFETY AND SECURITY FORCE I President Martin said that the Board would recall that through last year the Colleg e was greatly handicapped because of the ineptness and lack of training of the campus security force. He stated that t hroughout the year he put in considerable time attempting to locate men who had had exper ience in po lice work. The President stated that the security force has now been organized, with Mr. Philip B. Cuzick in charge. He said that Mr. Cuzick has had thirteen years of experience as a member of the State police force. He is 40 years oldyoun g but mature, vigorous , and well trained. President Martin said he felt sure that Mr. Cuzick will do a fine job of organizing the security force as wel l as carrying a shift on the force. The President recommended that Mr. Cuzick be paid at the rate of $4500 per year beginning September 1. President Martin recommended for the second night man Mr. Donald R. Biggerstaff, who was in the u. s. Air Force three years and has had experience with the Richmond police force as we ll as experience with the Richmond Fire Department. He is a young man 29 years of age. The President recommended for him a salary of $3000 per year with his work beginning October 16, 1961. As a relief man, Mr. Robert Jury was recomme nde d by the President to w0rk 24 hours a week in order to give th e other men a day off. He said that Mr. Jury has had e xperience with the State police force but is presently one of the students at Eastern. A salary of $125 a month beginning October 16 was recommended by the President for Mr. Jury. I For the day security force Preside nt Ma rtin recomme nded the employment of Mr. Robert Adams . He said that Mr. Adams has served as Deputy Sheriff and knows how to greet and treat peopl e as well as take care of th e problems which come up. The salary r ecommended f or Mr. Adams by the Presiaent was $3000 per year beginning Septe mber 10. �6 President Martin stated the be lief that with the employment of the four men listed above the College wi ll have a greatly improved safety and security force. He said that these men know how to work with the State and City police and they are cour t eous but firm. Motion was made by Judge McGregor and seconded by Mr. Fitzpatrick that the Board accept the recommendations of the President on the e mployment of the safety and security force employees . The Chairman put the question and upon the roll being called the following voted "aye": Mr. Combs, Mr . Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd . Voting "nay": None . I RESIGNATIONS President Martin reported the resignations of t wo facu l ty members: Mr. Keith Davis, of the Department of English, who resigned his position effective October 9. Mr. David R. Rollings, a lso a member of the English Department faculty, who resigned effective August 31, 1961. The Board accepted the resignations, on motion made by Judge McGregor and seconded by Mr. Dupree, with all members voting "aye ." EXPANDING HOSEiTAL FACILITIES AND NURSING SCHOOL FOR EASTERN President Martin said that as the Board may have seen in the press, the citizens of Richmond and Madison County are currently in a drive to raise $500,000 to be matched by a similar amount of Hill- Burton funds for the construction of a new hospital in Richmond. He statedthat he had discussed with numerous l eaders of the drive the possibility of this hospital being located on the Eastern campus in the section north of Brockton, being the area between Brockton and Summit Street. The President said that the talks have all been explanatory, since he had made it clear at all times that it will be necessary for the matter to be discussed with the Board of Re gents to get the reaction of the Board. He said that the location of the hospital on this site would be e xtremely desirable to Eastern, since it would give Eastern hospital faci l ities nearby. He stated that it would perhaps mean that it would be necessary to work out with the p&spital administration an arrangement for the care of any students who wuld need to stay in the hospital who presently stay in the clinic on the campus overnight. President Martin said that he would like to get the feeling of the Board concerning the possible sale of this property to the hospital board for construction of the new hospital on it. President Martin said that, at the same time, he was recommending that plans be made now with the hospital admini stration for the establishment of a school of nursing at Eastern, using the facilities of the new hospital . He said that the hospital administration is very muah interested in this and he expressed the belief that this expansion of Eastern's program would be greatly advantageous to the institution and would serve a very worthwhile need . I I �7 The President told the Board that the nursing school would really involve only a class of about 30 persons a year. He said that he thought there was nothing more import ant to this College than first-rate hospital facilities. He added that the present facilities have been outgrown and it is not practical _ to add to them. I Discussing the hospital site, President Martin said that the property he was talking about is some eight acres involving an area from Brockton to Summit and down to Second Street. He said that this space might be developed into faculty housing but there are other possibilities for this. The campus generally, he continued, is moving toward that area but in the development of a hospital site it would be necessary to have an entrance from Summit Street. The President said that, although probably no definite decision could be made until after the completion of the drive for funds, the reaction of the Board to this proposal was needed now in order to determine a price for the property. He said that the cost of the College property for the location of this pospital would be matched by funds from the Hill- Burton fund. He suggested the possibility of an arrangement with the hospital board whereby a section of the building might be used for the nursing school and a certain number of rooms set aside for the use of Eastern students. Mr. Combs and Dr . Todd siad that the people of the community like the idea of this tie-up, particularly because the hospital wou l d be in a location accessible to the townspeople. I Mr. Dupree asked if all of eight acres would be required for this site. President Martin replied that approximately this acreage would be needed but, of course, no more land than would actually be required would be recommended for s.ale1. · He said that there is not enough space in Richmond for such a hospital unless it is located outside the city limits. The College, he continued, would face a transportation problem if the location were outside the city, whereas with a location on the campus the students in the nursing school would merely go from one building to another and students who need to be hospitalized would not have to be transported this distance from the campus. The President said that he believed the best p0ssibility would be for the College and the hospital board to work out an arrangement suit able to both parties to have the hospital built on the campus. Mr. Dupree said that Hill - Burton would require a large parking area and that the money would be granted ona an appraisal basis for the cost of the site for the hospital . President Martin asked Mr. Fitzpatrick his reaction to this porposal. I Mr. Fitzpatrick asked what organization would actually operate the hospital, whether it would be operated by a county, city, or church organization. The President said that the local hospital is run by a board composed by representatives from the various churches mn the community. �8 Mr. Combs a added that Mr. Clay left money fov the Pattie A. Clay Infirmary as a memorial to his wife and that the hospital board is made up of a representative from each of the major churches in town. The hospital, he said, also has clos e ties with the County. President Martin said that provisions of the Hill-Burton Act require that the public nature of the hospital be carefully defined. Mr. Fitzpatrick said he thought the hospital should be organized for successful operation. He said that the Pikeville Hospital of which he is a board member takes in a million dollars a year and spends more than a million dollars a year. I Mr. Combs said that the Pattie A. Clay hospital has had some rough sledding but in the past has been troubled by poor management. He said that it is now being successfully manage d by Colonel Alden Hatch. He stated that there is no parking space at the hospital except on the streets and there is no feasible way to build an addition to the hospital. President Martin said that the College would not have any ownership in the proposed hospital but would operate on a contractual basis so far as the nursing school and use by students are concerned. Dr. Todd commented that the College and the community would be getting something very much needed if a nursing school were established locally. Mr. Combs said it would be an asset both to the College and to the entire community. Judge McGregor suggested that th e President work out the details of an arrangement with the hospital board and report that the Board of Regents is very much interested and wants to cooperate with trecammunity in this project. I PlR CHASE OF ORGAN President Martin stated that the Board would recall that at the time of the adoption of the budget a sum of $15,000 was set aside for the improvement of the College's music program and that one of the top priorities placed by the Music Department on n ew equipment was the purchase of a ppractice organ. He said that after much discussion it was d ec ided that it would not be prudent to purchase a new practice organ when a n ew organ is needed for the Hiram Brock Auditorium. The President said that the present Hammond organ there has b een in use since the ear ly 1930's a nd it was the dec ision that the Hammond organ should be used as a practice organ and a new organ pucchased for the Auditorium. He said that when bids were opened it was found that the Baldwin electronic organ costing $8,080 was trebest bid. The President said that, as the Board could see, if the cost of this organ should be take n from the $15,000 fund there would be very little left for other purposes and that, accordingly, he was requesting that the Bmard at this time approve the purcahse of the organ from the unallotted balance. The cost of this practice organ would be $2,785, the President said, and this amount should be charged to the appropriation of $15,000 with the remainder, $5,295, to come f rom the unallotted balance. I �9 Pres i dent Martin i n formed the Board that plans are to u se the new organ for the first time on Sunday, November 5, at 4 : 00 p.m., Mr . Robert Read, one of the o utstanding organists of the nation, giving the recital at that time . Also, he said, on Wednesday , November 8, Herbie Koch, of Louisville, will give a recital on the organ for the student body. He said that both of these men are coming to the institution without charge , since they are in the employ of the Baldwin Piano Company. I The President recommended that the Board approve the purchase of this organ and that the allotment of $5,295 be approved to be taken from the unallot~d cash balance. Motion was made by Judge McGregor that the recommendation be approved . It was seconded by Dr. Todd and upon the roll being ca l led the following voted "aye " : Mr. Combs, Mr. Dupree, Mr . Fitzpatrick, Judge McGregor , and Dr. IDodd. Voting "nay": None. REPORT ON RECONSTRUCTION PROJECTS ON THE CAMPUS President Martin said that he thought it was important that he report to the Board at this time on the reconstruction projects which have been going on on campus this summer, as follows: 1. I Roark Steps He said that the Board would recall that the steps at the front of Roark Building and especially the floor of the outdoor porch were found to be in a dangerous condition. The Department of Finance allocated $8,200 for this work and the steps have now been compl eted with the exception of the four rails to be place in front of the building, the President said . 2. Trai l er Park The President repo rted that the trailers are now off Second Street and a nice trailer park is being developed. The cost of $5,000 was set up for the Trailer Park, he said, and to date a total of $3,347 . 40 has been either spent or encumbered. 3. I Turley House President Martin stated that work has been progressing on t he refurbishing of the Turley House to make it into a modern Home Management House for the Home Economics Department. I t has been compl etely renovated throughout and an additional apartment has been added to the back . He said that $40,000 was set up fo r this renovation and $26,525.24 has been expended on this project, with most of the remainder allotted to this building to be used for the interior decoration and furniture. 4. Miller, Beckham, and McCreary Halls Miller, Beckham, and McCreary Halls have been completely renovated inside and out from the ceiling through the basement , the President reported, with a great deal of work being done in the basement because al l of the utilization of space there had been by temporary partitions. He said that the sum of $50 , 000 was a l lotted for this work but to date only $24,050.91 has been spent. The President added that some additional furnishings wil l need to be purchased to comp l ete this project . �,o 5. Cammack Building President Martin reported that Cammack Building has been thoroughtly renovated and is now a very attractive college classroom building. He said that the amount of $180,000 was set up for this work and to date $178,230 . 62 has been spent. 6. University Building The President stated that $195,100 was set up for the renovation of the University Building and to date $194,120.84 has been expended. He said that this is today a much finer building than it was the day it was constructed and it will serve Eastern for many generations to come. 7. I Parking Lots President Martin reported to the Board that two additional parking lots are currently in the process of being completed, one in the rear of the University Building which is being constructed with money that otherwise would have been used for the replacement of the cornices over the windows of the University Building. He said that no economical way could be discovered to replace the cornices and it was decided that the building would be better without the cornices than with them. He added thatthe money that was thus saved is being used for the construction of the parking lot, cost of the project being $8,689. The contractor for this work is Starlin Howell, he said. The President informe d the Board that a new parking lot to take care of a number of cars is now being constructed in the r e ar of Burnam and Sulliva n Halls. The contract pnice is $27,789 and the contractor on this job is Starlin Howell again. The President stated that the money for this project is coming from the Series A Bond Issue. I HOMECOMING PARADE Tre Board r ecessed the meeting at 10:20 a.m. to watch the Homecoming parade which left the campus via La ncaster Avenue to proceed to the downtown part of Richmond. In the parade were six bands, two Eershing Rifle s units, ROTC companies, color guard, 25 f loats, and an additional 8 units r epresenting campus clubs and organizations, a total of 43 units in the Homecoming parade. RESUMPTION OF BOARD MEETING The meeting of the Board was resumed at 10:45 a . m. a nd the President continued his report to the Board: GROUND BREAKING AE 12:30 today, the President said, th e groung breaking for McGregor Hall has been scheduled and immediately after this the ground breaking for Combs Hall will be held. President Martin expressed the hope that all members of the Board will attend these two ceremoni es . I �II APPROVAL OF $3 , 360,000 CONSTRUCTION FUNDS I President Martin reported that the Atlanta office of the Housing and Home Finance Agency has finally approved the application for $3,360,000 for the construction of McGregor and Combs Halls and that included in this amount is money for the construction of eight apartments for faculty housing and an addition to Stateland Hall to complete it as an athletic dormitory. He said that, because of the tremendous problem faced in housing new faculty members, he suggested the construction of eight apartments for faculty housing on the new road with the idea of letting new faculty members live in these apartments for two or three years until they could find suitable permanent housing. The President said that he would like to ask the Board's approval of these two additional projects and for authority to expedite these in every way possible. Motion was made by Judge McGregor and seconded by Mr. Fitzpatrick bhat the President's recommendation be approved and that he be given authority to work with the Department of Finance and the Housing and Home Finance Agency in completing this work on the construction of the eight apartments for faculty housing and the addition to Stateland Hall. The Chairman put the question and upon the roll being called the following voted "aye": Mr. Combs, Mr. Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd. Voting "nay": None. APPLICATION FOR TWO ADDITIONAL DORMITORIES I President Martin said that, as the Board knows, it is a tremendously long time between the time application is made for dormitories and the actual availability of the dormitories for the housing of students. For this reason, he said, he asked the Board's approval at this time for authority to negotiate with the Federal Housing and Home Finance Agency for the construction of two additional dormitories, one for men and one for women. The President added that he would hope the Board would give him authority to execute all documents necessary, arrange with the Department of Finance for the employment of architects and in every wa¥ proceed in expediting the planning of these two additional buildings. The President stated that at the present time there are three students housed in every dormitory room· on the campus and the fall semester will be started the same way . He said that it requires at least two years to get dormitories constructed. I All members of the Board agreed that the need for dormitories is urgent and motion was made by Judge McGregor that the President be given authority to negotiate with the Housing and Home Finance Agency and to execute all necessary documents, arran~e with the Department of Finance for employment of architects, and expedite in every way possible the planning of the additional dormitories. The motion was seconded by Mr. Dupree. The Chairman then put the question and upon the roll being called the following voted "aye": Mr. Combs, Mr. Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd. Voting my" : None. �- 12.. APPROVAL OF RESOLUTIONS CONCERNING COLLEGE STUDENT HOUSING BONDS OF 1961 IN THE AMOUNT OF $3,375,000 President Martin presented to the Board Mr. C. w. Grafton, of the firm of Grafton, Ferguson and Fleischer, Louisville, who had prepared resolutions concerning $3,375,000 College Student Housing Bonds of 1961 for the Board's consideration. Judge McGregor introduced and caused to be read in full a proposed resolution, as follows: A RESOLUTION OF THE BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE, AUTHORIZING AND PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF "EASTERN KENTUCKY STATE COLLEGE STUDENT HOUSING BONDS OF 1961" OF THE BOARD OF REGENTS OF THE COLLEGE TO PAY THE COSTS (NOT OTHERWISE PROVIDED) OF CONSTRUCTION A PROJECT UPON THE CAMPUS OF THE COLLEGE, CONSISTING OF TWO NEW DORMITORIES TO HOUSE APPROXIMATELY 739 STUDENTS, SIXTEEN NEW BUILDINGS CONTAINING A TOTAL OF 64 STUDENT FAMILY DWELLING UNITS, EACH WITH NECESSARY APPURTENANCES. WHEREAS, the Eastern Kentucky State College and its students are not now being provided with adequate buildings for educational purposes, and in order to provide the same it is necessary that there be constructed a project consisting of two new dormitories with a total of 64 student family dwelling units, each with necessary appurtenances, upon sites which are hereinafter described, and which are parts of the campus of the College; and I I WHEREAS,plans and specifications therefor have been prepared and submitted to the Board of Regents; and WHEREAS, under the provisions of KRS 162.340, et esq., now in full force and effect, the Board of Regents of Eastern Kentucky State College, as the governing body of said State educational institution, is authorized to issue Bonds, as hereinafter provided, for the purpose of financing all or a part of the costs of the said housing project and appurtenances; and WHEREAS, the total cost of said housing project and appurtenances is estimated to the Three Million Three Hundred Seventy-five Thousand Dollars ($3,375,000), and it is necessary that the Board of Regents provide at this time for the borrowing of a sum not to exceed Three Million Three Hundred Seventy-five Thousnad Dollars {$3,375,000.00), to provide (together with other available funds to supply movable equipment), for the estimated aggregate of all costs thereof; NOW, THEREFORE, THE BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE HEREBY RESOLVES, AS FOLLOWS: Section 1. It is hereby determined and declared that the proper accommodation of the students of Eastern Kentucky State College for edue~tional purposes requires construction of a project upon the campus of the College at Richmond, Kentucky, consisting of two new dormitories to house approximately seven hundred thirty-nine (739) students and sixteen (16) new buildings containing a total of 64 student family dwelling I �/3 units , each with necessary appurtenances (the same being hereinafter referred to as the "Proj ect "). The plans and specifications of said Project, as prepared and submitted to this Board, are hereby approved in all respects. I I I section 2. In order to provide for the payment of the costs of the Project (to the extent not otherwise provided), there shall be, and there are hereby ordered to be, issued by the Board of Regents of Eastern Kentucky State College, in its corporate capacity and by and through its corporate name, and as a State educational institution and agency, Eastern Kentucky State College Student Housing Bonds of 1961 (hereinafter sometimes referred to as the "Bonds") in the aggregate principal amount of Three Million Three Hundred Seventy-five Thousand Dollars ($3,375,000.00), dated May 1 , 1961, of the denomination of One Thousand Dollars ($1,000 . 00) each, to be numbered cons ecutively from 1 to 3,375, both numbers inclusive, bearing interest from their date until payment of principal, such interest to the respective maturity dates of principal to b e evidenced by coupons attached to each Bond at a rate or rates which, when averaged to maturity shall not result in an average interest rate of such Bonds in excess of three and one - half (3½'/4) per cent per annum (the exact rate or rates to be determined at the time of the receipt and consideration of bids for the purchase of said Bonds as hereinafter provided), payable on the first day of November, 1961 and semiannually thereafter on the first days of May and November in each year. Said' Bonds shall in all respects conform to, and be issued in ' accordance with, the provisions of the Trust Indenture referred to in Section 4 hereo f . Each of said Bonds shall be executed on behalf of the Board of Regents by the reproduced facsimile signature of the Chairman, and a reproduced facsimile of th e Corporate Seal s hall be imprinted thereon , attested by the manual signature of the Secretary. The interest coupons shall bear the facsimile signatures of said officers. After said Bonds have been sold by th e Board of Reg e nts, as hereinafter more specifically provided , at an advertised public competitive sale, and as soon as said Bonds have been received from the printer and executed as h erein provided, the same shall be delivered for authentication to the Trustee named in said Trust Indenture, accompanied by appropriate certificates, as provided in Said Trust Indenture, including a certificate of the identity of the purchaser or purchasers of said Bonds , and the terms upon which the same may be deliver e d to said purchaser or purchasers. Section 3 . The Secretary of this Board is hereby authorized and directed to execute an appropriate for m or forms of " Notice of Sale of Bonds," and caus e the same to be published as r equired by law, one time in The Courier - Journal, a daily newspaper publiched in Louisville, Kentucky, and of general state-wide circulation throughout the Commonwealth of Kentucky, and one time in The Bond Buyer, a financial newspaper published in New York, New York, of nationwide circulation among bond buyers, solic iting sea l ed competitive proposas fo r the purchase of said Bonds, the same to be receive0 in the office of the Pres ide nt of the College on the campu s or the College in Richmond, Kentucky, until some day and hour when the Board of Regents will be in session. Publication 0£ said "Notice of Sale of Bonds" shall be made in conformity with �... l'f KRS 424.130, 424.140, and 424.360. In said notice purchasers shall be instructed that proposals may be for the purchase of (a) all Bonds maturing in the years 1964 through 1971; (b) all Bonds maturing in the years 1972 through 1981; (c0 all Bonds maturing in the years 1982 through 1991; (d) all Bonds maturing in each of the years 1992 through 2001; (e) the entire issue; that the bidders may stipulate one or more interest coupon rates with respect to said Bonds, provided the average of such rates does not exceed three and one half (3½'/4) per cent per annum, and only one coupon rate may be stipulated for Bonds maturing on the same date. Bidders shall be notified that the Board will not entertain any proposal that interest due on any Bond at any interst payment date be represented by more than one coupon. If a bid carries two (2) or more interest rates on a single block of Bonds, or on combined blocks of Bonds, an average interest rate shall be computed on the basis of the total interest casts at par for such single blocks, or combined blocks, covered by the bid at the offered rates ; and if the average rate so obtained is not more than three and onehalf (3½'/4 ) per cent, the bid shall be considered to qualify. A minimum bid of par value (plus accrued interest to date of delivery and payment) shall be required. The right to reject bids shall be expressly reserved. The Secretary is further authorized and directed to execute in multiple copies a statement giving a more complete and particular description of the Bonds and of provisions for the security and payment thereof, disposition of Bond proceeds, etc., than is possible within the limits of the published notices, and to furnish copies of such statement to all interested bidders upon r equ est . Such statement may also contain a more particular description of the terms and conditions upon which the Bonds are offered for sale, in order to bring about uniformity in the proposals which may be submitted for the purchase of said Bonds. I I Section 4. Said Bonds shall be secured by a Trast Indenture between the Board of Regents of Eastern Ke ntucky State College, party of the first part, a nd State Bank and Trust Company of Richmond, Kentucky , a combine d Bank and Trust Company having corporate trust powers, organized and existing under a nd by virtue of the laws of the Commonwealth of Kentucky , and having its prin c ipal office and place of business in Richmond, Madison County, Kentucky, party of the second part. The Chairman and Secretary of the Boardof Regents are h ereby authorized and clirected to make , execute and d e liver such Trust Indenture in substantially the for m, text, terms and provisions hereinafter set out; and this Board of Regents hereby approves, ratifies and confirms a ll of the covenants , provisions, and stipulations as set out in such Trust Indenture, to-wit : TRUST INDENTURE THIS INDENTURE, dated as of the first day of May in the year Nineteen Hundred and Sixty-one ( 1 961), made by and between BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE, a body corporate, as a public e ducational instilltution of higher learning of the Commonwealth of Kentucky (he r einaft er called the "Board"), party of t he firs t part , and STATE BANK AND TRUST COMPANY OF RICHMOND, KENTUCKY, ~ combined bank and I �15 trust company organized and existing under and by virtue of the laws of the Commonwealth of Kentucky, having full powers to act as corporate trustee, and having its principal office and place of business in the City of Richmond, Madison County, Kentucky, as Trustee (hereinafter called the "Trustee"), party of the second part; WITNESS ETH: I THAT WHEREAS, pursuant to Section 164.350 of the Kentucky Revised Statutes now in full force and effect, the Board is a body corporate, with all powers generally vested in corporations, and as such is the governing body of the Eastern Kentucky State College, a public educational institution of higher learning of the Commonwealth of Kentucky, having ful l control of the management and operation of said College, together with the property and funds thereof; and WHEREAS, pursuant to the provisions of Section 162.340 et seq., of the Kentucky Revised Statutes now in full force and effect, the Board, as governing body of said College, is authorized to erect buildings and appurtenances to be used in connection with the said institution for educational purposes; and I WHEREAS, the Board has determined that the said College and its students are not at this time provided with adequate buildings for educational purposes, and has determined that it is necessary to construct a project consisting of two new dormitories to house approximately 739 students, and sixteen new buildings containing a total of 64 student faculty dwelling units, each with necessary appurtenant ~ facilities (collectively referred to hel:Ei.n as the "Project"), the same to be situated upon sites which are parts of the campus of said College in the City of Richmond, Madison County, Kentucky, and which are hereinafter described and identified for the purpose of identifying the Project; and WHEREAS, pursuant to Section 162.340 et seq., of the Kentucky Revised Statutes now in full force and effect, the Board is authorized to provide all or a part of the costs of said Project, through the issuance and sale of its Revenue Bonds, payable solely from the income and revenues provided to the College through (a) the operation of said Project; and (b) the operation of an existing dormitory known as Burnam Hall; and I WHEREAS, the Board of Regents of Eastern Kentucky State College has duly adopted an appropriate form of Resolution authorizing the issuance of "Eastern Kentucky State College Student Housing Bonds of 1961," dated May 1, 1961, hereinafter described, and has duly authorized the execution of this Trust Indenture, in the form hereof, for the purpose of securing the payment of said Bonds and the interest thereon, and to provide for the proper and orderly administration of the revenues os said Project, the additionally pledged revenues of Burnam Hall, and of the Bond proceeds; and WHEREAS, the Bonds, the coupons appertaining thereto, the Trustee's certificate with respect to such Bonds, and provisions for the registration of said Bonds, are to be substantially in the forms following, with appropriate insertions, omissions and variations as in this Indenture provided or permitted: �16 (FORM OF COUPON BOND) UNITED STATE OF AMERICA COMMONWEALTH OF KENTUCKY EASTERN KENTUCKY STATE COLLEGE STUDENT HOUSING BOND OF 1961 $1,000 . 00 No . KNOW ALL MEN BY THESE PRESENTS, THAT : The Board of Regents of Eastern Kentucky State College, a body corporat e, as an edu cational institut ion and agency of the Commonwealt h of Kentucky, for value received, hereby promises to 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 $1,000.00 on the f i rst day of May , 19__ , and to pay, sole l y from said special fund, interest thereon from the date hereof unti l payment of principal , at t he rate of _ _ _ _ _ __ _ per centum (__%) per annum, such interest being payable on November 1 , 1961, and semi ann ually thereaft er on the first days of May and November in each year, except as the provision s her einafter set forth with respect to prior redemption may be and become appl icable hereto, such interest as may accrue on and prior to the maturity of this Bond to be paid only upon presentation and surrender of the ann exed coupon s as they severa l ly mature , both principal and interest being payable in any coin or currency which on the respect i ve dates of payment of debts due the United0 States of America , at the principal office of State Bank and Trust Company of Richmond, Kentucky, in the City of Richmond, Madison County , Kentuck y, or , at the option of the holder or registered owner, at the p rin cipa l office of Chemical Bank New York Trust Company, in t h e Borough of Manhattan , City of New York , State of New York . This Bond is one of a duly authorized issue of Bond in the aggregat e prin cipa l amount of $3 , 375,000, all of said Bonds being of the same form, tenor and effect (except for numbers, maturity dates and interest rates) issued for fin ancing the costs, not otherwise provided, of a project consisting of two new dormitories to house approximately 739 students and sixteen new buildings containing a total of 64 student family dwellin g uni ts, each with necessary appurtenances (herein called the "Project") for educational purposes on the campus of Eastern Kentucky State Col lege, at Richmond, Kentucky, under and in full compliance with the Con stitution and Statutes of the Commonwealth of Kentucky, including among others , , Sections 162.350 to 162 . 380, inc l usive, of the Ken tuck y Revised Statutes n~w in full force and effect. Al l of said Bonds are issued under and pursuant to an indenture ( said indenture, together with all indentures supplemental thereto as t herein permitted, being herein called the "Indenture " ), of even date herewith , executed by and between the Board of Regents of Eastern Kentucky State College, and State Ban k and Trust Company of Richmond, Kentucky, in the City of Richmond, Madison County, Kentucky, as Trustee (said Trus t ee and any successor Trust ee under said Indenture being herein called the "Trustee"), an I I I �..., 11 I I I executed counterpart of which is on file at the office of said Trustee in the City of Richmond, Madison County, 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 Bonds; the collection and disposition of the revenues; the fund charged with and pledged to the payment of interest on and the principal of said Bonds; the nature and extent of the security; the rights, duties and obligations of said Board of Regents, and of the Trustee, and the rights of the holders of the Bonds; and by the acceptance of this Bond, the bolder hereof assents to 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 endorsed 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 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 fees and charges for the use of the facilities of said Project, identified by descriptions of the sites upon which the same will be constructed upon the campus of Eastern Kentucky State College, at Richmond, Madison County, Kentucky, and for pledging by said Beard of Regents of the gross income and revenues of an existing dormitory known as Burnam Hall,which rents, fees, charges, income and revenues will be sufficient to pay the costs of maintenance, repair and operation of the Project and said Burnam Hall, and the principal of and the interest of said Bonds as the same shall become due, and to provide reserves for such pruposes. The Indenture provides for the creation of a special fund designated "Student Housing Bond and Interest Sinking Fund Account of 1961," (herein called the "Sinking Fund Account"), and for the deposit to the credit of said Sinking Fund account of a sufficient amount of the revenues of said Project and of Burnam Hall over and above the costs of such maintenance, repair and operation to pay the principal of and the interest on the Bonds as the same become due, and to provide a reserve for such purposes, which Sinking Fund Account 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 only from a fixed amount of the gross income and revenues to be derived from the operation of said Project, and from the operation of the said existing dormitory known as Burnam Hall, which will be set aside as a special fund and pledged for that purpose, and identified as the "Student Housing Bond and Interest Sinking Fund Account of 1961." This Bond does not constitute any indebtedness of said Eastern Kentucky State College, or of its Board of Regents, or of the Commonwealth of Kentucky, within the meaning of any provisions or limitations of the Constitution of the Commonwealth of Kentucky. �18 Bonds numbered 1 through 397, inclusive, maturing May 1, 1964 , through May 1, 1971, inclusive, are non-callable. The right is hereby reserved to call and redeem the Bonds numbered 398 through 2645 , inclusive, maturing May 1, 1972 through May 1, 1996, inclusive, prior to the stated maturities thereof, in whole or in part, in the inverse order of their numbering, on any interest payment date after May 1, 1971, upon at least thirty (30) days' prior notice, at the principal amount thereof plus accrued interest to the date of redemption and a premium for each Bond, as follows: 3¾ 2½'/4 2¾ l ½°/4 l¾ if if if if if redeemed redeemed redeemed redeemed redeemed November 1, 1971 through November 1, 1977 through November 1, 1982 through November 1, 1987 through after May 1, 1992. May May May May 1, 1, 1, 1, 1977, 1982, 1987, 1992, I inclusive. inclusive. inclusive. inclusive. The right is hereby reserved to call and redeem the Bonds numbe red 2646 throtgh 3375, inclusive, maturing May 1, 1997 through May 1, 2001, inclusive, prior to the stated maturities thereof, in whole or in part, in t he inverse order of their numbering, on any interest payment date during the entire life of the Bonds, upon at least thirty (30) days ' prior notice , at the principal amount thereof plus accrued interest to the date or redemption. Notice of any such intended redemption identifying the Bonds to be redeemed shall be filed at the office of the Trustee named in the aforementioned Indenture at least thrity (30) days prior to the specified redemption date, and such notice shall be publi hed at least once not less that thrity (30) days prior to said redemption date in a financial publication published in the English language in the Borough of Manhattan, City and State of New York; provided, however, if it be known that all outstanding Bonds are owned by a single holder, or if all outstanding Bonds to be redeemed are registered as hereinafter provided, and notice by mail is duly given, in the manner hereinabove prescribed, then the giving of notice of redemption and for the payment of which funds are deposited with said Trustee on or prior to the specified redemption date shall cease to bear interest on said redemption date. Priority as to prior redemption shall ext e nd to Bonds numbered 2646 through 3375, inclusive, over Bonds numbered 398 to 2645, inclusive. This Bond shall pass by de livery unless registered as to principal in the holder's name on the books of said Board of Regents at the office of the a· ove identified Trustee, or at the office of its successor as Trustee under the Indenture, and such registration noted hereon, after which no valid transfer her eo f can be made except by the registered owner, or duly authorized attorney, at such office, until after registered transfer to bearer; and after such registered transfer to bearer, this Bond shall be again transferable by delivery, but may again from time to time be registered, as to principal, and thereafter again transferred to bearer as before . Such registration, however, shall not affect the negotiability of the interest cou pons, which shall always remain payable to bearer and transferable by delivery. The Board of Rege nts and the Trustee may deem and treat the b earer of this Bond, if not r egis tered as to principal, and the bearer of any coupon hereto appertaining , whether or not thi s Bond be so registered, or if this Bond be registered as I I �-,, herein authorized, the person in whose name the same is registered, as the absolute owner for the purpose of receiving payment and for all other purposes. I A statutory mortgage lien, as provided by Sections 162.350 and 162.200 of the Kentucky Revised Statutes now in full force and effect, is hereby recognized as valid and binding on said Project and appurtenant facilities, and upon said ex i sting Burnam Hall , and 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 appurtenant facilities, and said existing Burnam Hall, shall remain subject to such statutory mortgage lien until the payment in full of the principal of and interest on this Bond, and the series of which it is a part. Ths 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 herein endorsed . I It is hereby certified, recited and declared that all acts, conditions and things required t o 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 the amount of this Bond, together with all other obl igations of said Board of Regents and of said Eastern Ke ntucky Stat College does not exceed any limit prescribed by the Constitution or Statutes of Kentucky; that said Project, and said existing Burnam Hall, will be continuously operated by said Board of Regents, and that a sufficient portion of gross income and revenues from the said Project and said Burnam Hall has been pledged to, and will be set aside into, said special account for the payment of the principal and interest on this Bond, and the issue of which it is part, as the same will respectively become due. IN TESTIMONY WHEREOF, Board of Regents of Eastern Kentucky State College has caused this Bond to be execut ed by the reproduced facsimile signature of its Chairman, and has caused a reproduced facs imile 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 facsimi le signatures of the said Chairman and Secretary, all being done as of the first day of May, 1961. BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE I (FACSIMILE OF SEAL) ATTEST: (MANUAL SIGNATURE) Secretary Board of Regents By_ _ _ _ _~(~ F~a~c_s_1_ ·m_1_·_1_ e~)_ _ _ __ Chairman �- 2 .0 (FORM OF COUPON) $_ _ __ __ No. On the first day of_ _ _ __ _ _ , 19__ , *(unless the Bond to which this coupon is attached shall have been ca l led for prior redemption), Board of Regents of Eastern Kentucky State College 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 "Student Housing Bond and Int erest Sinking Fund Account of 1961" at the principal office of State Bank and Trust Company of Richmoro, Kentucky, in the City of Richmon~ , Madison County, 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 Student Housing Bond of 1961, dated May 1, 1961, Number I BOARD OF REGENTS OF EASTERN KENTUCKY STATE COLLEGE By_ _ ___,_(.::..F.:...: A:.:::C-=S-=I=-=M=I=L=E..,_ ) _ _ _ _ __ Chairman ATTEST : . (FACSIMILE) Secretary *The phrase in parentheses shou l d appear only in coupons attached to Bonds numbered 2646 to 3375 , inclusive, and in the coupons maturing on and after November 1, 1971, attached to Bonds numbered 398 to 2645, inclusive . I (FORM OF AUTHENTICATION CERTIFICATE ON ALL COUPON BONDS) This Bond is one of the Bonds described or provided for in the within mentioned Indenture. STATE BANK AND TRUST COMPANY OF RICHMOND, KENTUCKY, TRUSTEE By_ _ __ _ _ _ _ _ _ _ _ _ _ __ _ Authorized Officer (FORM OF REGISTRATION TO BE PRINTED ON THE BACK OF EACH COUPON BOND) DATE OF REGISTRATION NAME OF REGISTERED HOLDER SIGNATURE OF OFFICER OF INDENTURE TRUSTEE I �.2.1 AND WHEREAS, the Board has duly authorized the issuance of the Bonds and the execution and delivery of this Indenture, and a ll other acts and things necessary to make the Bonds, when duly executed on behalf of the Board and aut henticated by the Trustee and issued, valid and binding obligations of the Board in accordance with their terms , and to make this Indenture a valid and binding Indenture of Trust for the secur ity of the Bonds, have been done and performed; I I NOW , THEREFORE, in consideration of these premises, the acceptance by the Trustee of the Trust hereby created, the purchase and acceptance of the Bonds by the holders hereof, and for and in consideration of the sum of One ($1.00) Dollar cash in hand paid by the Trustee to the Board at or before the execution and de l ivery of this Indenture, the receipt of which is hereby acknowledged, and for the purpose of fixing and declaring the terms and conditions upon which the Bonds ind interest coupons are to be issued , authenticated, delivered, secured and accepted by all persons who shall rom time to time be or become holders thereof, and in order to secure the payment of all Bonds at any time issued and outstanding hereunder , and the interest theron according to their tenor , purport, and effect, and in order to secure the performance and observance of all of the covenants, agreements , and conditions therein and h ·rein contained, the Board has pledged, and does her eby pledge to the Trustee, to the extent provided in this Indenture, the gross revenues of the Project and the gross revenues of the existing dormitory known as Burnam Hall on the camp of the College at Richmond, Kentucky, as security for the payment of the Bonds and the :nterest thereon; and it is mutually agr ~d and covenanted by nd between the parties hereto for the equal and proportionate benefit and security of all and singular the present and future holders of the Bonds, and interest coupons issued and to be issued under this Indenture, without preference, priority or distinction as to lien, or otherwise, except as otherwise herein provided, of any Bond over any other Bond by reason of priority in the issue, sale or negotiation th ereof or otherwise, as follows: ARTICLE ONE DEFINITION OF TERMS Section 1.01 . In each and every place in and throughout this Indenture wherein the following terms, or any of them, are used , the same, unless the context shall indicate another or different meaning or intent , shall be construed, and are used and intended to have meanings, as follows: I (a) "College"-- Eastern Kentucky State College, situated at Richmond, Madison County, Kentucky (b) "Board" -- The Board of Regents of said Coll ege, a s created and ex isting under the provisions of Section 164 . 310 et seq . , of the Kentucky Revised Statutes. (c) "Trustee" -- State Bank and Trust Company of Richmond, Kentucky, a combined bank and trust company created and e xisting under the l aws of the Commonwea l th of Kentucky, having proper trust powers and having its principal office and place of bus~ ness in the City of Richmond, Madison �- 2 .2 County, Kentucky, or any successor Trustee designated pursuant to the provisions of this Indenture. (d) "Paying Agents" The Trustee, or any successor Trustee, as defined in the foregoing Paragraph (c), and, at the option of the holders of the Bonds and coupons issued under the provisions hereof, the principal office of Chemical Bank New York Trust Company, in the Borough of Manhattan, City of New York, State of New York. (e) "Bonds" (f) "Student Housing Revenue Fund Account of 1961" - A special fund created in this Indenture to be established by the Board under the terms and conditions of this Indenture. (g) "Student Housing Bond and Interest Sinking Fund Account of 1961" -1961 Student Housing Bond and Interest Sinking Fund Accou nt as created by this Indenture. (h) "Student Housing Repairs and Replacements Reserve Account of 1961" -An account, established in this Indenture for the purpose of paying the costs of unusual or extraordinary maintenance or repair expenses, and for the renewal, replacement and renovation of furniture and equipment not otherwise paid for as part of the ordinary and normal expense of the operation of the Project. I Bonds issued pursuant to the provisions of this Indenture. (i) "Construction Fund Account" The ppecial account or fund created in this Indenture in which provision is made for the deposit of the Bond proceeds (exclusive of accrued interest received from the purchaser or purchasers of the Bonds), together with any other funds appropriated by the Board of Regents as a contribution to the costs of the development of the Project. ( j) "Project" - - Two new dormitories to houss approximately 739 students and sixteen new buildings containing a total of 64 student family dwelling units, each with necessary appurtenant facilities, to be constructed in part through application of the pr~ ceeds of the Construction Fund upon portions of the campus of the said College, which protions or sites are particularly described in Article Thirteen hereof. I I �- .2.3 I I {k) "Chairman"-- The Chairman, and each and every Vice Chairman, and each and every other officer of the Board authorized to exercise the powers and authority reposed in the Chairman of the Board. (1) "Secretary"- The Se cretary, and each and every Assistant Se cretary, and each and every other office r of the Board authorized to exercise the powers and authority reposed in the S e cretary of the Board. (m) "Treasurer"- The Tr e asurer, and each and every Assistant Treasurer, and each and every other officer of the Board authorized to exercis e the powers and authority reposed in the Treasurer of the Board. (n) "Counse l"-- (o) "Engineer" - - Any licensed architect or engineer appointed by the Board, including any such architect or engineer in the employ of the Board or of the College and so appointed. {p) "Fiscal Year" -The fiscal year shall be the twelv e (12) months period beginning July 1 and ending June 30 fo the following year. Any counsel appointed by the Board, including any counsel in the employ of the Board or the College and so appointed. Section 1.02. Words of the masculine gender shall be deemed and construed to include words of the feminine and netuer gender. S e ction 1. 03. The words "Bonds," "owner," "holder," and person," shall include the plural as well as the singular number, unless the context shall otherwise indicate. The term "Bondholders," unless the context otherwise indicates, means and contemplates the holders of the Bonds at the time issued and outstanding hereunde r. ARTICLE TWO EXECUTION, AUTHENTICATION, REGISTRATION AND EXCHANGE OF BONDS I Section 2.01 . Save as is herein provide d in respect t o mutilated, lost, destroyed or stolen Bonds, and in respect to transfers and exchange s, Bonds may be issued hereunder to the aggregate principal amount of Three Million Three Hundred Seventy-five Thousand {$3,375,000) Dollars, and no more . The Bonds shall be issued as coupon Bonds in the denomination of One Thousand {$1,000.00) Dollars, registrable as to principal only, and numbered as her e inafter provided. The princip al of each Bond and the int e r e st ther e on shall be payable at the principal office of State Bank and Trust Company of Richmond , Kentucky, in the City of Richmond, Madison County, Ke ntucky, or at the principal office of its successor in trust under this indenture, or, at the option of the holder, at the principal office of Chemical Bank New York Trust Company, in the Borouhg Machine of Manhatt a n, City of New York, State o f �New York, 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. The Bonds and interest coupons appertaining thereto shall respectively be substantially in the forms herinbefore set forth, with such ommissions, variations and insertions as are requir.ed or permitted by the terms of this Indenture to evidence the terms hereof. This Indenture creates and shall constitute and be a continuing lien to secure the full and final payment of the principal of and interest on all Bonds issued, authenticated and delivered pursuant to the terms hereof. I Section 2 .02. Thes Indenture shall secure the payment of the principal of and interest on said coupon Bonds in the aggregate principal amount of Three Million Three Hundred Seventy-five Thousand ($3,375,000) Dollars, each Bond to be designated as an "Eastern Kentucky State College Student Housing Bond of 1961." The said Bonds shall be dated May 1, 1961, and numbered 1 through 3,375, inclusive, and shall bear interest at one or more interest coupon rates (averaging no mo e than three and one-half (3½'/4 ) per centum per annum) to be established upon the basis of competition among bidders when said Bonds are sold at an advertised public sale as provided by Resolution of the Board. All such interest to the respective maturity dates of principal shall be evidenced by coupons attached to the Bonds, maturing on November 1, 1961, and semiannually on each May 1 and November 1 thereafter. The Bonds shall mature as to principal in accordance with the following schedule: BONDS NUMBERED (Inclusive) 1-44 45-89 90-136 137-185 186-235 236-287 288- 341 342 - 397 398- 455 456-515 516-577 578-641 642-707 708- 776 777 - 847 848- 920 921-996 997-1075 1076-1156 1157-1240 1241-1327 1328-1417 1418-1510 1511-1607 1608-1707 1708-1811 1812-1918 PRINCIPAL AMOUNT $ 44,000 45,000 47,00 49,000 50,000 52,000 54,000 56,000 58,000 60,000 62,000 64,000 66,000 69,000 71,000 73,000 76,000 79,000 81,000 84,000 87,000 90,000 93,000 97,000 100,000 104,000 107 , 000 DATE OF MATURITY May May May May May May May May May May May May May May May May May May May May May May May May May May May 1, 1964 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 I I �BONDS NUMBERED (Inclusive) I 1919-2029 2030-2144 2145-2263 2264-2386 2387-2513 2514-2645 2646-2781 2782-2922 2923-3068 3069-3219 3220-3375 PRINCIPAL AMOUNT $ 111,000 DATE OF MATURITY May May May May May May May May May May May 115,000 119,000 123,000 127,000 132,000 1 36,000 141,000 146,000 151,000 156,000 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Bonds numbered 1 through 397, inclusive, maturing May 1, 1964 through May 1, 1971, inclusive , are non-callable. The right is hereby reserved to call and redeem the Bonds numbered 398 through 2645, inclusive, maturing May 1, 1972 through May 1, 1996, inclusive, prior to the stated maturities thereof, in whole or in part, in the inverse order of their numbering, on any intere st payment date after May 1, 1971, upon at least thirty (30) days' prior notice, at the princi pal amount thereof plus accrued interest to the date of redemption and a premium for each Bond, as follows: 3% 2½'/4 2% l½°/4 1% I I if is if if if redeemed redeemed redeemed redeemed redeemed November 1, 1971 through November 1, 1977 through November 1, 1982 through November 1, 1987 through after May 1, 1992. May May May May 1, 1 977, inclusive, 1, 1982, inclusive, 1, 1987, inclusive, 1' 1992, inclusive, The right is hereby reserved to call and redeem the Bonds numbered 2646 through 3375, inclusive, maturing May 1 , 1997 through May 1, 2001, inclusive , prior to the stated maturities thereof, in whole or in part , in the inverse order of their numbering, on any interest payment date during the entire life of the Bonds, upon at least thirty (30) days' prior notice, at the principal amount thereof plus accrued interest to the date of redemption. Priority as to redemption shall extend to Bonds numbered 2646 through 3375, inclusive, over Bonds numbered 398 through 2645, inclusive. Such right of redemption shall be at the option of the Board, or through the application of (a) the proceeds of insurance as provided in Section 5 .05 of this Indenture, or (b) the balance of money in the construction fund as provided in Section 7.06 of this Indenture. In each case such redemption shall be upon notice and in the manner and with the effect provided in Article Three of this Indenture. Section 2.03. The Bonds shall be offered for sa l e by the Board, without the inter v ention of the Trustee, at such time or times as the Board may direct, upon the basis of notices published by the Board in accordance with KRS Chapter 424, in the Courier-Journal, a newspaper affording state- wide general circulation throughout the Commonwealth of Kentucky, and in The Bond Buyer, a financial news medium pbulished in New York, New York, of nationwide circulation among bond buyers, and upon the basis of sealed competitive bids which shall be opened, considered, and acted upon by the Board as it may d eem desir able. The Bonds shall at one time or from time to time be executed on behalf of the Board as her einbefor e provided, and shall be delivered to the Trustee for authentication by it, and ther e upon the Trustee shall, upon receipt by the Trustee �of evidence satisfactory to the Trustee of the proper execution of this Indenture, and that the Bonds and coupons are in accordance with interest rates duly established, authenticate the said Bonds. The Board, by and through itsTreasurer, shall make delivery to the purchaser or purchasers, but only upon payment ofthe stated purchase price, proper portions of which shall immediately be deposited to the credit of the College, or transmitted to the Treasurer of the Commonwealth for the various special funds or accounts, as hereinafter provided. Only Bonds as shall bear thereon endorsed a certification of authentication substantially in the form hereinbefore recited, executed by the Trustee, shall be secured by this Indenture or be entitled to any right or benefit hereunder. The authentication by the Trustee upon any Bond shall be conclusive evidence and the only evidence that the Bond so authenticated has been duly issued hereunder and that the holder therof is entitled to the benefit of the trusts hereby created. I The Bonds shall be prepared by a nationally recognized printing firm in accordance with prevailing specifications of Housing and Home Finance Agency of the United States Government, as to quality of workmanship and materials. Section 2.04. In case any person whose signature, or a facsimile thereof, is on any Bond or coupon issuable under this Indenture as an officer of the Board of Regents of the College, shall have ceased to be such officer before such Bond shall have been actually authenticated by the Trustee and delivered to the purchaser or purchasers, such Bond nevertheless may be authenticated and delivered and issued as though such person had not ceased to be such officer of the Board of Regents of the College. I Any Bond issuable hereunder may be signed (manually or by facsimile, according to the authority given), sealed or attested in behalf of the Board by any person who at the actual date of the execution or authentication of such Bond is the proper officer of the Board of Regents of the College, although at the date of such Bond such person shall not bave been such officer of such Board of Regents. The coupons to be attached to Bonds issued hereunder shall be executed by the facsimile signatures of the present Chairman and Secretary or of any future Chairman and Secretary of the Board, and the Board may adopt and use for that purpose the facsimile signatures of any persons who shall have been such Chairman and Secretary, notwithstanding the fact that they may have ceased to be such Chairman and Secretary at the time when such Bonds srall be actually authenticated and delivered. Section 2.05. The Board shall keep at the office of the Trustee books for the registration and transfer of Bonds issued hereunder, which, at all reasonable times, shall be open for inspection by the holder of any Bond issued hereunder, and upon presentation for the purpose at such office, the Board will register or transfer or cause to be registered · 0r transferred therein, as herinafter provided, and under such reasonable regulations as it may prescribe, any Bonds issued under this Indenture and entitled to be so registered or transferred. The Trustee shall act as registrar in effecting all registrations on the books kept at its office. I �- 21 I All Bonds issued hereunder shall be negotiable and shall pass by delivery unless registered as to principal in the manner herinafter provided. The holder of any Bond issued hereunder may have the ownership of the principal thereof registered on said books of the Board at the office of the Trustee and such registration shall be noted on the Bond. After such registration no transfer shall be valid unless made on the said books by the registered owner in person, or by his duly authorized attorney, and similarly noted on the Bond; and the same may be discharged from registration by being in like manner transferred to bearer, and thereupon trans ferability by delivery shall be restored; but such Bond may again, from time to time, be ;egistered as to principal and thereafter again transferred to bearer as before. Such registration, however, shall not affect the negotiability of the coupons, but every such coupon shall continue to be trangferable by delivery merely, and shall remain payabl e to bearer. Such registrations and discharges from registration shall be without expense to the holder of the Bonds, but any taxes or other governmental chaiges required to be paid with respect to the same shall be paid by the party requesting such regis tration or discharge from registartion as a condition precedent to the exercise of such privilege. Section 2 . 06. Before authenticating any Bond the Trustee shall cut off, cancel and cremate all matured coupons, if any, thereon and the Trustee shall deliver to the Board a certificate of cremation thereof. I I If at the time the Bonds are manufactured it shall be known that certain coupons will have matured prior to delivery, the Board may instruct the printer not to manufacture such coupons, and in that event a statement or certificate of the printer that such coupons were not manufactured shall be preserved by the Trustee in lieu of such certificate of cremation. Section 2.07. Upon the receipt by the Board and the Trustee of evidence satisfactory to them of the loss, theft, destruction or mutilation of any outstanding Bond hereby secured, and of indemnity satisfactory to them, and upon surrender and cancellation of such Bond if mutilated, the Board may execute and the Trustee may authenticate and deliver, upon the lapse of such period of time as they may deem adv is. ble , a new Bond of like tenor and maturity bearing the same or differnt serial numbers, to be issued in lieu of such l ost, s t olen, destroyed or mutilated Bond. Such new Bond may bear such endorsement as may be agreed upon by the Board and by the Trustee and which at the time is necessary to conform to the requirements of any stock exchange or of any governmental body having jurisdiction. The Board may require the payment of costs for each new Bond issued under this Section, and the furnishing of indemnity satisfactory to the Board . The Trustee shall incur no liability for anything done by it under this Section in the absence of negligence or fault . Section 2.08. As to all Bonds registered as to principal , the person in whose name the same shall be registered shal l be deemed and regarded as the owner thereof, for all pu~poses of this Indenture, and thereafter payment of or on account of t he principal of such Bond shall be made only to or upon the �- 28 order in writing of such registered owner thereof, but such registration may be changed as above provided . All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bonds to the extent of the sum or sums so paid. The Board, the Trustee and any Paying Agent may deem and treat the bearer of any Bond which shall not at the time be registered as to principal, and the bearer of any coupon for interest on such Bond, whether such Bond shall be registered or not, as the absolute owner of such Bond or coupon for the purpose of receiving payment thereof, and for all other purposes whatsoever, and the Board, the Trustee and any Paying Agent shall not be affected by any notice to the contrary. I ARTICLE THREE REDEMPTION OF BONDS Section 3.01. Bonds numbered 1 through 397, inclusive, maturing May 1, 1964 through May 1, 1971, inclusive, are and shall be non- callable. In case the Board shall desire to exercise its rights of redemption of all, or, as the case may be, any part of the Bonds numbered 398 through 2645, inclusive , maturing May 1, 1 972 th ugh May 1, 1996, inclusive, or Bonds numbered 2646 through 3375, inclusive, maturing May 1, 1997 through May 1, 2001, inclusive, or in case any Bonds are to be redeemed otherwise than at the option of the Board, it shall file with the Trustee a ~ least thrity (30) days in advance of the redemption date a copy of a notice specifying the redemption date and the numbers of the Bonds to be re deemed, and shall publish in a financial publication published in the English language in the Borough of Manhattan, City and State of New York, at least once not less than thirty (30) days before the date fixed for redemption, a notice to the effect that the Board will redeem all the Bonds, or a part thereof, as the case may be, on the date therein designated, specifying the maturity dates, arrl in the case of partial redemption of the Bonds of any maturity, the distinctive numbers of the Bonds of such maturity t o be redeemed, and in every case stating that on said redemption date there wi ll become and be due and payable upon each Bond to be redeemed, at the offices of the Paying Agents, the principal thereof, together with accrued interest to such date, and such premium thereon, if any, as may be stipulated, and that from and after such redempt ion date interest thereon will cease to accrue . If any of the Bonds to be redeemed are registered as to principal, similar notice shall be sent by the Board through the mails, postage prepaid, at least thirty days(30) prior to such redemption, to the persons who shall appear by the transfer register of the Board to be registered owners of such Bonds; hut such mailing shall not be a condition precedent to such redemption, and failure to mail any notice shall not affect the validity of the proceedings for the redemption of such coupon Bonds. In the event that all outstanding Bonds are registered in the name of a single owner, and notice of redemption is acknowledged by, or sent by registe~ed mail to, such owner, then notice by newspaper publication need not be made. In case the Board shall elect to redeem l ess than all of the outstanding redeemable Bonds, priority as to redemption shall extend to Bonds numbered 2646 through 3375, inclusive, over Bonds numbered 398 to 2645, inclusive. Bonds shall be called for redemption in inverse numerical order . I I �2.'J In case of redemption of Bonds through the application of the proceeds of insurance or the balance of moneys in the Construction Fund, such redemption shall be made upon public~ tion and/or mailing of notice in the manner and with the effect provided in this Article, except that such publication and/or mailing may, at the option of the Trustee, be made by and in the name of the Trustee. I I On or before the redemption date specified in the notice above provided for, the Board shall, and it hereby covenants that it will, deposit with the Trustee an amount of cash sufficient to effect the redemption of the Bonds specified in such notice, or cause the Trustee to apply to such purpose moneys theretofore deposited with the Trustee under the provisions hereof and properly available for such purpose. All moneys deposited by the Board with the Trustee, or set apart by the Trustee, under the provisions of this Indenture, for the redemption of Bonds, shall be held in trust for account of the holders thereof and shall be paid to them respectively upon presentation and surrender of said Bonds accompanied by all interest coupons, if any, maturing after the date fixed for redemption thereof, provided, however, if any such Bonds shall be registered, the same shall be endorsed in blank for transfer if the Trustee shall so require. From and after the date of redemption designated in such notice (such notice having been gren as aforesaid and such deposit having been made or moneys set apart as aforesaid), no further interest shall accrue upon any of the Bonds so to be redeemed, and any coupons for interest pertaining to any such Bonds and maturing after such date shall be void, and all such Bonds, in so far as such deposit shall have been made or moneys set apart as aforesaid, and all such coupons, shall cease to be entitled to the benefit of the lien of this Indenture, and the Board shall be under no further liability in respect thereof. Section 3.02. All Bonds so redeemed shall forthwith be canceled by the Trustee, which shall deliver such canceled Bonds to the Board. ARTICLE FOUR DISPOSITION OF INCOME AND REVENUES OF THE PROJECT I Section 4.01. As soon as any portion of the Project becomes revenue producing, all rentals, charges, income and revenue arising from the operation or ownership of the Project, as well as that of said existing dormitory known as Burnam Hall, shall be deposited to the credit of a special fund to be known as the dstudent Housing Revenue Fund Account of 1961" (here inafter referred to as the "Revenue Fund Account"), which Revenue Fund Account is hereby created. Such Revenue Fund Account shall be held in the custody of the Treasurer of the Board, separate and apart from other funds. Such Revenue Fund Account shall be maintained so long as any of the Bonds are outstanding in a bank which is a member of the Federal Depos..t Insurance Corporation, and shall be expended and used by the Treasurer only in the manner and order hereinafter specified. �. 30 Section 4.02. There is hereby created a separate and special account or fund which shall be designated the "Student Housing Bond and Interest Sinking Fund Account of 1961" (hereinafter ref.erred to as the "Sinking Fund Account") . The Sinking Fund Account shall be established with the Trustee, and shall be maintained so long as any of the Bonds are outstanding. Such Sinking Fund Account shall be us e d by the Trustee to ay interest on the Bonds as it becomes due from time to time, and to pay and retire the Bonds as they mature, or as otherwise herein provided. In connection with the establishment and maintenance of the Sinking Fund Account, the Board covenants and agrees,as follows: I (1) There will be d eposited in the Sinking Fund Account the accrued interest, if any received at the time or times of the sale or sales of the Bonds, together with such further sum from the Bond proceeds deposited in the Construction Fund as will cause the total so deposited to equal all interest maturing until the Project becomes revenue producing. (2) As soon as any protion of the Project becomes revenue producing, the Board shall trans fe r from the Revenue Fund Account and deposit to the credit of the Sinking Fund Account on or ~efore October 15, 1961, April 15, 1962, October 15, 1962, and April 15, 1963, respectively, such sums as will be sufficient, together with balances in the Sinking Fund Account, to pay interest coupons on all of the outstanding Bonds, to become due on November 1, 1961, May 1, 1962, November 1, 1962, and May 1, 1963, respectively, and thereafter on or before October 15, 1963, and on or before May 15 and October 15 in each and every year during the life of the Bonds, One Hundred Nine Thousnad ($109,000.00) Dollars, until the funds and/or investments therein are sufficient to meet the interest on t he outstanding Bonds du e on the next i nteres t payment date and onehalf of the principal due within th e succeding twelve months, plus a debt service reserve in the sum of Three Hundred Twenty-Five Thousa.nd ($325,000.00) Dollars; and thereafter, on or before each succeeding May 15 and October 15, in each and every year during the life of the Bonds, such sums from said sources as may be necessary to meet the interest on the Bonds due on therext interest payment date and one-half of the principal due within the succeeding twelve months and maintain the debt service r eserve in the sum of Three Hundred Twenty-five Thousand ($325,000.00) Dollars. All such deposits shall be cumulative, and a deficiency in any year shall be made up in the subsequent year or years. Section 4.03. Immediate ly prior to each May 1 and Novemer 1, the Trustee shall transfer from th e Sinking Fund Account to the principal office of Chemical Bank New York Trust Company, in th e Borough of Manhattan, City of New York, State of New York, in its capacity as the New York Paying Age nt named I I �31 I herein, funds sufficient to enable said New York Paying Agent to pay maturing Bonds and interest coupons, if any , as are there presented by the persons entitled to receive payment therefor; or shall make such arrangements with said New York Paying Agent as to secure the prompt payment of maturing Bonds and coupons, if any, as are there presented. The Trustee shall make similar arrangements in the event of redemption of any Bonds pursuant to Article Three of this Indenture. All such arrangements shall include provisions for the payment to the New York Paying Agent of its reasonable fees and charges for its services in paying and cancelling Bonds and coupons, if any, in order that the persons entitled to receive payment therefor may receive the full amount due and payable without deduction of any sum for the compensation of the New York Paying Agent. Section 4.04. Subject to the forego ing, the current expenses of the Project and of said Burnam Hall shall be payable from the Revenue Fund Account as the same become due and payable. "Current expense" shall include all necessary operating expenses, current maintenance charges, expenses of reasonable upkeep and repairs, properly allocated share of charges for insurance and all other expenses incident to the operation of the Project and Burnam Hall, but there shall be excluded therefrom depreciation, all general administrative expenses of the Board and the College, and the payment into the "Repairs and Replacement Res erve Account" hereinafter provided for. I I Section 4.05. As soon as the required reserve is accumulated in the Sinking Fund Account, the Board will ~ establish with the Trustee a separate account called th e "Student Housing Repair and Replacement Reserve Account of 196l"(herein referred to as the "Reapir and Replacement Fund Account"), into which shall be deposited from the Revenue Fund Account on or before the close of each fiscal year, after payment of current expenses as provided in Section 4.04, the sum of Twenty-five Thousand ($25,000.00) Dollars annually until the funds and/or investments in the account shall aggregate Two Hundred Fifty Thousand ($250,000.00) Dollars annually, as may be required to maintain a balance of Two Hundred Fifty Thousand ($250,000.00) Dollars therein. All moneys in the Repair and Replacement Fund Account may be drawn on and used by the Board for the purpose of paying the costs cif unusual and extraordinary maintenance or repairs, renewals and replacements, and the renovating or replacement of furniture or equipment not paid as part of the ordinary and normal expense of operating the Project and Burnam Hall. However, in the event the funds in the Sinking Fund Account should be reduced below the amount required to pay the interest on the Bonds due on the next interest payment date and one-half of the principal due within the next t we lve months, and maintain the Debt Service Reserve in the sum of Three Hundred Twenty-five Thousand ($325,000.00) Dollars, funds on deposit in the Repair and Replacement Reserve Account shall be transferred to the Sinking Fund Account to the extent required to eliminate the deficiency in the Sinking Fund. Section 4.04. Subject to making the foregoing maximum deposits, which are cumulative, any balance remaining in the Revenue Fund Account at the close of each fiscal year may be �used by the Board (1) to redeem outstanding Bonds on the next interest payment date, in invers e numerical order in amounts of not l ess than $5,000.00 par value at one time and at not to exceed the maximum call price, or (2) for any expenditure, including the payment of debt service, in improving or restoring any existing housing and dining facilities, or (3) for cny lawful purpose. ARTICLE FIVE PARTICULAR COVENANTS OF THE BOARD Section 5.01. The Board covenants and agrees that it is the lawful owner of the properties which are to be the sites of the Project, as hereinafter described in Article Thirteen, and of the existing dormitory known as Burnam Hall, the site of which is the part of the campus of the College, and is not herein described; that said properties are free from any and all liens and encumbrances prior to or on a parity with the lien of this Indenture, and that it will warrant and defend the title thereto against all claims and demands whatsoever. A statutory mortgage lien, as provided by Sections 162.350 and 162.200 of the Kentucky Revised Statutes now in full force and effect, is hereby recognized as valid and binding on the Project and appurtenant facilities, and on said existing Burnam Hall, and is created and granted to and in favor of the holder or holders of the Bonds and the coupons attached thereto; and said Project and Burnam Hall shall remain subject to such statutory mortgage lien until the payment in full of the principal of and interest on all Bonds of this series. Section 5.02. The Board covenants and agrees that it will establish and maintain, so long as any Bonds are outstanding under this Indenture, such parietal rules, and such rental rates, fees and other charges for the occupancy and use of the Project facilities and Burnam Hall as will be sufficient to rpoduce revenues sufficient to pay the principal of and interest on the Bonds as such principal and interest become due, to build up and maintain the reserves for which provision is herein made, and to pay the current cost of operating and maintaining the Project and Burnam Hall. An initial base rental is hereby established in the sume of $4.00 weekly for each student occupant of Burnam Hall; $5.00 weekly for each student occupant of the Project dormitories; $47.50 monthly for a studio apartment ; $52.50 monthly for a onebedroom apartment; and $67.50 for a two-bedroom apartment. It is further covenanted and agreed by the Board that all rentals, charges, income and revenues arising from the ownership or operation of the Project and Burnam Hall to the extent of TWo Hundred Eighteen Thousand Dollars ($218,000.00) annual l y shall be, and are hereby, specifically pledged t o recure the payment of these Bonds and the coupons appurtenant thereto so long as any shall remain outstanding, and a lien thereon is created and granted to and in favor of the holder or holders of the Bonds and appurtenant coupons wntil the payment of the same in ful l. The Board further covenants and agrees that while any of the Bond are outstanding hereunder, it will, except as provided in Section 4.04, pay the current e xpenses of the Project and Burnam Hall , and except as provided in Section 4.05, provide a ll repairs and replacements of furniture and movable equipment from available funds other than the revenues derived from the operation of the Proj ect and Burnam Hall. I I I �33 Section 5.03. The Board covenants and agrees that it will not suffer or permit any default to occur under this Indenture. but will faithfully observe and perform all of the conditions, covenants and requirements hereof obligatory upon it. I I I Section 5.04. The Board covenants and agrees that it will duly and punctually pay or cause to be paid the principal sum, and the interest accruing on said principal, on each and every one of the Bonds issued hereunder, at the dates and places, and in the manner provided in said Bonds and in the coupons thereunto appertaining, according to the terms thereof and of this Indenture; and that so long as any of the Bonds shall remain outstanding and unpaid, it will not directly or indirectly extend or assent to the extension of the time for tre payment of any interest coupon or claim for interest of or upon any Bond, and will not directly or indirectly be a party to any arrangement therefor, either by purchasing or refunding or in any manner keeping alive such interest coupon or claim for interest, or otherwise; that in case the payment of any such interest coupon or claim for interest shall be so extended by or with or without the consent of the Board, then anything in this Indenture contained to the contrary notwithstanding, such interest coupon or claim forinterest so extended shall not be entitled, in case 0£ default hereunder, to any benefit of or from this Indenture, except after the prior payment in full of the principal of all Bonds issued hereunder and of such interest coupons and claims for interest as shall not have been so extended. Section 5.05. Upon acceptance of the Project from the contractor, the Board shall procure and maintain, so long as any of the Bonds are outstanding, fire and extended coverage insurance on the Project in amounts sufficient to provide for not less than full recovery whenever the loss from causes covered by such insurance does not exceed eighty (80"/4 ) per centum of the full insurable value of the damage property. Such insurance shall be in reputable insurance companies, loss, if any, to be made payable to the Trustee as its interests may appear. The Board will, within a reasonable time after the execution hereof, and within four (4) months after the close of each calendar year thereafter, furnish to the Trustee a statement in writing, signed by an officer of the Board, setting forth the full insurable value of the Project and Burnam Hall, and describing all insurance then inLforce. The Trustee may, at its option, require the Board to deposit with it any or all such Qnsurance policies, and shall require such deposit if any event of default occurs. If the total received by the Trustee upon all policies shall in the case of one loss be less than the sum of Te n Thousand ($10,000.00) Dollars, the amount shall be paid to the Board by the Trustee, to be used by the Board to pay for replacement or repairs or substitutes for the damaged or destroyed property, but the Trustee shall not be obligated to see to the application thereof. In all other cases, the proceeds of any and all insurance on the Project which may be received by the Trustee shall be held and applied by the Trustee as hereinafter provided. �3f Immediately upon occupancy of the Project, and so long thereafter as the funds and investments in the Sinking Fund Account are less than the debt service reserve specified in Section 4.02(2}, the Board will procure and maintain use and occupancy insurance or less of rentals insurance on the Project and Burnam Hall in an amount sufficient to enable it to deposit in the Sinking Fund Account out of the proceeds of such insurance, an amount equal to the sum which would normally have been available for deposit in such Sinking Fund Account from the revenues produced by the damaged building or buildings during the time the damaged building is non-revenue producing as a result of loss of use caused by hazards covered by fire and extended coverage insurance. The loss payable clause of this insurance agreement shall likewise be made payable to the Trustee. Unless provision is otherwise made for disposition of liability claims against the Commonwealth (as is the case at the date of this Indenture) upon acceptance of the Project from the contractor, the Board shall, if such insurance is not already in force, (but only if and to the extent authorized or permitted from time to time by applicable laws) procure and maintain, so long as any of the Bonds are outstanding, (a} boiler insurance covering any steam boilers servicing the Project and Burnam Hall in a minimum amount of Fifty Thousand ($50,000.00) Dollars, and (b} Public liability Insurance with limits of not less than $50,000.00 for one person and $100,000.00 formore than one person involved in one accident to protect the Board from claims for bodily injury and/or death which may arise against the Board and the College from the operations thereof, including the use or occupancy of its grounds, structures and vehicles. Such insurance shall be in reputable insurance companies, or, at the option of the Board, may be procured and maintained through the Department of Insurance of the Commonwealth of Kentucky in reputable insurance companies. All insurance moneys (except the proceeds of use and occupancy insurance, or loss of rentals insurance, which shall be deposited in tre Sinking Fund Account; and all property insurance proceeds in amounts of less than Ten Thousand ($10,000 . 00) Dollars above provided to be paid over to the Board) received by the Trustee under the provisions of this Section shall be held by the Trustee as substituted security, and the same shall be by the Trustee paid out from time to time upon written orders of the Board, signed by the Chairman and Secretary, and accompanied by an approving certificate of an architect or engineer, for the purpose of paying the reasonable cost of repairing or replacing part or all of the property damaged or destroyed; provided, however, that the Board shall have furnished, in addition to the proceeds of such insurance, such moneys as may be required to complete such repairs or replacements , and said insurance moneys shall be paid out by the Trustee only when the same and such other available funds shall be fully sufficient to complete such repairs or replacements , as shown by the said certificate of an architect or engineer. Every such order of the Board for the payment of insurance moneys shall state that the Board is not in default under any of the terms and provisions of this Indenture. The Trustee shall be fully protected in paying any such cash to or upon the order of the Board upon receipt of the showings I I I �- 35 I I I above specified, but the Trustee shall have the right, but shall not be obliged, to require the Board to furnish such additional evidence in the premises as the Trustee may deem necessary in order to establish the right of the Board to the withdrawal of any such insurance moneys. In the event insurance proceeds shall remain after the completion of such repairs or replacements, then the Trustee shall deposit such moneys in the Sinking Fund Account provided for by Article Four hereof, and such moneys shall be applied to the retirement of Bonds in the manner provided in Section 7.06 hereof, upon the first permissible redemption date. Section 5.06. The Board covenants and agrees that it will at all times maintain, preserve and keep the Project and Burnam Hall and every part thereof in good condition, repair and working order and will from time to time make all needful and proper repairs, replacements, additions, betterments and improvements so that the operations and business of and pertaining to the Project and Burnam Hall and every part thereof shall at all times be conducted properly and advantageously; and whenever any portion of the Project or Burnam Hall shall have been worn out or destroyed or shall have become obsolete, inefficient or otherwise unfit for use, the Board will procure and install substitutes of at least equal value, utility and efficiency so that the value and efficiency of the Project and Burnam Hall shall at all times be fully maintained, and the Board will set apart, use and apply for the foregoing purposes so much of the revenues of the Project and Burnam Hall as may be required subject to the payments provided for in Article Four hereof. Section 5.07. The Board covenants and agrees that if it shall fail to perform any of the covenants in Sections 5.04 and 5.06 hereof, the Trustee, or any receiver appointed h e reunder, as herein provided, may make advances to perform the same in its behalf; and it hereby agrees to pay all sums so advanced in its behalf, on demand, with interest at the rate of six per centum (6%) per annum after demand, and all sums so advanced with interest as aforesaid shall be secured hereby, having the benefit of the lien hereby created, in priority to the indebtedness evidenced by the Bonds and coupons issued hereunder; but no such advance shall be deemed to relieve the Board from any default hereunder. Section 5.08. The Board covenants and agrees that whenever necessary to avoid or fill a vacancy in the office of the Trustee, the Board, in the manner provided in Section 11.05 hereof, will appoint a trustee so that there shall at all times be a trustee hereunder which shall at all times be a bank or trust company having its principal office and place of business in the Commonwealth of Kentucky, if there be such a bank or trust company willing and able to accept the trust upon reasonable or customary terms, and which shall at all times be a corporation organized and doing business under the laws of the United States or of the Commonwealth of Kentucky, with a capital and surplus of at least One Million ($1,000,000.00) Dollars, and authorized under such laws to exercise corporate trust powers and shall be subject to supervision or examination by Federal or State authority. Section 5.09. The Board covenants and agrees that it will not issue, or permit to be issued, any Bonds hereunder in any manner other than in accordance with the provisions of this �36 Indenture and the agreements in that behalf herein contained, and that it will faithfully observe and perform all conditions, covenants and requirements of this Indenture and of all indentures supplemental thereto. Section 5.10. The Board covenants and agrees upon completion of the Project, to provide from sources other than the proceeds of the sale of the Bonds secured hereby and from sources other than the funds pledged hereunder and in a manner which will not jeopardize the security of the Bonds, the furnishings and equipment n ecessary to the full enjoyment of the use and occupancy of the Project and Burnam Hall. I Section 5.11. The Board covenants that there shall be no free use or occupancy of the Project or Burnam Hall so long as any of the Bonds hereunder are outstanding; except on the part of supervisory personnel r equired by policy of the College to live in the Project or Burnam Hall as an essential element of the exercise of proper control and supervision. Section 5.12. The Board will maintain an office or agency while any of the Bonds are outstanding at each p lace at which the principal of or interest on any of the Bonds shall be payable, where notices, presentations and demands to or upon the Board in respect of this Indenture of or such Bonds or coupons as may be payable at such p laces may be given or made , and will give the Trustee written notice of the location of and any change in the location of each such office or offices, agency of agencies. In case the Board shall fail at any t ime to designate and maintain any such office or offices, agency or agencies, the principal office of the Trustee shall be conclusively deeme d to be the office or agency of the Board for all such purposes, and the Board hereby appoints the Trustee its agent on its behalf to receive all such notices, presentations and demands. The Board covenants and agrees to keep books at the office of the Trustee for the transfer and registration of Bonds as hereinbefore provided. The Trustee shall be under no duty with respect to any presentation, demand or notice served upon it except such duty, if any, with respect thereto as may exist by reason of any other of the provisions of this Inde ntur e. Section 5.13. The Board covenants that it will keep accurate financial records and proper books relating to the Proj ect and Burnam Hall, and such records and books shall be open to inspe ction . by the Bondholders and their agents and representatives. It further covePants that not later than ninety (90) days after the close of each fiscal year, beginning with the f iscal year ending June 30, 1962, it will furnish to the Trustee, and to any Bondholder who shall request the same in writing, copies of audit reports prepared by an independent certified public accountant, or a firm of independent certified or registered public accountants, who shall b e satisfactory to the Trustee, or by appropriate State auditing official, refleeting in reasonable detail the f inancia l condition and record of operation of the College, the Project, Burnam Hall, and pledged facilities during the preceding fiscal year. I I �31 ARTICLE SIX DEPOSITORIES OF MONEYS, SECURITY OF DEPOSITS, AND INVESTMENT OF FUNDS I I I Section 6.01. All moneys deposited with the Trustee of any other bank or banks under the provisions of this Indenture shall be trust funds under the terms hereof, and shall not be subject to lien or attachement by any creditor. Such moneys shall be he l d in trust and applied in accordance with the provisions of this Indenture. All moneys deposited with the Trustee or any other bank or banks hereunder shall be contin uously secured, for the benefit of the Board and the holders of the Bonds, either (a) by lodging with a bank or trust company approved by the Treasurer of the Board as custodian, as collateral security, direct obligations of , or obligations the principal and interest of which are unconditionally gauran eed by, the United States Government, having a market value (exclusive of accrued interest) not less than the amount of such deposit, or (b) as to a l l or any part of such deposit by lodging with the Treasurer of the Board the indemnifying bond or bonds of a surety company or companies qualified as surety for United States Government deposits and qualified to transact business in the Commonwealth of Kentucky in a penal sum not less than the amount of moneys so deposited or such part thereof not otherwise secured as herein provided; such bond or bonds to be approved in writing by the Treasurer of the Board, or (c) if the furnishing or security as provided in clause (a) of this Section is not permitted by applicable law, then in such manner as may then be required or permitted by applicable State or Federal laws and regulations regarding the security for, or granting a preference in the case of, the deposit of trust funds; provided, however, that it shall not be necessary for the Paying Agent or the alternate Paying Agent to give security for the deposit of any moneys with it solely for the payment of the principal of or the interest on any Bonds issued hereunder. Section 6.02. Moneys held for the credit of the Sinking Fund Account and the Repair and Replacement Fund Account shall be invested py the Trustee, if so directed by Reso l ution of the Board, in direct obligations of, or obligations the principal and interest of which are guaranteed by, the United States Government. Obligations so purchased shall be deemed at all times to be a part of the Sinking Fund Account or the Repair and Repalcement Reserve Fund Account, as the case may be, and the interest accruing thereon and any profit realized from such investment shall be credited to the Sinking Fund Account orthe Repair and Replacement Reserve Fund Account according to the source of the funds so invested. The Trustee shall sell at the best price obtainable any obligations so purchased whenever it shall be necessary so to do in order to provide moneys to meet any payment from either or both of said named Accounts. Neither the Trustee nor the Board shall be liable or responsible for any loss resulting from any such investment. �-38 ARTICLE SEVEN CUSTODY AND APPLICATION OF PROCEEDS OF BONDS Section 7.01. A fund is hereby created and designated as the "Construction Fund," to the credit of which there shall be deposited, as received, the proceeds of the Bonds, with the exception of (a) accrued interest, if any, received from the purchaser or purchasers of the Bonds, (b) any additional sum from Bond proceeds which is required by Section 4.02 hereof to be deposited in the Sinking Fund Account, and (c) such reasonable sums as may be required to defray expenses necessarily incurred in the authorization, printing, advertising, sale nnd delivery of the Bonds, including the fee and proper expenses of Bond Counsel. The moneys in the Construction Fund shall be held in trust and applied to the payment of the costs of the Project in accordance with and subject to treprovisions of this Article, and, pending such application, shall be subject to a lien and charge in favor of the holders of the Bonds issued and outstanding under this Indenture, and shall be held for the further security of such holders until paid out as herein provided. Section 7.02. The Board covenants and agrees that prior to the awarding of any contract for the construction of the Project or any part thereof, it will deposit or cause to be deposited in the Construction Fund, from sources other than Bond proceeds and from sources and in a manner that will not jeopardize the security pledged to the payment of the principal of and the interest of the Bonds, such amount of its own funds, as, together with the Bond proceeds, will assure payment of all costs of constructing the Project. Section 7.03. For the purposes of this Article the cost of the Project shall include, without intending thereby to limit or restrict or extend any proper definition of such cost under any applicable laws or under this Indenture, the following: I I (a) Obligations incurred for labor and to contractors, builders and materialmen in connection with the construction of the Project; {b) the interest accruing upon the Bonds prior to the commencement of and during the constrcution of the Project; (c) the fees and expenses of the depository or depositories of the Construction Fund during construction, and premiums on insurance in connection with the Project during construction, unless such insurance during construction is carried by the respective contractors and builders pursuant to the terms of their respective construction contracts; {d) fees and expenses of engineers and architects for surveys and estimates and other preliminary investigations, preparation of plans, drawings and specifications and supervising construction, as well as for the performance of all other duties of engineers and architects in relation to the construction of the Project; I �- 39 I (e) expense of administration properly chargeable to the Project , including the sum of Seven Thousand Five Hundred ($7,500.00) Dollars, which is the agreed fixed fee of the Housing and Home Finance Agency of the United States Government is supervising and inspecting the work appertaining to the development of the Project, and auditing the books, records, and accounts pertaining to the Project as set forth in Section 5 of a certain Loan Agreement between the Board and the United States of America, Housing and Home Finance Agency, dated March 1, 1961; (f) any obligation or expense heretofore or hereafter incurred by the Board or by any other agency of the Commonwealth of Kentucky for any of the foregoing purposes, including the repayment of any advances made by the United States of America, Housing and Home Finance Agency, or by any financial institution or other private lender, with interest thereon as provided in and by the said Loan Agreement identified in the foregoing sub - paragraph (e). Section 7.04. Before any payment shall be made by any depository from the Construction Fund, there shall be filed with such depository a requisition for such payment signed by the President and Treasurer of the College, acting for that purpose as agents of the Board, stating each amount to be paid, the name of the person, firm or corporation to whom payment is due, and the purpose for which the obligation was incurred, and certifying: I I (1) that obligations in the stated amounts have been incurred and are a proper charge against the Construction Fund and have not been paid; (2) that , so far as they are aware, there has not been filed with or served upon the Board or any proper officer of agent of the College, notice of institution of any claim or legal proceeding challenging the legality of any proceedings theretofore had in connection with the authorization, issuance, sale and de l ivery of Bonds pursuant to this Indenture, or challenging the right or authority of the Board or the College with respect to the application of moneys in the Construction Fund to the costs of constructing the Project, or claiming or asserting any lien or other legal right to perfect a lien upon the Project or Burnam Hall, or any moneys in the Construction Fund, except such claims, actions, liens or asserted rights have been released or will be released simultaneously with the payment of the obligations identified in such certificate; (3) that in so far as any obligation mentioned in such requisition was incurred for work, materials , supplies, or equipment in connection with the construction of the Project, such work was actually performed, or such materials, supplies or equipment was actually delivered or installed at the site of the Project for that purpose, or delivered for fabrication at a place approved by the President Of the College and by the Engineer having supervision or the construction of the Project; and �(4) that the amount which will reamin in treConstruction Fund after payment of the obligations mentioned in such requisition, plus an amount equal to the proceeds to be derived from the sale of any Bonds authorized under this Indenture, but not theretofore issued, will be sufficient to pay all costs of the Project. Section 7.05. All requisitions received by any depository of the Construction Fu. _ as required in this Article shall be retained in the possession of said depository, subject at all times to inspection by the Board, any officer or agent of the Board or of the College, any other officer or agent or agency of the Commonwealth of Kentucky, representatives or agents of the Housing and Home Finance Agency of the United States of America, and any other interested person. Section 7.06. When the Project shall have been completed and equipped and opened for use and occupancy, a certificate to that effect shall be signed by the President and Treasurer of the College and by the Engineer having superv ision of construction of the Project so stating, accompanied by an opinion of counsel that an examination of the appropriate public records reveals no uncanceled liens or claims or liens of mechanics, laborers, contractors or materiaamen, with respect to the Project, and that, in the opinion of such cansel, the time within which such liens (whether legally ,permissible or not) can be filed, has expired. Any balance remaining in the Construction Fund after the filing of such certificate and opinion with the Board, and not necessary in the opinion of the Board to be reserved by it for the payment of any remaining part of the costs of the Project, shall be deposited with the Trustee to the credit of the Sinking Fund Account, and except for any portion of such balance r e maining under One Thousand ($1,000.00) Dollars, shall be used by the Trustee for the Redemption of Bonds then outstanding under this Indenture, and in accordance with the redemption provisions set forth in said Bonds and in this Indenture upon the earliest permissible redemption date. The Trustee may take such action to redeem outstanding Bonds as soon as redemption is legally permissible after the transferring of moneys from the Construction Fund to the Sinking Fund Account, and without specific authorization on the part of the Board; but the Trustee shall in any event report its actions in this connection promptly to the Board and to the President of the College. I 0 I ARTICLE EIGHT SUPPLEMENTAL INDENTURES Section 8.01. The Board and the Trustees, from time to time and at any time, subject to the restrictions in this Indenture contained, may, and when so required by this Indenture shall, enter into such indentures supplemental hereto as may or shall by them be deemed necessary or desirable for any one or more of the following purposes, among others: (1) To add ~to the covenants or agreements of the Board for the protection of the Bondholders and of the trust estate other and additional covenants and/ or agreemtns; I �(2) To evidence the succession of another corporation to the Board or successive successions, and the assumption by such successor corporation of the covenants and obligations of the Board in the Bonds hereby secured and in this Indenture and in any and every supplemental indenture contamned; and (3) For any other purpose not inconsistent with the terms of this Indenture, and which shall not impair the security of the same, or for the purpose of curing any ambiguity, or of curing , correcting or supplementing any defective or inconsistent provisions contained herein or in any supplemental indenture. I Section 8.02. The Trustee is authorized to join with the Board in the execution of any spplemental indenture, to make the further agreements and stipulations which may be therein contained. Any supplemental indenture executed in accordance with any of the provisions of this Article shall thereafter foom a p art of this Indenture; and all the terms and conditions contained in apy such supplemental indenture as to any provision authorized to be contained therein shall be, and be deemed to be, part of the perms and conditions of this Indenture for any and all purposes. I Section 8.03. Any and every such supplemental indenture entered into as required or perm'itted by the provisions of this Article , may be simultaneously executed in any number of counterparts , and all such counterparts executed and delivered each as an original shall constitute but one and the same instrument. ARTICLE NINE REMEDIES Section 9.01. No coupon which in any way before , at, or after maturity shall have been transferred or pledged separate and apart from the Bond to which it appertains shall, unless accompanied by such Bonds, be entitled, in case of default hereunder, to any benefit of or from this Indenture, except after the prior payment in full of the principal of all Bonds and of all coupons not so transferred or pledged . In case the time for the payment of any coupon shall be extended, whether or not such exrension be by or with the consent of the Board, such coupon shall not be entitled in case of default hereunder to the benefit or security of this Indenture except subject to the prior payment in full of the principal of all Bonds then outstanding and all coupons the time for the payment of which shall not have been extended. I Section 9.02. Each of the following events is hereby dec l ared an "event of default"; that is to say: IF (a) payment of the principal of any of the Bonds shall not be made when the same shall become due and payable, either at maturity or by proceedings for redemption orctherwise ; or �(b) payment of any installment of interest shall not be made when the same shall become due and payable or within thirty (30) days thereafter; or (c) ~he Board shall discontinure or unreasonable delay or fail to carry on with reasonable dispatch the construction of the Project; or (d) the Board shall for any reason be rendered incapable of fulfilling it bligations hereunder; or (e) the Project or Burnam Hall shall be destroyed or damaged and shallnot be promptly repaired, replaced or reconstructed (whether such failure promptly to repair, replace or reconstruct the same be due to the imprcticability of such repair, replacement or reconstruction, or to lack of funds thereofr or for any other reason); or (f) an order or decree sh 9 11 be entered, with the consent or acquiescence of the Board, appointing a receiver or receivers of the Project or Burnam Hall, or of the income therefrom, or if such order or decree, having been entered without the acquiescence or consent of the Board, shall not be vacated or discharged or stayed on appeal within sixth (60) days after entry; or (g) the Board shall default int the due and punctual performance of any other of the covenants, conditions, agreements and provisions contained in the Bonds or in this Indenture on the part of the Board to be performed, and such default shall cont~nue for thirty (3~) days after written notice specifying such default, and requiring same to be remedied shall have been given to the Board by the Trustee, which may give such notice in its discretion and shall give such notice upon the written request of the holders of not less than fifteen per centum ( 1 5%) in principal amount of the Bonds then outstanding. Section 9.03. Upon the happening and continuance of any event of default specified in Section 9.02 of this Article , then and in every such case the Trustee may, and upon the written request of the holders of not less than twenty-five per centum (25%) in principal amount of the Bonds then outstanding shall ~, by a notice in writing to the Board, declare the princ~ pal of all the Bonds then outstanding to be due and payable immediately, and upon such declaration the same shall become and be immediately due and payable, anything contained in the Bonds or in this Indenture to the contrary notwithstanding; provided, however, that if at any time after the principal of the Bonds shall have been so declared to be due and payable, and before the entry of final judgment or decree in any suit, action or proceeding instituted on account of such defau l t, or before the completion of the enforcement of any other remedy under the Indenture, moneys shall have accumulated in the Sinking Fund Account sufficient to pay all arrears of principal or interest, if any, upon all the Bonds then outstanding (except the interest accrued on such Bonds since the last payment date), and the charges, compensation, expenses, disburse- I I I �I ments, advances and liabilities of the Trustee and all other amounts then payable by the Board hereunder shall have been paid or a sum sufficient to pay the same shall have been deposited with the Trustee, and every other default known to the Trustee in the observance or performance of any covenant, condition or agreement contained in the Bonds or in this Indenture (other than a default in the payment of the principal of such Bonds then due only because of a declaration under this Section) shall have been remedied to the satisfaction of the Trustee, then and in every such case the Trustee may, and upon the written request of the holders of not less than twenty-five per centum(25o/o) in principal amount of the Bonds then o utstanding shall, by written notice to the Board, rescind and annul such declaration and its consequences, but no such rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. If the principal of the Bonds shall be declared due and payable as hereinabove provided, the Board covenants and agrees to pay the principal of such Bonds and the interest thereon (solely from moneys in the Sinking Fund Account and the income of the Project pledged to the p~yment of the Bonds by this Indenture) to the Trustee as trustee of an express trust for the Bondholders. I I Section 9.04. Upon the happening and continuanceof any event of defau l t specified in Section 9.02 of this Article, then and in every such case the Trustee may proceed, and upon the written request of the holders of not less than fifteen per centum (15%) in principal amount of the Bonds then outstanding hereunder shall proceed, subject to the provisions of Section 9.08 of this Indenture, to protect and enforce its rights and the rights of the Bondholders under the laws of the Commonwealth of Kentucky or under this Indenture by such suits, actions or special proceedings in equity or at law, either for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein granted or for the enforcement of any proper legal or equitable remedy, as the Trustee, being advised by counsel, shall deem most effectual to protect and en£orce such rights . In the enforcement of any remedy under this Indenture the Trustee shall be entitled to sue for, enforce payment of and receive any and all amounts then or during any default becoming , and at any time remaining, due from the Board for principal , interest or otherwise under any of the provisions of this Indenture or of the Bonds, and unpaid, with interest on overdue payments at the rate or rates of interest specified in such Bonds, together with any and all costs and expenses of collection and of all proceedings hereunder and under such Bonds, without prejudice to any other right or remedy of the Trus t ee or of the Bondholders, and to recover and enforce j u dgment or decree against the Board, but solely as provided herein and in such Bonds, for any portion of such amounts rema i ning unpaid, with interest, costs and expenses, and to collect (solely fromnoneys in the Sinking Fund Account and the income of the Project, and the Income of Burnam Hall, pledged to the payment of the Bonds by this Indenture) in any manner provided by law , the moneys adjudged or decreed to be payable. �Section 9.05. If at any time the moneys in the Sinking Fund Account shall not be sufficient to pay the principal or the interest on the Bonds as the same become due and payable (either by their terms or by acceleration of maturities under the provisions of Section 9.03 of this Article), such moneys, together with any moneys then available or thereafter becoming available for such purposes, whether through the exercise of the remedies in this Article provided for or otherwise, shall be applied, as follows: (a) unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be applied First: to the payment to the persons entitled thereto of all installments of interest then due, in the order of the maturity of the installments of such interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratable, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or preference; Second: to the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indentur~, in the order of their due dates, with interest upon such Bonds from the respective dates upon which they become due, and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment ratable, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or preference; and I I Third: to the payment of the interest on and the principal of the Bonds and to the redemption of Bonds, all in accordance with treprovisions of Article Nine of this Indenture. (b) If the principal of all the Bonds shall have become due or shall have been declared due and payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, with interest thereon as aforesaid, without preference or priority of principal of interest or of interest over principal, or of any installment of intesest over any other installment of interest, or of any Bond over any other Bond, ratably according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference. (c) If the principal of all of the Bonds shall have been declared due and payable and if such declaration shall thereafter have been rescinded and annulled under the provisions of Section 9.03 of this Article, then, subject to the provisions of paragraph (b) of this Section, in the event that the principal of all the Bonds shall later become due or 1:e declared due and payable, the moneys then remaining in and thereafter accruing to the Sinking Fund Account shall be applied in accordance with the provisions of paragraph (a) of this Se ction. I �The provisions of this Section are in all respects subject to the provisions of Section 9.01 of this Article. I I Whenever moneys are to be applied by the Trustee pursuant to the provisions of this Section, such moneys shall be applied by the Trustee at such times, and from time to time, as the Trustee in its sole discretion shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future; the deposit of such moneys with the banks or trust companies at which the Bonds shall be payable, or otherwise setting aside such moneys, in trust for the proper purpose, shall constitute proper application by the Trustee; and the Trustee shall incur no liability whatsoever to the Board, to any Bondho~der or to any other person for any delay in applying any such funds, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of this Indenture as may be applicable at the time of application by the Trustee. Whenever the Trustee shall exercise such discretion in applying such funds, it shall fix the date upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date, and shall not be required to make payment to the holder of any unpaid coupon or any Bond until such coupon or such Bond shall be surrendered to the Trustee for appropriate endorsement. Section 9.06. In case any proceeding taken by the Trustee on account of any default shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee, then and in every such case the Board, the Trustee, and the Bondholders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and dut4§ of the Trustee shall continue as though no such proceeding had been taken. Section 9.07. Anything in this Indenture to the contrary notwithstanding, the holders of a majority in principal amount of the Bonds then outstanding hereunder shall have the right, subject to the provisions of Section 9.08 of this Indenture, by an instrument in writing executed and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings to be taken by the Trustee hereunder, provided that such direction shall not be otherwise than ~n accordance with law or the provisions of this Indenture, and that the Trustee shall have the right to decline to follow any such direction which would be unjustly prejudicial to Bondholders not parties to such direction. I Section 9.08. No holder of less than all of the Bonds shall have any right to institute any suit, action or proceeding in equity or at law for the execution of any trust hereunder or for any other remedy hereunder unless such holder previously shall have given to the Trustee written notice of the event of default on account of which such suit, action or proceeding is t© be taken, not unless the holders of not less than fifteen per centum (15%) in principal amount of the Bonds then outstanding shall have made written request of the Trustee after the right to exercise such powers of right of action, as the �case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers hereinabove granted or to institute such action , suit or proceeding in its or their name, nor unless, also, there shall have been offered to the Trustee reasonable security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee shall have refused or neglected to comply with such request within reasonable time; and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditimns precedent to ihe execution of the powers and trusts of this Indenture or for any other remedy hereunder. It is understood and intended that no holder of less than all the Bonds hereby secured shall have any right in any manner whatever by his or their action to affect, dis turb or prejudice the security of this Indenture, or to enforce any right hereunder except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the benefit of all holders of such outstanding Bonds and coupons. I Section 9.09. All rights of action under this Indenture or under any of the Bonds secured hereby, enforceable by the Trustee or by the holder of the Bonds, may be enforced by the Trustee or by such holder without the possession of any of the Bonds or the coupons appertaining thereto or the production thereof on the trial or other proceeding relative thereto. Any such suit , action or proceeding instituted by the Trustee shall be brought in its name for the benefit of all the holders of such Bonds and coupons subject to the provisions of this Indenture. Section 9.10. No remedy herein conferred upon or reserved to the Trustee or to the holders of the Bonds is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. I Section 9.11. No delay or omission of tre Trustee or of any holder of the Bonds to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy given by this Article to the Trustee and the holders of the Bonds, respectively, may be exercised from time to time and so often as may be deemed expedient. The Trustee may, and upon the written request of the holders of not less than fifteen per centum (15%) in principal amount of the Bonds then outstanding shall, waive any default which in its opinion shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted by it under the provisions of this Indenture or before the completion of the enforcement of any other remedy under this Indenture, but no such waiver shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. I �I Section 9.12. The Trustee shall mail to the registered owners of the Bonds then outstanding at their addresses as they appear on the registration books, and to all other Bondholders who shall have filed their names and addresses with the Trustee for such purpose, written notice of the occurrence of any event of default set forth in clause (a) or in clause (b) of Section 9 . 02 of this Article within thirty (30) days after any such event of default shall have occurred . If in any year ending May 1 the total amount of deposits to the credit of the Sinking Fund Account shall be less than the amounts required so to be deposited under the provisions of Article Four of this Indenture, the Trustee, on or before the first day of June following the end of such year, shall mail to the registered owners of the Bonds then outstanding at their addresses as they appear on the registration books, and to all otherc bondholders who shall have filed their names and addresses with the Trustee for such purpose, written notice of the failure to make such deposits. The Trustee shall not, however, be subject to any liabiiity to any Bondholder by reason of its failure to mail any notice required by this Section. ARTICLE TEN RELEASE AND DISCHARGE OF INDENTURE I I Section 10.01. Whenever the Board shall pay, or cause to be paid, the principal and interest due and to become due upon all the Bonds hereby secured and then outstanding, or shall provide for full payment thereof by depositing with the Trustee hereunder, for the discharge of such Bonds and coupons, the entire amount due and to become due thereon for principal and interest, and shall, in case of redemption of all of the outstanding Bonds, deliver to the Trustee proof satisfactory to it that notice of redemption of all of the outstanding Bonds has been duly given, or a written instrument executed by the Board under its corporate seal and expressed to be irrevoeable , authorizing the Trustee to give such notice for and on behalf of the Board, together with the moneys necessary to pay the cost of giving such notice, and shall pay the Trustee in full for all services rendered by it hereunder, and all l awful claims accruing to it by virtue ' of this instrument, and shall well and truly keep and permorm all of the things herein required to be kept and performed by it, according to the true intent and meaning of this Indenture, then and in that event these presents and the trust hereby created shall cease and terminate, and future payments from the revenues hereby pledged to the Trustee shall thereupon cease , terminate and become void, except as to the moneys deposited for payment of principal and interest due or to become due on said Bonds and coupons upon the presentation and surrender thereof. Any deposit of money with the Trustee for the purpose of paying and sufficient in amount to pay certain of the Bonds and interest due and to become due thereon, or certain of the coupons appertaining thereto, shall discharge the liability of the Board on the Bonds and/or coupons for payment of which such deposit shall be made. In case of full payment of all the Bonds and coupons and the discharge of all other obligations on the part of the Board as herein provided, or in case of the deposit of a sufficient sum of money for the full payment of the Bonds and coupons, and the discharge of all other obligations on the part of the Board, as herein provided, the Trustee, in either case, if the Trustee first shall have received: �(1) A certificate of the Chairman and the Treasurer of the Board stating that the conditions precendent to the release and discharge of this Inaenture have been complied with; and (2) An Opinion of Counsel stating that in his opinion the conditions precedent to the release and dis charge of this Indenture have been complied with, shall execute and deliver to the BCB'.'d on demand, at the cost and expense of the Board, all proper instruments that may be necessary to evidence the satisfaction and termination of this Indenture. Section 10. 02. Whenever the 13·oard shall present to the Trustee for cancellation allBonds (with all coupons thereunto appertaining), which have been authenticated by the Trustee and delivered to or upon the direction of the Board, and have not previously been paid or redeemed, or otherwise retired and cancelled, and shall request the Trustee upon cancellation of such Bonds and coupons to acknowledge satisfaction and termination of this Indenture, and shall pay the Trustee in full for all services rendered by it hereunder and all lawful claims accruing to it by virtue of this instrucment, then and in that event the Trustee, if the Trustee first shall have received the certificate and opinion mentioned, respective, in paragraph (1) and (2) of Section 10.01 of this Article, shall execute and deliver to the Board all proper instruments that may be necessary to evidence the satisfaction and terminc:r tion of this Indenture . section 10 . 03. The satisfaction and discharge of this Indenture pursuant to Section 10.01 and 10.02 of this Article shall be without prejudice to the right of the Trustee to be paid any compensation then due it hereunder and to be protected and saved harmless by the Board from any and all losses, liabilities, costs and expenses, including counsel fees, at any time incurrs:iby the Trustee hereunder or connected with any Bond issued hereunder, and t h e Board hereby covenants to protect and save the Trustee harmless from any and all such lossess, liabilities, costs and expenses incurred in acting under this Indenture, except such as may be caused by the negligence or willful default of the Trustee. I I ARTICLE ELEVEN CONCERNING THE TRUSTEE Section 11.01. The Trustee hereby accepts the trusts imposed upon it by this Indenture, but only upon and subject to the following express terms and conditions: (a) The Trustee may execute any of the trusts or powers hereof and perform any duties required of it, by or through attorneys, agents, receivers, or employees, and shall be entitled to advice of counsel concerning all matters of trust hereof and its duties hereunder, and may in all cases pay such reasonable compensation as it shall deem proper to all such att~rneys, agents, receivers and employees as may reasonably be employed I �in connection with the trusts hereof, and the Board covenants and eygrees to repay upon demand all such outlays and expenditures se incurred. (b) I Except from the authentication of the Bonds and approval of insurance policies , the Trustee shall not be responsible for any recitals herein or in said Bonds, or for insuring the project or collecting any insurance moneys or for the execution of this Indenture or of any supplemental indenture or instrument of furthe r assurance or for the validity thereof, or for the affixing or cancellation of any revenue stamps, or for the sufficiency of the security for the Bonds issued under or intended to be secured hereby, or for the value or title of the Board to any of tre Project, or Burnam Hall, or for the payment of or for keeping down taxes, charges, assessments or liens upon the same , or otherwise as to the maini=enance of the security hereof; and the Trustee shall not be bound to ascertain or inquire as to the performance or observ ance of any covenants, conditions or agreements on the part of the Board contained herein; but the Trustee may require of the Board full information and advice as to the performance of the covenants, conditions and agreements aforesaid and as to the condition of the Project. (c) All moneys received by the Trustee under any provision of this Indenture shall, until used or applied as provided in this Inde nture, be held in trust for the purpose for which such moneys we re received, but need not be segregated from other funds except to tle extent required by law. The Trustee shall not be obliged to pay interest on such moneys, save such as it shall agree to pay thereon. Holders of Bonds and/or coupons shall not be entitled to interest on funds deposited for payment of such Bonds and/ or coupons. The Trustee may become the owner of Bonds and coupons secured hereby with the same rights which it would have if not Trustee. (d) The Trustee shall be protected in acting upon any notice, request, consent, certificate, order, affi davit, letter, telegram or other paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and the Trustee shall not be bound to recognize any person as a holder of any Bond or coupon or to take any action at his request unle ss such Bond or coupon shall be deposited with the Trustee, or submitted to it for inspection. Any action taken by the Trustee pursuant to this Inde nture, upon the request or authority or consent of any person who at the time of making such request or giving such authority or consent is the owner of any Bond secured hereby, shall be conclusive and binding upon all future owners of the same Bond and upon Bonds issued in exchange the r e ofr or in place thereof. I I �50 (e) The T~ustee shall not be compelled to do any act hereunder, or to take anya::tion toward the execution or enforcement of the trusts hereby created or to prosecute or to defend any suit in respect thereof, unless indemnified to its satisfaction against loss, cost, liability and expense. (f) As to the existence or nonexistence of any fact or as to the sufficiency or validity of any instrument, paper or proceeding, the Trustee shall be entitled to rely upon a certificate of the Board signed by the Chairman and attested by the Secretary as sufficient evidence of the facts therein contained, and shall also be at liberty to accept a similar certificate to the effect that any particular dealing, transaction or action is necessary or expedient, but may, in its discretion, at the reasonable expense of the Board, in every case secure such further evidence as it may think necessary or advisable, but shall in no case be bound to secure the same. The Trustee may accept a certificate of the Secretary of tre Board, under its corporate seal, to the effect that a resolution in the form therein set forth has been adopted by the Board, as conclusive evidence that said resolution has been duly adopted, and is in full force and effect. The Trustee may in relation to this Indenture act upon the opinion or advice of any attorney valuator, surveyor, engineer, accountant, or other expert, whether retained or selected by the Trustee, the Board, or otherwise, and shall not be responsible in the absence of negligence or fault, for any loss resulting from any action or non- action in accordance with any such opinion or advice. (g) The Trustee shall not be liable for any action taken oranitted to be taken by it in good faith and believed by it to be within the discretion or power conferred upon it by this Indenture, and the Trustee shall be answerable only for its own acts, receipts, neglects and defaults, but not for any loss unless the same shall happen through neglect or negligence. (h) The Trustee shall not be required to take notice or be deemed to have notice of any default hereunder unl e ss the Trustee shall be specifically notified in writing of such default by the holders of at least five (5%) per cent in principal amount of the Bonds hereby secured and then outstanding, and all notices or other instruments required by this Indenture to be delivered to the Trustee must, in order to be effective, be delivered at the office of such Trustee. (i) At any and all reasonable times, the Trustee, and its duly authorized agents, attorneys, experts, engineers, architects, accounts and representatives, shall have the right fully to inspect any and all of the Project and Burnam Hall, including all books, papers and contracts of the Board and College, and to take such memoranda from and in regard thereto as may be desired. I I I �-5I I I I (j) The Trustee shall not be required to give any bond or surety in respect of the execution o f the said trusts and powers or otherwise in respect of the premises. (k) Notwithstanding anything elsewhere in this Inde n ture contained, the Trustee shall have the right, but shall not be required, to demand, in respect of the authentication of any Bonds, the withdrawal of any cash, the release of any property or securities, or any action whatsoever within the purview of this Indenture, any showings, certificates, opinion, or other information, or corporate action or evidence thereof, in addition to that by the terms hereof required as a condition of such action, and by the Trustee deemed desirable for the purpose of establishing the right of the Board to the authentication of any Bonds, the withdrawal of any cash, or the taking of any other action by the Trustee. The Trustee shall not be required, except as otherwise herein provided, to authenticate any Bonds, permit the withdrawal of any cash, or take any other action if at the time there exists to its knowledge any default in respect of any of the covenants, agreements or provisions of this Indenture. Section 11.02. The Trustee shall have a first lien hereunder upon the pledged funds for reasonable compensation, expenses, advances and counsel fees incurred in and about the execution of the trust hereby created and the exercise and performance of the powers and duties of the Trustee hereunder and the cost and expense of defending against any liability in the premises of any character whatsoever, and the Board hereby covenants and agrees to pay unto the Trustee reasonable c6-..mpensation for its services in the premises as well as all advances, counsel fees and other expenses reasonable made or incurred in and about the execution of the trusts hereby created . Section 11.03. The Trustee may at any time resign and be discharged of the trusts hereby created by mailing written notice to the Board or to the President of the College and to each registered owner of Bonds, specifying the day upon which such resignation shall take effect, and thereafter, unless all outstanding Bonds are registered as to principal, causing notice thereof to be published (a) in a daily newspaper of general circulation at the time published in the English language in the City of Louisville, Kentucky, and (b) in a financial newspaper published in New York, N . • Y., in the English language, once a week for three (3) consecutive weeks prior to the date upon which such resignation shall take effect; and such re signation shall take effect upon the date specified in such notice unless previously a successor Trustee shall have been appointed by the Bondholders or the Board in the manner here inafter provided in Section 11.05 of this Article, and in such event such resignation shall take effect immediately on the appointment of such successor Trustee. Section 11.04. The Trustee may be removed at any time by an instrument or concurrent instruments in writing, delivered to the Trustee and to the Board, and signed by the holders of a majority in principal amount of the Bonds hereby secured and then outstanding. �Section 11.05 . In case the Trustee hereunder shall resign or be r emoved, or be d i ssolved, or shall be in course of di ssol u tion or l iqu i dation or otherwise become incapable of a c tion h ereunder , or in case the Trustee shal l be taken under the contro l of any publ ie officer of officers, or of a receiver appo inted by a court, a successor may be appointed by t he ho lders of a majority in principal amount of the Bonds t hereby secured and then outstanding by an instrument or conc urrent ins trume n ts i n writing, signed by such ho l ders, or by t heir att o rneys i n fact, duly authorized; provided, nevert he l e s s, t h a t i n cas e of any such event the Board by an i n s trument ex ecuted by i t s order, and signed by the Chairman , and a tt es t e d by the Secretary , under its corporate seal, may appoint a tempo rary Trustee to fill such vacancy until a suc cessor Tr u s t ee s ha ll be appointe d by the Bondholders in t h e mann er abo ve prov i ded; and any such temporary Trustee so appoint ed b y t he Board shall immediately and without f urther act be s u perseded by the Trustee so appointed by such Bondholders . Ever y such Trustee appointed pursuant to the pro v is i ons o f th i s Sectio n shall be a trust company or bank of t h e ch a r a cter specified in Section 5.08 hereof. Section 11. 06 . Every successor Trustee appointed here u n der sha l l exec u t e, acknowle dge and deliver to its predecessor a n d a l so t o t he Board, an instrume nt in writing accepting such appointme nt h e r eun der, and the reupon such successor Trustee, without any f u r t her act, deed or conv e y ance, shall become f u l l y ves t e d with all the estates , properties, rights, powers , trus t s , d uties and obligations of i ts predecessor; but such predeces s o r shall, n everthele ss, on the written request of the Bo a r d or of its successor, execute and deliver an instrument transferrin g t o such successor Trustee all the estate, propert i es, righ ts, powers, and trusts of such predecessor her e unde r ; a n d every predecessor Trustee shall deliver all secu rities and moneys held by it to its successor. Should any deed s , con veyance or instrument of writing from the Board be required by an successor for mor e fully and certainly vesting in such Truste e the e states, rights, powers and duties hereby vested or inte nded to b e v ested in the predecessor Trustee , any and all such d eeds, conve yances and instruments in writing shall, on r e quest, be executed, acknowledged and delivered by the Board. I I ARTICLE TWELVE MISCELLANEOUS PROVISIONS Se ction 12.01. In case the principal of any of the Bonds shall not b e punctually paid when due at maturity, whether by declaration or lapse of time, and/ or in case any installment o f interest ther e on shall not b e punctually paid when due, then upon deposit with or receipt by the Trustee of moneys sufficie nt to pay such overdue principal and/ or instal lments of interest (together with moneys sufficient to pay interest due and to become due thereon up to the date when interest upon such overdue principal and/ or installment or installments of interest shall cea s e as herein provide d), interest on such o verdue principa l a nd/ or installme nt or installme nts of intei=est thereon shall cease to accrue one week after the mailing of notice, stating that said mone ys h ave b e e n so deposited or r e c e ived, to e ach registered as to principal, the n one I �53 week after the date of publication by the Board os such notice in a financial publication published in the English l anguage in the Borough of Manhattan, City and State of New York . A copy of such notice shall be delivered by the Board to the Trustee prior to the mailing or publication thereof and the Trustee shall mail a copy of such notice to registered owners of Bonds, but notwithstanding failure so to mail such notice, in case of the publication thereof, interest sha l l nevertheless cease to accrue as above provided . I I Section 12 . 02. (a) In the event that any Bond issued hereunder shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date nixed for the redemption thereof, or in the event that any coupon shall not be presented for payment at the due date thereof, the Board having depos i ted with the Trustee in trust for the purpose, or left with it if previously so deposited, funds sufficient to pay the principal of such Bond together with all interest due thereon to the date of the maturity of such Bond or to the date fixed for the redemption thereof, or to pay such coupon, as the case may be, for the use and benefit of the holder thereof, then and in every such case, interest on said Bond or on said unpaid coupon, and all liability of the Board to the ho l der of said Bond for the payment of the principal thereof and interest thereon, as the case may be, shall forthwith cease, terminate and be compl etely discharged; and thereupon it shall be the duty of the Trustee to hold the funds, so deposited in trust, for the benefit of the holder of such Bond or unpaid coupon, as the case may be, who shall thereafter, as long as the funds deposited or left on deposit for the payment thereof shal l remain on deposit with the Trustee, be restricted exclusively to said funds for any claim of whatsoever natuce= on the part of such holder under this Indenture or on said Bond or any coupons appertaining thereto, or on said unpaid coupon . (b) In case the holder of any Bond or coupon shall not within six (6) years after such Bond or coupon, as the case may be, shall have become due and payable, and funds for the payment thereof shall have been deposited with the Trustee, c l aim the amount deposited pursuant to subsection (a) of this Section for the payment thereof, or in case the holder of any Bond or coupon shall not, within six (6) years after the deposit or receipt of moneys under Section 12.01 of this Article, claim the amount so deposited, the Trustee shall upon demand pay over to the Board such amount so deposited if the Board is not at the time in default here under to the knowledge of the Trustee. The Trustee shall be free from any and all liability or responsibility for money so paid over by the Trustee, and the Board shall be liable to the holder of such Bond or coupon only to the extent of the funds so returned to it. I Section 1 203 . Except as in this Section otherwise expressly provided, the holders of sixty- five per cent (65%) or more in principal amount of the Bonds at any time outstanding shall have the power, by an instrument or instruments in writing signed by such holders in person or by their duly author i zed agents or attorneys or by a committee constituted by an agveement to which any portion of the Bonds shall have been made subject by deposit or otherwise, and de l ivered to the Trustee, to authorize any modification or alteration of this �Indenture or any indenture supplemental hereto or the rights and obligations of the Board under this Indenture or of the holders of Bonds and coupons issued under this Indenture in any particular, approved by the Board, including without limitation by reason of the foregoing (1) release from the statutory mortgage lien of any part of the Project covered thereby, provided the security of any bondholder is not thereby impaired, and (2) waiver of any default and of any rights arising by reason of any default under any of the provisions of the Indenture; and any action herein authorized to be taken with tre assent or authority, given as aforesaid of the holders of sixty- five per cent (65%) or more in principal amount of the Bonds at the time outstanding shall be binding upon the holders of all of the Bonds then or from time to time thereafter outstanding under the Indenture as fully as though such action were specifically and expressly authorized by the terms of the Indenture; provided always that no such modification or alteration (a) shall change or impair the obligation of the Board to pay the principal of and interest on the Bonds at the respective dates and at the places and in the respective amounts, as provided in the Bonds, (b) shall give to any Bond or Bonds secured by the Indenture any preference over any other Bond or Bonds so secured, (c) shall authorize the creation of any lien prior to or on a parity with the said statutory mortgage lien, (d) shall deprive any Bondholder of the security afforded by this Indenture, or (e) shall reduce the percentage required by the provisions of this Section for any action under this Section. Any modification of the provisions of the Indenture, made as aforesaid, shall be set forth in a supplemental indenture between the Trustee and the Board in the manner provided in Ar-ticle Seven. Section 12.04. The Board and the Trustee agree, and each holder or owner of any Bond or coupon by his acceptance thereof shall be conclusively deemed to have agreed, that any court may in its discretion require in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Bondholder, or group of Bondholders, holding in the aggregate more than ten per cent (10'/4 ) in principal amount of the Bonds outstanding, or to any suit instituted by any Bondholder for the enforcement of the payment of the principal of or interest on any Bond, on or after the respec tive due dates expressed in such Bond. Section 12.05. This Indenture may be simultaneously executed in any number of counterparts, and all said counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. The date of actual execution of this Indenture shall be the date of execution by the Trustee. I I I �55 Section 12.06. If there should be any misapplication of the proceeds of the Bonds, such misapplication shall not affect the validity of the Bonds. Section 12.07. If any section, paragraph, clause or provisions of this Indenture shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Indenture. I ARTICLE THIRTEEN INDENTIFICATION OF THE PROJECT Section 13.01. The "Project," as defined in Section 1.01 hereof, and as referred to throughout this Indenture, is identified as two new dormitories to house approximately 739 students and sixteen new buildings containing a total of 64 student family dwelling units, each with appurtenant facilities presently under construction by the Board upon portions of the campus of Eastern Kentucky State College, at Richmond, Madison County, Kentucky, described as follows: TRACT I One of treaforementioned dormitories (to be known as Martin Hall) and the sixteen new dwellings containing a total of 64 family student dwelling units, with appurtenant facilities is located on: I I A certain tract of land adjoining the present campus of the Eastern Kentucky State Normal School & Teacher's College, property and fronting on the Lancaster Turnpike just outside of the city limits of the City of Richmond, in Madison County, Kentucky, known as "Ellendale" or the "Gibson Property", and being particularly bounded and described as follows: -vix:Beginning at a point in the center of the Lancaster pike, a corner to R. L. Rowlette (Pearl Rowlette) thence with the center of said pike N 20 1/4 E 10.57 chamns N 27 1/4 E 0. 76 chains to a '. \point in the center of said pike, corner to the campus of the Eastern Kentucky State Normal School, thence with lines of said campus, S 57 7/8 E 20.71 chains to a post, N 6 1/2 E 21.81 chains to a post, corner to the Presbyterian Church Parsonage lot, thence with line of same N 64 5/8 W 0 175 chains to a post , corner to the estate of Mrs. William Irvine, thence with line of same N 26 1/2 E 7.84 chains to a post, corner to Mrs. Lynn, thence with lines of various parties whose lots front on Summitt Street, S 54 3/4 E 11.83 chains S 56 1/4 E passing the line of R.R. Burnam at 2.1 chains and the line between w. B. Smith and the Richmond Cemetery at 12.15 chains, in all 13.78 chains to a hackberry, a corner to the Richmond Cemetery thence with iliines of the Cemetery, J. L. Whicker and J. w. Creech, s 27 7/8 W 58.7 chains to a post , corner to Creech, and in line of J. L. Dozier, thence with Dozier's line, N 66 3/4 W 26.2 chains to a post, corner to Bond, thence with line of Bond, and or R. L. Rowlette (Pearl Rowlette) N 27 E 20.9 chains to a post corner to Rowlette, thence with his (her) lines N 60 3/4 W 9.4 chains, N 45 E 4.32 chains, N 68 3/4 w 8 .4 chains , to the beginning containing 176.63 acres . And being the same real estate conveyed to Eastern Kentucky �... 56 State Normal School & Teachers College by R. B. Terrill, Master Commissioner of Madison Circuit Court by his deed dated February 8, 1923 and recorded February 8, 1923 in Deed Book Vo l . 97 at page 151 in the office of the Clerk of the Madison County Court, Kentucky, and also conveyed to the Board of Regents of Normal School District No. 1 for Eastern Kentucky State Normal School and Teacher ' s College of Richmond, Kentucky by his deed of correction (correcting the name of the grantee) dated May 14, 1923, and recorded in Deed Book Vol. 97 at page 416 in the office of the Clerk of the Madison County Court, Kentucky. There is excluded from the above described 176.63 acres of land, and the same is not included therein, 28 acres of land bounded and aescribed as follows: I Beginning at a hackberry tree in the corae~ r of the present Richmond Cemetery Co. grounds, thence with the line of said Cemetery and W. B. Smith, N 56 W 11.54 chains to a point where the east line of Collins Street, if extended would intersect the line between the W. B. Smith property and the Ellen Gibson farm, now property of the said Eastern Kentucky State Normal School, thence a new line through the said Normal School grounds S 27 7/8 W 24.40 chains S 56 1/4 E 11.54 chains to a point in line of J. L. Whicker, being the east line of the Normal School grounds, thence with line of Whicker and Cemetery grounds, N 28 7/8 E 24 . 40 chains to the beginning, containing 28 acres . And being the same real estate conveyed to the Richmond Cemetery Company by Eastern Kentucky State Normal School & Teachers College by its deed dated March 1, 1923 and recorded in Deed Book Vol . 97 at page 251 in the office of the Clerk of the Madisen County Court, Kentucky, and also conveyed to the Richmond Cemetery Company by the Board of Regents cbf the Normal School District No. 1 for the Eastern Kentucky State Normal School & Teachers College by its deed of correction (correcting the name of the grantor) dated May 18, 1923, and recorded in Deed Book Vol. 97 at page 435 in the office of the Clerk of the Madison County Court, Kentucky . I TRACT II One of the dormitories aforementioned (to be known as Case Hall, with appurtenant facilities is located on a certain tract or parcel of land situated in Richmond, Madison County, Kentucky, and bounded and described as follows: Beginning at a point on the east side of the campus driveway, corner to the 3.9 acres conveyed by deed dated June 8, 1909 thence with a line of same S 61 E 332.2 ft. to afl)int in line of Mrs. Ellen Gibson thence with her line S 24 1/2 W 673.7 feet, N 59 3/4 W 573 ft. to a point in same and corner to the 26.1 acres conveyed to deed dated June 6, 1906, thence with lines of same N 29 E 467 1/4 ft. S 61 E 187 3/4 ft. to a point on each side of campus driveway, N 29 E 203 1/4 ft. to beginning containing 7 . 5 acres. I �S1 And being the same property conveyed to the Board of Regents of the Normal School District No. 1 forthe use and benefit of the Eastern Kentucky State Normal School and Teachers College by Walters Collegiate Institute of Richmond, Ke ntucky by its undated deed, and acknowledged December 30, 1922 and recorded in Deed Book Vol. 97 at page 153 in the office of the Clerk of the Madison County Court, Ke ntucky. ARTICLE FOURTEEN I IDENTIFICATION OF THE EXISTING WOMEN'S DORMITORY KNOWN AS BURNAM HALL, WHICH IS SUBJECT TO THE STATUTORY MORTGAGE IDIEN HEREINABOVE REFERRED TO, AND THE REVENUES FROM WHICH ARE PLEDGED AS ADDITIONAL SECURITY FOR THE BONDS REFERRED TO IN AND SECURED BY THIS TRUST INDENTURE Said Burnam Hall is identified in general terms as an existing debt-free arrl unencumbered dormitory for women students , having a rated capacity of 366 student occupants, situated on the campus driveway on the campus of Eastern Kentucky State College, at Richmond, Kentucky, and immediately adjacent to the new dormitory to be known as Case Hall, which is a part of the Project, as that t e rm is hereinabove defined, and is under construction on the tract of land described as Tract II in ARTICLE THIRTEEN of this Trust Inde nture. I IN WITNESS WHEREOF, Board of Regents of Eastern Kentucky State College, the party of the first part has caused its corporate name to be hereunto subscribed by the reproduced facsimile of the signature of its Chairman and a r eproduced facsimil e of its corporate seal to be hereunto affixed and said seal to be attested, and this Inde nture to be countersigne d by the manual signature of its Se cretary; and the party of the second part, State Bank and Trust Company of Richmond, Kentucky, to evidence its acceptance of the trust hereby created and vested in it, has caused its corporate name to be hereunto subscribed by its duly authorized President or a Vice-President and its corporate seal to be hereunto affixed and its seal to be attested, and this Indenture to be countersinged by its duly authorized Secretary or a Trust Off i cer; all as of the day and year first above written, rut actually on this 28th day of October , 1961. BOARD OF REGENTS OF EASTERN KENTUCKY STATS COLLEGE By (SEAL) Attest: Countersigned: I s/ Lois Colley Secretary (SEAL) ATTEST: Countersigned: s/ Nelson w. Elder Cashier s/ Earl e B. Combs Vice Chairman STATE BANK AND TRUST COMPANY OF RICHMOND, KENTUCKY By __S;;;....,.;c.p~e~a=r~s;;._T~u=r~l~e~y' - - - - - - - Preside nt �- se COMMONWEALTH OF KENTUCKY: SS On this the 28th day of October, 1961, before me, the undersigned Notary Public in and for the Commonwealth of Kentucky at Large , appeared Earle B. Combs, Sr., and Lois Colley, to me personally known to be the Vice Chairman and Secretary, respectively, of the Board of Regents of Eastern Kentucky State College, Richmond, Kentucky, and Spears Turley and Nelson w. Elder, known to me to be the President and Cashier, respectively, of State Bank and Trust Company of Richmond, Kentucky, in Richmo nd, Madison County, Kentucky, and each being severally sworn, acknowledged for the ir respective corporations that the seals in each instance affixed to the within and foregoing instrument are the corporate seals of their respective corporations, and that said instrument was e xecuted, signed and sealed by each of them on behalf of their respective corporations, by authority of the governing board of each corporation, and each acknowledged the execution of the said instrument to be the free and voluntary act and deed of the said respective corporation. I WITNESS my hand and seal of office this 28th day of October, 1961. My commission expires Febraary 20, 1962. s/ c. w. Grafton Notary Public, Commonwealth of Kentucky at Large (SEAL) Section 5. Simultanceously with the delibery of any of said Bonds to the purchaser or purchasers thereof, dispo sition shall be made of the proceeds as provided in said Indenture. I Sect ion 6. This Resolution shall be in full force and effect f rom and after its adoption. Section 7. If any section, paragraph, clause or provisions of this Resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not effect any of the remaining prov isions of this Resolution. Adopted by the Board of Regents of Eastern Kentucky State College at a meeting held on the 28th day of October, 1961. s/ Earle B. Combs Vice Chairman Board of Regents Eastern Kentucky State College ATTEST: s/ Lois Colley Secretary and moved that all rules be suspended and that siad proposed Resoltuion be adopted, which motion was second by Mr. F . L. Dupree, a member of the Board, and said motion having been duly considered, the Chairman , put the quest ion, and upon roll being called, the fo llowing voted " aye" : Mr. Combs, Mr. Dupree , Mr. Fitzpatrick, ~udge McGr egor, and Dr. Todd. Those voting "nay ": None. I �59 Whereupon, the Chairman declared the said motion duly carried and said Resoltuion duly adopted. REMODELING OF KEEN JOHNSON STUDENT UNION BUILDING I President Martin said that this project includes the conversion of the semi-improved basement area into a modern campus store containing approximately 6 , 000 square feet of selling space, together with appurtenant storage and service facil i ties, an enlarged sandwich bar, air conditioning, and an addition of 1,200 square feet which will provide mechanical and electrical service areas, a conference- work area adjacent to the Little Theater, and storage areas. He said that the final cost estimate for this purpose is $336,000, broken down in this way: Construction Store Fixtures Equipment Architect's Fee $275,420 28,000 13,300 19,280 Total $336,000 The President reported that bids on this project will be opened at 2:00 p.m. on Wednesday, November 8. WATER AND GAS LINE TO THE BARN AND TO OTHER COLLEGE PROPERTY I President Martin stated that plans have been made for the construction of a water line and a gas line to the barn and to other College property and that ultimately it is hoped to expand these to the Baker Farm. He said that the cost of this project is approximately $32,000, of which $11,000 was contributed from the Fire and Tornado Fund. The President said that he had received a request from Mr. Robert J. Spradlin, of WEKY, local radio station, for permission to tap on to the water line if it is extended to the Baker Farm. President Martin asked the Board for authority to negotiate with Mr. Spradlin concerning the cost for the privilege of tapping on to this line. He said if Mr. Spradlin is willing to contribute substantially to the project it is possible that the College can at this time extend the line to the Baker Farm. I Motion was made by Dr. Todd that the President be given authority to negotiate with Mr. Spradlin concerning the contribution to be made by the radio station so that work may proceed on this project. The motion was seconded by Judge McGregor and approved unanimously by the Board, each member voting "aye". Voting "nay": None. �- 60 DEDICATION OF NEW STATELAND DAIRY CENTER The President said that the new Stateland Dairy Center is as modern as tomorrow and the finest dairy center in the Commonwealth. He added that it is practically completed and a dedication has been planned at 2:00 p.m . on Thursday, November 9, with the main speaker to be Mr . Burl St. Clair, president of the Kentucky Farm Bureau. The President said that it is hoped also to have present for this occasion the Honorable Emerson "Doc" Beauchamp, Commissioner of Agri culture, as well as farmer friends from Madison and other counties. The President said that it is hoped there will be 1000 guests present. At the close of the exercises, he said, plans are being made to have some refreshments in the way of some dairy products and he said he hoped many members of the Board can attend this dedication. I ENROLLMENT FIGURES The President called the Board's attention to enrollment figures, including extension centers, for the fall semester of 1961- 62 and to enrollment figures for the Intersession of the Summer of 1961 in Appendix A of the report to the Board . On page 3063 FINANCIAL REPORT FOR 1960-61 President Martin said that in Appendix B of his report the Board would find the annual financial report for the fiscal year ending June 30, 1961. He said that this report and the report on enrollment were being presented for the Board's information. (See page 3066) AUTHORITY FOR CHAIRMAN OF BOARD TO SI6N' RIGHT OF WAY FOR NEW FOUR-LANE HIGHWAY I The President reported that the public hearing has been held on the widening of Kentucky 52 and he said he hoped that by spring the rm:1 will be under construction. He stated that in securing the parcels of right of way it will be necessary for the Board to grant authority to the Chairman of the Board to sign whatever right of way is necessary for this four-lane highway. He recommended that the Board give this authority to Mr. Butler, the Chairman of the Board. Motion was made by Mr. Dupree that the Board grant this authority to the Chairman of the Board to sign whatever right of way may be necessary for this highway. The motion was seconded by M.r. Fitzpatrick and approved unanimously by the Board, with a ll members voting "aye". Voting "nay": None. NAMING OF ROADS THROUGH THE CAMPUS President Martin told the Board that for some time he had considered making recommendations to the Board concerning the naming of certain of the campus roads and that he now had the following recommendation to make: I �bl 1. The President recommended that College Street be officially changed to Crabbe Street, since this name means something in the history of the institution. He said he realized that to some this will again become ' Crabbe "Alley" but that was the name by which it was known for a good many years. He said also that since this is a City street the College can only petition the City Council for approval. 2. President Martin said that he was recommending that Campus Drive be re-named University Drive in recognition of the fact that this was the main thoroughfare through the campus in the days of Central University and the fact that the University Building is located on it. 3• Also recommended by the President was that Park Drive be officially designated as the name of the drive through the campus beginning on South Second Street, continuing to the Health Building but being relocated at the Health Building to the south of Martin Hall as set forth in the proposed plan of Miller, Wihry, and Lantz. He said that this drive will take traffic out of the campus without going through any parking lot as it does now. 4. President Martin recommended thatthe street through Brockton, including the new duplexes, be named officially Daniel Boone Drive. 5. The President also recommended that a new street be laid out from the curve on Park Drive near the quonset huts running directly east from there between the new practice field and the outdoor sports field to the east side of the practice football field and then turning due south and running to the new road by the Alumni Coliseum. He said that this will be a very important artery of traffic for use in connection with the new fa~ilities as well as for certain aspects of the farm operation. President Martin recommended thatthis new d rive be named the Kit Carson Drive in honor of Kit Carson who was born on Tates Creek Road near the campus. 6. President Martin recommended that for the time being the new road bisecting the farm be called the New Campus Drive. He said that it is understood that this will be a temporary name until a more suitable mame has been determined. I I ,1 Motion was made by Dr. Todd that the President's recommendations concerning the naming of the roads as given above be approved. The motion was seconded by Judge McGregor and approved unani):'Clously with all Board members voting "aye". Voting "nay": None. I INCREASE IN BOND ISSUE FOR ALUMNI COLISEUM President Martin reported that when bids were opened on the construction of the Al umni Coliseum it was determined that the l ow bid was that of Pickens-Bond Construction Company, of Little Rock, Arkansas, but that this bid was in the amount of $2,671,609. The President stated that in view of the fact that the cost estimate was $2,000,000 for this work, all bids were rejected. �President Martin said that he would like to ask the Board's approval to increase the bond issue for this project from $3,000,000 to $3,400,000 so that the building may be constructed without de l ay. Mr. Combs asked if it would be possible to change the original plans and save some money on the construction cost . The President replied that the cost might be decreased approximately $150,000 if there were sufficient time to do this but that to reduce the cost any app~eciable amount would require the re-designing of plans for a building which would not be so expensive. However, the President continued, by the time the plans were completed again it might be that the money would not then be available for this project. He said that it seemed the only feasible way of getting this work done without delay was to increase the bond issue by $4000,000 and reduce such items in the plans as could be omitted for the present and added later when money is avail able. The President said also that it may be necessary to omit some equipment now and provide such equipment over a period of time. He asked the Board's sanction to proceed on this basis. I President Martin reminded the Board that this bond issue, Consolidated Educational Buildings Revenue Bonds, Series B, is for the construction of the Alumni Coliseum, the recon struction of the Keen Johnson Student Union Building, the construction of the Intramural Field and Track and construction of the steam line to the Coliseum. Judge McGregor then made the motion that the Board approve the increase of the amount of this bond issue from $3 , 000,000 as originally approved to $3,400,000 and that the President be authorized to reduce the construction cost in the Alumni Coliseum plans or equipment in such a way as to obtain best possible use of funds avilable . The motion was seconded by Dr. Todd. The Chairman then put the question and upon tre roll being called the following voted "aye": Mr. Combs, Mr. Dupree, Mr. Fitzpatrick, Judge McGregor, and Dr. Todd . Voting "nay": None. I BUDGET REPORT FORFIRST QUARTER President Martin called the Board ' s attention to the Budget Report for the period July 1, 1961, to October 18,1961, which had been submitted by Mr. Brock after the report to the Board had been completed and bound. He said that Board members could take this Budget Report and read it when it was convenient to them. ADJOURNMENT OF MEETING The meeting of the Board was adjourned at 11:30 a.m., on motion by Judge McGregor, seconded by Mr. Fitzpatrick. Signed Approved : r~Jk~AK Earle B. Combs, Sr . Vice Chairman Board of Regents ·~j:et~~~ Board of Re gents (Meeting of October 28,1961) I �- ,3 APPENDIX A Extension Centers - Fall 1961 No. EnInstructors Courses rolled Receipts Location Belfry Campton - orbin "1arlan Hyden Hazard Jackson Liberty Louisville Manchester Monticello Springfield r itesburg T. L. Arterberry Gov't 453 John L. Vickers Soc. 332 Mamie W. Scott Eng. 360 Bently Hilton Janet Hibbard Comm.410 Darnell Salyer Sc. 310 John Leeson Eng.318 Bruce McWhorter Eng.318 Joseph VanHook Hist.461 Wm. c. Disney Eng.318 (Lees Jr. College) Hist.461 E. A. Mattox (Lexington City Schools) Hist.406 Frazier Adams (Lees Jr. College) w. J. Moore Comm.500 Clyde Orr Ed. 515 Charles Ambrose Ed. 516 Fred A. Engle, Jr. Carl Woods Comm.410 Blanche Seevers Music 260 Quentin Keen Eng. 318 Ed. 515 D. T. Ferrell Ben Flora Math 201 Bio. 310 A. L. Whitt Bio. 310 Robert Larance Libbye Larance H.Ec. 310 24 13 * 22 24* $ 642.00* 28 16 7 8 6 6 2 32 22 12 27 26 25 17 22 36 38 44 1,188.00 29 849.00 15* 360.00* 12 324.00* ;' $ 396.00 336.00 336.00 337.00 369.00 369.00 349.00 349.00 369.00 34* 918.00* 369.00 19* 528.00* 336.00 21 630.00 330.00 353.00 353.00 34* 1,146.00* 78 2,118.00 39 18 1,104.00 519.00 74* 1,656.00* 441$11,982.00 332.00 332.00 332.00 348.00 348.00 331. 00 237.00 237.00 $7,610.00 The enrollment and receipts are incomplete as of October 24, 1961. Several students have enrolled but have not paid their instruction fees. The enrollment and receipts in this report represent only those who have paid their instruction fees in full. Additional enrollees ~are pursuing the courses but will not pay their instruction fees until after November 1, 1961. D. J. Carty I Salaries �~~ ENROLLMENT BY COUNTIES FIRST SEMESTER 1961- 62 County Adai:e Anderson Barren Bath Bell Boone Bourbon Boyd Boyle Bracken Breathitt Breckinridge Bullitt Campbell Carroll Carter Casey Clark Clay Clinton Edmonson Elliott Estill Fayette Fleming Floyd Franklin Gallatin' Garrard Grant Grayson Greenup Hardin Harlan Harrison Hart Henry Jackson Jefferson Jessamine Johnson Kenton Knott Knox Men Women 5 15 ::.. 1 1 45 23 17 26 55 1 23 6 5 68 13 6 33 40 37 9 1 7 43 79 2 44 59 2 18 10 26 9 56 25 1 12 32 119 15 34 58 13 36 Total 18 2 1 25 16 9 30 38 43 1 5 39 8 1 29 23 39 22 35 4Q 2 29 26 4 23 3. 2 13 7 42 25 6 32 105 12 13 31 12 22 11 33 3 2 70 39 26 66 93 1 66 1 10 107 21 7 62 63 76 31 1 7 78 119 4 73 85 6 41 13 2 39 16 98 50 1 18 64 224 27 47 89 25 58 County Men Larue Laurel Lawrence 2 51 4 t i~!~~r Lewis Lincoln McCreary Madison McGoffin Marion Martin Mason Mercer Monroe Morgan Montgomery Ne lson Nicholas Ohio Oldham Owen Owsley Pendleton Perry Pike Powell Pulaski Robertson Rochcastle Russell Scott Shelby Spencer Taylor Trimble Warren Washington Wayne Whitley Wolfe Woodford i~· 4 35 17 255 10 8 4 14 38 4 23 10 2 9 5 24 13 60 45 1 78 6 30 26 8 20 1 3 5 11 17 35 11 10 Women 1 56 3 16 41 3 32 22 282 2 6 2 7 24 1 4 15 7 3 1 13 5 26 16 53 34 10 74 6 50 22 5 11 3 3 1 17 32 10 19 10 Total 3 107 7 ii- 7 67 39 537 12 14 6 21 62 1 8 38 17 5 1 22 10 50 29 113 79 11 1 52 12 80 48 13 31 1 6 8 1 28 49 45 30 20 I I OUT OF STATE Florida 2 Georgia 2 Illinois 1 Indiana 29 Maryland 1 Massachusetts 1 Michigan 3 Minnesota New Jersey 2 New York 3 North Carolina 1 2 1 16 3 1 1 1 1 Men---- 2252 3 4 2 45 1 1 6 1 3 4 1 Ohio 92 P enn sylvania 14 South Carolinal Tennessee 1 Virginia 5 west Virginia 1 Chile Hawaii 1 India Indo China 1 Korea Women----1903 41 4 2 1 1 1 1 Total---41 55 133 14 1 5 7 2 1 1 1 1 1 I �- 1:,5 ENROLLMENT FIRST SEMESTER 1961- 62 I Classification Men Women Freshmen Sophomores Juniors Seniors Graduates Special Unclassified 869 459 383 332 190 11 8 605 371 333 432 117 16 29 1474 830 716 764 307 27 37 2252 1903 4155 TOTAL Total ENROLLMENT BY COUNTIES Intersession 1961 County I I Adair Anderson Barren Bell Boone Bourbon Boyd Boyle Bracken Breathitt Bullitt Butler Campbell Carroll Casey Clark Clay Clinton Estill Fayett Floyd Franklin Garrad Grant Greenup Harlan Jackson J efferson J e ssamine Johnson Kenton Men Women Total 2 2 3 1 4 3 1 1 2 1 1 7 22 2 2 8 7 9 9 15 2 5 2 2 1 11 17 5 4 3 2 1 2 1 5 2 1 1 5 1 10 6 2 3 1 1 7 6 1 2 1 4 2 1 9 1 27 2 1 3 2 13 8 19 9 21 4 8 3 2 1 1 18 23 6 4 2 1 County Knott Knox Laurel Lee Leslie Letcher Eincoln McCreary Madison Magoffin Marion Martin Mason Mercer Montgomery Morgan Oldham Owsley Pendleton Perry Pike Powe ll £ulaski Rochcastle Pussell Taylor Trimble Washington Wayne Whitley Wolfe OUT OF STATE Illinois Indian a Ohio Women---407 1 1 4 1 8 1 2 12 Men- - --190 Total-- --5 97 Men 5 1 36 12 14 15 1 20 1 2 1 1 5 2 2 1 7 1 26 9 8 16 23 6 1 1 4 7 3 17 Women 5 1 11 2 3 4 2 1 15 1 3 1 5 1 3 9 5 1 10 10 1 1 4 2 11 3 Total 10 2 47 14 17 18 17 2 35 2 5 2 1 10 2 3 1 10 1 35 14 9 26 33 14 1 2 8 9 14 20 �ENROLLMENT INTERSESSION 1961 Classification Freshmen Sophomores Juniors Seniors Graduates Special Total Men Women Total 9 18 30 58 75 17 32 109 196 52 1 26 50 139 254 127 1 190 407 597 I APPENDIX B Eastern Kentucky State College Consolidated Balance Sheet - Current Funds June 30, 1961 Assets Cash: Petty Cash $ 9,850.00 $ Change Fund 150.00 Athletic Travel Petty Cash 5,000.00 Deposited Stat e Treasurer 233,667.86 State Appropriation 23,154.17* National Science Foundation 2,722.79 Research Grant U.S. Department of Education 1,320.00 Danforth Foundation 5,965.00 Building Revenue Fund 34,593.53 Petty Cash, Building Revenue Fund 5,000.00 Change Fund, Building Revenue Fund 2,650.00 · Mattox Grill 1,526.15 Men ' s Dorm Bond and Interest Redemption Fund (Keith) 47,676.20 Building Fund 18,828.56 O 'Donnell Hall Revenue Fund 31,168.98 O 'Donnell Hall Bond & Interest Sinking Fund (Trustee : State 53,000.00 Bank) O'Donnell Hall Maintenance Fund 5,000.00 Music Building Bond & Interest Fund 29,861.96 Student Housing 1960 Revenue Fund 46,595.57 Consolidated Educational Building Re venue Bonds-Series A (Trustee: State Bank) 39,043.75 Student Aid Society 4,319.64 National Defense Loan Fund ' 88,400.10 Total Cash Resources, Current Funds Accounts Receivable: Due From Other Funds Charged Meal Tickets Total Accounts Re ceivable I 689,494 . 26 7,593.00 326.60 7,919 . 60 * $2,500 . oo r of this balance is being transferred to Trust and Agency to offset Payroll expenditures for the month of June. I �Inves t ments: Building Revenue Fund Total Investments, Current Funds $ 56,668 . 83 $ 56,668.83 Not es Receivable: Student Aid Society 4,056.00 National Defense Student Loan Fundl99,987.40 Total Notes Receivable, Current Fund I Inventories: Farm Inventories Student Union Building Enterprises Total Inventories, Current Fund 204,043 . 40 27,334.7'::, 54,929.64 82,264.39 $1,040,390.48 Total Assets, Current Fund Liabilities Accounts Payable Room Deposits Band Uniform Deposits R.O.T.C. Deposits Unearned Rent Unearned Board Total Liabilities, Curr e nt Fund $ 10,421.43 21,094.16 94.07 2,194.99 25,103.75 166.80 $ 59,075.20 Reserves I Reserve for Encumbrances, State Appropriations Reserve for Encumbrances , Revolving Fund Reserve for Inventories Reserve for Ungraded Correspondence Papers Total Reserves, Curr e nt Fund $ 20,633.61 78,166.31 81,797.19 11,553.00 $192,150.11 Surplus Ge neral Funds Restricted Funds Retirement of Indebtedness Laon Funds Total Surplus Total Liabilities , Reserves and Surplus, Current Funds I $122,989.93 127,088.08 271,175.02 267,912.14 $789,165.17 $1,040,390.48 �EASTERN KENTUCKY STATE COLLEGE Fund - Balance Sheet June 30, 1961 I.CURRENT FUNDS: A. General Funds: Assets Cash: Petty Cash 9 ,85 0.00 Change Fund 150.00 Athletic Travel Petty Cash 5,000.00 Deposited State Treasurer 233,667.86 State Appropriation 23,154.17* National Science Foundation 2,722.79 Research Grant, US Department of Education 1,320.00 Danforth Foundation 5,965.00 Total Cash Resources, Genera l Funds $281,829.82 Inventories: Farm Feed Livestock Farm Crops Machinery and Supplies Total Inventories, General Funds Total Assets, General Funds I 770.00 11,600.00 1,010.00 13,954.75 27,334.75 $309,164.57 Liabilities Room Deposits $ 21,094.16 Band Uniform Deposits 94.07 R.O.T.C. Deposits 2,194.99 Unearned Rent 25,103.75 Total Liabilities, General Funds I $ 48,486.97 Reserves Reserve for Encumbrances, State Appropriations $ 20,633.61 Reserve for Encumbrances, Revolving Fund 78,166.31 Reserve for Inventories 27,334.75 Reserve for Ungraded Correspond11,553.00 e nc e Papers Total Reserve, General Funds $137,687.67 Surplus Surplus, General Funds Current Income Total Surplus, Genera l Funds Total Liabilities, Reserves and Surplus, General Funds * $113,798.24 9,191.69 $122,989.93 $309,164.57 $2,500.00 of this balance is b e ing transferred to Trust and Agency to offset Payroll expenditures for the month of June. I �II.CURRENT FUNDS ( CONTD} B. Restricted Funds : Assets I I Cash : Building Revenue Fund $ 34,593.53 Petty Cash Fund 5,000.00 Change Fund 2,650.00 Mattox Grille 1,526.15 Total Cash Resources, Restricted Funds Accounts Receivable: Charged Meal Tickets 326.60 Due From Other Funds 28,851.00 Due From Consolidated Revenue Bonds, Series B 7,593.00 Total Accounts Receivable, Restricted Funds $ 43,769.68 $ 36,770.60 Inventories: Bookstore Supplies $ 11,890 .74 Bookstore Volumes 37,458.42 General Stores 4,993 . 64 Grill Supplies 586.84 Total Inventories, Restricted Funds $ 54,929.64 Investments: Building Revenue Fund $ 56,668.83 Total Investments, Restricted Funds Total Assets, Restricted Funds $ 56,668.83 $192,138.75 Liabilities Accounts Payable $ 10,421.43 166.80 Unearned Board Total Liabilities, Restricted Funds $10,588 . 23 Reserves Reserve for Inventories Total Reserves, Restricted Funds $ 54,462.44 $ 54,462.44 Surplus Fund Balance Current Income Surplus, Restricted Funds $ 67,297.23 59,790 . 85 Total Liabilities, Reserves and Surplus Restricted Funds I $127,088.08 $192,138.75 II.PLANT FUNDS A. Unexpended Plant Funds Assets Cash, Unexpended PlantFunds Total Assets, Unexpended Plant Funds $5,558,123.19 $5,558,123.19 �- 10 PLANT FUNDS Liabilities Due to other Funds Total Liabilities, Unexpended Plant Funds $ 7,593.00 $ 7,593.00 Reserves Reserve for Encumbrances Total Reserves, Unexpended Plant Funds $4,914,749.55 $4,914,749.55 I Surplus Unexpended Plant Fund Balance Less Current Disbursements and Encumbrances Available Balance, Unexpended Plant Funds Total Liabilities, Reserves and Surplus Unexpended Plant Funds $5,942,209.00 5,306,429.26 $635,780.64 $5,558,123.19 B.Retirement of Indebtedness Funds : Assets Cash: Men's Dormitory Bond and Interest Redemption Fund (Keith) $1 Building Fund O'Donnell Hall Revenue Fund O'Donnell Hall Bond & Interest Sinking Fund (Trustee; State Bank) O'Donnell Hall Maintenance Fund Music Building Bond and Interest Fund Student Housing - 1960 Revenue Fund Consolidated Educational Building Revenue Bonds - Series A (Trustee: State Bank) Total Cash, Retirement of Indebtedness Funds 47,676.20 18,828.56 31,168.98 I 53,000.00 5,000.00 29,861.96 46,595.57 39,043.75 Total Assets, Retirement of Indebtedness Funds $271,175.02 $271,175.02 Surplus Fund Balance Current Income Total Surplus, Retirement Indebtedness Funds $154,313.63 116,861.39 $271,175.02 I �?I II.PLANT FUNDS (CONTD) c. Investment in Plant: Assets Campus and Grounds Buildings Equipment Construction in Progress Total Assets, Investment in Plant Fund I $ 640,871.55 7,577,677.93 1,285,852.43 6,825,011.07 $16,329,412.98 Liabilities Bonds Payable: Men's Dormitory (Keith Hall) Music Building O'Donnell Hall Student Housing - 1960 Consolidated Building Revenue Bond, Series A Total Liabilities, Investment in Plant Fund $382,000.00 282,000.00 525,000.00 1,900,000.00 2,000,000.00 $·5 , 089, 000. 00 Surplus Net Investment in Plant Total Liabilities and Surplus, Net Investment in Plant $11,240,412.98 $16,329,412.98 III.LOAN FUNDS Assets I Cash: Student Aid Society National Defense Student Loan Total Cash Resources, Laon Fund $ 4,319.64 88,400.10 $ 92,719.74 Notes Receivable: Student Aid Society $ 4,056.00 National Defense Student Loan 199,987.40 Total Notes Receivable, Loan Funds Total Assets, Laon Funds 204,043.40 $296,763.14 Liabilities Due to Other Funds, National Defense Student Loan Total Liabilities, Loan Funds $ 28,851.00 $ 28,851.00 Surplus I Loan Fund Balance Total Liabilities and Surplus Loan Funds $267,912.14 $296,763.14 �-72 IV.STUDENT ORGANIZATION FUNDS: Assets Cash $ 11,677.91 Total Assets, Student Organization Funds $ 11,677.91 Surplus Balance Student Organization Funds $ 11,677.91 Total Surplus, Student Organization Funds $ 11,677.91 I EASTERN KENTUCKY STATE COLLEGE Schedule of Investments June 30, 1961 Restricted Funds: Building Revenue Funds US Treasury Bill, maturity value $57,000, invested for 90 days from June 23, 1961 Total Investments, Restricted Funds Total Inves tments $ 56,668.83 $ 56,668.83 $ 56,668.83 I I �- 13 EASTERN KENTUCKY STATE COLLEGE Statement of Operations STUDENT UNION BUILDING ENTERPRISES July 1, 1960 thru June 30, 1961 CAFETERIA: Sales, Cafeteria I Less: Operating Costs: Salaries, Regular Salaries, Student Supplies Miscellaneous Equipment Repairs Provisions Rreight & Drayage Total Operating Costs Current Income, Cafeteria $224,748.34 $ 75,438.92 8,021.68 9,835.61 218.62 1,383.75 123,862.87 162.47 $218,923.92 $ 5,824.42 BOOKSTORE: I Sales Boostore Volumes Supplies Sales, Bookstore $139,272.53 89,551.57 Less: Operating Cost Salaries Regular Salaries Student Supplies Miscellaneous Equipment Repairs Volumes Freight & Drayage Operating Cost, Bookstore Current Income, Bookstore $ 13,408.55 524.73 55,829.84 902.48 49.16 115,579.34 1,143.90 GRILL: Sales Grill Less: Operating Cost Salaries Regular Supplies Miscellaneous Equipment & Repairs Fregith & Drayage Operating Cost, Grill Current Income, Grill $228,824.10 $187,438.00 41,386.10 $104,847.56 $ 16,250.62 49,301.40 40.75 465.95 3.36 $ 66,062.08 $ 38,785.48 CURRENT INCOME, STUDENT UNION BUILDING ENTERPRISES$ 85,996.00 I �I EASTERN KENTUCKY STATE COLLEGE Incidental Fees 1960 - 1961 June 30, 1961 Receipts July 1, 196 9 to March 31, 1961 Building Fund Music Building Fund 24,071.28 33,019.00 O'Donnell Hall Fund Student Housing 1960 Total Pledged Fees Revolving Fund 76,508.03 172,531.69 249,039.72 10,229.00 259,268.7L 8.00 24.00 32.00 32. oc 45.00 437.20 482.20 482.2( 27,537.23 38,732.27 66,269.50 22,062.50 9,721.62 104,098.26 211,725.16 315,823 . 42 19,998.00 335,821.4L 45.00 45.00 370.00 415.00 415. oc 22,017.50 9,721.62 104,053.26 211,355.16 315,408.42 19,998.00 335,406.4L 19,417.75 8.00 April 1961 10.00 35.00 June 1961 15,205.86 2,609.75 Total 39, 2 95.14 May 1961 33,019.00 Less Refunds Inc i dental Fees , June 30, 1961 39,295.14 - I 33,019.00 9,721.62 Total Cash Recei:ets Scholarship Fees 9,769.00 Tc± al Incidental Fee 76,038.5( �... 7S EASTERN KENTUCKY STATE COLLEGE STATEMENT OF INCOME July 1, 1960 to June 30, 1961 Account Realized Estimate Unrealized Educational and General I Danforth Foundation 10,000.00 National Science Foundation 14,810.00 Research Grant-US Department of Education 1,320.00 State Appropriation 1,648,300.00 Incidental F ee-College 335,405.67 Tuition 13,256.00 .00 14,810.00 .oo 1,648,300.00 312,885.00 15,415.00 10,000.00CR .00 1,320. OOCR .00 22,520.67CR 2,159.00 Class Fees Art Department Commerce Department Education Department Home Economics Department Industrial Arts Department Physical Education Depart Science Department 85.78 402.50 321.50 433.75 6,649.57 7,038.65 4,119.25 150.00 225.00 200.00 470.00 5,490.00 5,185.00 2,890.00 64.22 177.SOCr 121.50CR 36.25 1 }159.57Cr l,853.65Cr l,229.25Cr 6,142.30 2 I 611. 90 1,441.50 2,289.25 900.00 631.00 4,840.00 2,545.00 640.00 1,435.00 445.00 190.00 l,302.30Cr 66.90Cr 771. 50Cr 854.25Cr 455.00Cr 441. OOCr 10,704.69 23,655.40 .00 17,396 .93 5,394.25 9,750.00 13,750.00 75.00 12,455.00 3,635.00 954.69Cr 9,905.40Cr 75.00 4,951.93Cr l,759.25Cr Transcripts 5,141.05 Graduation Fees 7,860.00 Incidental Fee-Training Sch.7,060.00 Extension Fees 65,081.46 Music Camp 128.50 4,400.00 8,600.00 6,000.00 55,000.00 2,575.00 741.05Cr 740.00 1 ,060 .00Cr 10,081.46Cr 2,446.50 339.90 103.93 300.00 175.00 39.90Cr 71.07 769.90 1,719.31 9,301.46 751.90 335.00 2,257.22 1,780.50 2,250.00 250.00 9,925.00 1, 500 .00 250.00 .00 .00 1,480.40 l,469.31Cr 623.54 748.10 85.00Cr 2,257.22Cr 1 , 780.SOCr Music Fees I Piano Voice String Other Instrument Class Fee =. 'Z,71 Class Fee-Miscellaneous Inter - Collegiate Activities Football Basketball Other Sports Student Ticke ts Concert Tickets Other Educational Services Departmental Sales I Music Department Industrial Arts Department General Income Interest Income Miscellaneous Motion Pictures Rent-Stadium Equipment Rental Sales of Fixed Assets Scrap Material �16 Account Realized Estimate 22,630.37 1.00 1,968.39 22,250.00 75.00 2,375.00 380.37Cr 74.00 406.61 48.00 939.75 30,115.75 60,183.65 40,737.25 6,957.50 48,422.60 34,901.50 2,542.50 8,602.00 3,016.00 24,255.31 664.25 4,659.66 19,265.75 9,163.50 6,283.60 .00 1,650.00 28,700.00 52,675.00 29,500.00 4,750.00 31,680.00 28,250.00 2,100.00 10,000.00 2,020.00 35,300.00 1,000.00 4,200.00 .00 .00 .00 48.00Cr 710.25 l,415.75Cr 7,508.65Cr ll,237.25Cr 2,207.50Cr 16,742.60Cr 6,651. 50Cr 442. 50Cr 1,398.00 996.00Cr 11,044.69 335.75 459.66Cr 19,265.75Cr 9,163.50Cr 6,283.60Cr 224,748.34 139,272.53 89,551.57 104,847.56 3,350.86 2,444.18 2,684.38 484. 26 1,526.15 197,000.00 121,000.00 63,850.00 91,550.00 2,575.00 2,350.00 3,700.00 550.00 .00 27,748.34Cr 18,272.53Cr 25,701. 57Cr 13,297.56Cr 775.86Cr 94.18Cr 1,015.62 65.74 l,526.15Cr 3,110,207.88 2,886,125 . 00 224,082.88Cr Unrealized Farm Dairy Produce Livestock Auxiliary Enteq~r ises Ault House Barracks Beckham, Miller & McCreary Burnam Hall Keith Hall Memorial O'Donnell Sullivan Telford New Richmond Hotel Lancaster House Veteran's Housing Home Management House Faculty Dwellings Brockton Case Hall Mattox Hall I Restricted Revenue Cafeteria Bookstore Volumes Bookstore Supplies Grille Post Office Recreation Room Interest Income Miscellaneous Mattox Grille Total Income I I �.... 17 EASTERN KENTUCKY STATE COLLEGE RICHMOND, KENTUCKY STATEMENT OF EXPENDITURES July 1, 1960 to June 30, 1961 Expenditures Budget Unencumbered Balance GENERAL ADMINISTRATIVE EXPENSE I Board of Regents Travel Total 342.42 342.42 600.00 600.00 36,073.59 896.12 2,898.84 428.16 75.66 259.78 35,500.00 2,000.00 4,600.00 -350.00 100.00 600.00 573.59Cr 1,103.88 1,701.16 78.12Cr 24.34 340.22 40,632.11 43,150.00 2,516.89 55,606.83 720.67 512.25 1,397.46 155.35 436.09 57,500.00 1,000.00 150.00 800.00 650.00 800.00 1,893.17 279.33 362.25Cr 597.46Cr 494.65 363.91 58,828.65 60,900.00 2,071.35 257.58 257.58 President's Office Salaries Regular Salaries Student +Travel Office Supplies Equipment Repairs Capital Outlay-Equipment Total Business Office I Salaries Regular Salaries Student Travel Office Supplies Equipment Repairs Capital OutlayoEquipment Total GENERAL EXPENSE-STUDENT SERVICE Registrar's Office Salaries Regular 25,519.23 Salaries Student 2,704.08 Travel 169.32 Office Supplies 1,381.88 Equipment Repairs 101.82 Replace ments & Capital Outlay 359.00 Total ·25,000 . 00 2,000.00 100.00 600.00 100.00 300.00 519.23Cr 704.08Cr 69.32Cr 781.88Cr l.82Cr 59.00Cr 30,235.33 28,100.00 2,135.33Cr 7,499.96 58.00 10,600.00 475.00 350.00 3,100.04 417.00 350.00 29.72Cr 11,425.00 3,837.32 Dean of Men I Salaries Re gular Salaries Stude nt Travel Supplies Total 29.72 7,587.68 �7g Expenditures Budget Unencumbered Balance Dean of Women Salaries Regular Salaries Student Travel Supplies 11,721.41 843.86 542.29 43.07 10,700.00 1,150.00 350.00 1, 021.41Cr 306.14 192.29Cr 43.07Cr 13,150.63 12,200.00 950.63Cr 12,187.37 3 001. 74 72.52 130.48 8,600.00 .00 4,600.00 125.00 100.00 3,587.37Cr 00 1,598.26 52.48 30.48Cr 15,392.11 13,425.00 1,967.llCr 6,101.91 707.35 318.45 41.55 4,200.00 1,250.00 100.00 700.00 50.00 1,901. 91Cr 542.65 100.00 381. 55 8.45 7,169.26 6,300.00 869. 26Cr 19,419.98 1,194.27 2,893.18 2,857.92 327.16 45.00 2,445.77 1,688.33 3,899.83 129.78 14,600.00 800.00 2,600.00 600.00 200.00 300.00 1,200.00 1,000.00 .00 4,819.98Cr 394.27Cr 293.18Cr 2,257.92Cr 127.16Cr 45.00Cr 2,145.77Cr 488.33Cr 2,899.83Cr 129.78Cr 34,901.22 21,300.00 13,601.22Cr Salaries Regular Salaries Student Travel Supplies Miscellaneous 3,974.95 3,400.00 574.95Cr 17.46 379.37 92.62 50.00 250.00 100.00 32.54 129.37Cr 7.38 Total 4,464.40 3,800.00 664.40Cr Miscellaneous Social Committee 1,961.87 Messiah 414.00 Music Organization Travel 3,204.20 Little Taeater & Masic Club 15.99 500.00 1,000.00 600.00 2,000.00 100.00 500.00 961.87Cr 186.00 1,204. 20Cr 84.01 4,200.00 l,396.06Cr Total Health Service Salaries Regular Salaries Student Supplies Miscellaneous Equipment Repairs Total I I Guidance Program Salaries Regular Salaries Student Travel Supplies Equipment Repairs Total Public Relations Salaries Regular Salaries Student Travel Office Supplies Miscellaneous Equipment Repairs Publication Expense Photograph & Engravings College Guests Capital Outlay Total I Alumni Office Student Activities --------------------- Total 5,596.06 I �- 1'1 Budget Unencumbered Balance 2,900.00 105.25 8,425.89 121.49 26.40 200.00 00 308.08 4,900.00 100.00 8,960.00 125.00 560.00 200 . 00 75.00 450.00 200 .00 2,000.00 5.35Cr 534.11 3.51 533.60 00 75.00 141.92 200 . 00 12,087.21 15,570.00 3,482.79 14,2 1 3.59 33,639.94 10,000.00 27,515.00 4,213.59Cr 6,124.94Cr 47,853.53 37,515.00 10,338.53Cr 9,848.80 8,237.94 5,700.35 7 , 807.58 6,054 . 60 12,912.04 78,000.00 17,921.80 2,200.00 14,512.91 1,160.14 577.18 4,714.22 2,020.15 2,938.78 9,200 . 00 5,000.00 5 , 000.00 9,000 .00 4 ,125.00 37,350.00 51,000.00 12,000.00 2,200.00 1 0,000.00 900.00 500.00 5 , 000.00 1 ,200.00 648.80Cr 3,237 . 94Cr 700.35Cr l,807.58Cr l,929.60Cr 24,437.96 27,000.00Cr 5,921. 80Cr 174,606.49 149,475.00 25, 131.49Cr Expenditures National Science Foundation I Salaries, Instruction Sal aries, Clerical Travel Supplies Miscellaneous Director Visiting Staff Books Instructor Supplies Total Staff Benefits Employee Retirement Social Security Total Undistributed Expe nses I Catalogues & Bul~etins Commencement Convocations & Lectures Postage Memberships Interest Bond Payments Telephone & Telegraph Auditing Insurance Other Travel Office Supplies Printing & Stationery General Expense Inauguration Total 4,512.91Cr 260.14Cr 77.18Cr 285.78 820.15Cr 2,938.78Cr Dean of Instruction Salaries Regular 22,046.27 19,800.00 2,246.27Cr Salaries Student 901.19 500 . 00 401.19Cr Travel 911.08 600.00 311.08Cr Supplies 470.38 600.00 129.62 Miscellaneous 32.60 00 32 . 60Cr E1uipment Repairs 119.41 100.00 19.41Cr Capital Outlay & Equipment._ _ _4~0=-=-.0.::.. .::..0_ _ _ _~5~0~0=-=-.0.::....::..0_ _ __:4~6~0~-~0~0~_ I Total 24,520.93 22,100.00 2,420.93Cr 14,033.~7 24.00 13.76 5.67 32.00 14,900.00 240.00 .00 .00 866.73 216.00 13.76Cr 5.67Cr 32.00Cr 14,108 . 70 15.140.00 Agriculture Department Salaries Regular Salaries Student Travel Supplies Equipment Re pairs Total 1,031.30 �- 80 Expenditures Budget Unencumbered Balance Art Department Salaries Regular Salaries Student Travel Supplies Equipment Repairs Capital Outlay8 Equipment Total 42,834.38 422 . 00 114.73 400 . 14 6 . 87 58.82 42,800.00 300.00 100.00 600.00 25 . 00 200.00 34 . 38Cr 122.00Cr 14.73Cr 199 . 86 18.13 141.18 43,836.94 44,025.00 188.06 45,675.86 477.25 376.88 1,975.75 26.82 794.51 44,400.00 450.00 200.00 1,500.00 250.00 750.00 l,275.86Cr 27.25Cr 176 . 88Cr 475.75Cr 223.18 44.51Cr 49,327.07 47,550.00 l,777.07Cr 26,164.18 1,483.50 156.55 4,083.31 102.40 137.42 27,200.00 1,050.00 50.00 3,500.00 100.00 500.00 1 , 035 . 82 433 . 50Cr 106.55Cr 583 . 31Cr 2 . 40Cr 362.58 32,127.36 32,400.00 272.64 92,227.27 1,706.63 556.93 370.67 359.13 2,314.98 86,700 . 00 1,200.00 175 . 00 300.00 300.00 2,600.00 5,527.27 506.63Cr 38 . 93Cr 70.67Cr 59.13Cr 285.02 97,535.61 91,275.00 6,260.61Cr 88,416.50 1,358.90 2,288.33 1,060.35 6.50 13,020.00 98.20 84,300.00 1, 500.00 1,000.00 450.00 50.00 11,500 . 00 500 . 00 4,116 . 50Cr 141.lOcr l,288.33Cr 610.35Cr 43.50 1,520.00Cr 401.80 106,248 . 78 99,300 . 00 6,948.78Cr I Biology Department Salaries Regular Sal aries Student Travel Supplies Equipment Repairs Captial Outlay-Equipment Total Chemistry Department Salaries Regular Salaries Student Travel Supplies Equipment Repairs Capital Outlay E1uipme nt Tot al I Commerce Department Salaries Regular Salaries Student Travel Supplies Equipment Repairs Capital Outlay Tota l Education Department Sa l aries Regular Salarie s Stude nt Travel Supplies Equipment Repairs Student Teachers Ca pital Outlay-Equipme nt Tot a l I �Bl Expenditures Budget Unencumbered Balance En g l ish Department I Salaries Regu l ar Sal aries Student Tr ave l Suppl ies Equipment Repairs Capita l Ou tl ay Total 109,700.00 1,350 . 00 300.00 400.00 1 00.00 3,763 . 63Cr 575.85Cr 203.83Cr 123.76Cr 100 . 00 45.27Cr 1 1 6,462 . 34 1 11 ,850 . 00 4,612.34Cr 8,487.50 9 0 .50 114.48 70 . 70 72. 1 0 9,000.00 1 00 . 00 512 . 50 9 . 50 1 14.48Cr 29 . 30 72 . lOCr 8 , 835.28 9,200 . 00 113,463 . 63 1,925 . 85 503 . 83 523 . 76 45.27 Foreign La n gu age Department Sal ar i es Regular Sal ar i es Studen t Tr ave l Suppl i es Equipment Repairs Tota l 1 00 . 00 364.72 Geography and Geology Department Sal aries Regular Sa l a ries St uden t Suppl ies Equ ipmen t Repairs Tota l I 28,987 . 33 852 . 75 676.3 1 29,000 . 00 700 . 00 600.00 25.00 1 2 . 67 152 . 75Cr 76.31Cr 25.00 30,871.10 31,800 . 00 928.90 52,234.94 1,94 5 . 58 777 . 62 8 , 725 . 3 2 1,166 . 80 464 . 22 9,835 . 51 52,900 . 00 550 . 00 600.00 9,000 . 00 50 . 00 500 .00 1 0 , 000 . 00 665.06 l,395 . 58Cr 177.62Cr 274 . 68 l,116 . 80cr 35.78 164 . 49 75 , 149.99 73,600.00 ' l,549 . 99Cr 28,433 .17 3 11. 75 421.40 1,008 . 02 1 68.87 527 . 89 29,200.00 250 . 00 1 00 . 00 1,200.00 50 . 00 1,000 . 00 766 . 83 61. 75Cr 321. 40Cr 191. 98 118 . 87Cr 472 . 11 30,871.10 31,800 . 00 928 . 90 30,699 . 90 97.48 7 . 85 30, 4 00 . 00 50 . 00 50 . 00 50 . 00 299 . 90Cr 47 . 48Cr 42 . 15 50 . 00 30 , 805 . 23 30,550 . 00 255 . 23Cr Industria l Arts De partment Sal aries Regular Sal aries Student Trave l Suppl ies Misce llaneous Equ i pmen t Repairs Capital Outlay- Equipme n t Total Home Economics De partme nt Salarie s Regular Salaries Stude nt Trave l Supplies Equipment Repairs Capital Outlay- Equipme nt I Tota l Mathe matics Department Sa laries Re gular Travel Suppl i e s Ca pita l Outl ay-Equipme nt Tot a l �... 92. Exeenditures Budget Unencumbered Balance Music Department Sal aries Regular Salaries Student Travel Supplies Miscellaneous Instrument Repairs Phonograph Re:i:a irs Suppl ies for Resale Ca pital Outlay- Equipment Total 77,401.80 500 . 00 1,070.89 1,842 .16 54.27 969.03 814.00 701.57 7,943 . 58 78,500.00 500.00 1,500.00 50.00 825.00 975.00 300.00 7,800.00 1,098.20 500.00Cr 570.89Cr 342.16Cr 4.27Cr 144.03Cr 161.00 401.57Cr 143.58Cr 91,297.30 90,450 . 00 84 7. 30Cr 74,572.52 5,859 . 59 560 .11 2,881.78 167.32 410.00 73 , 000.00 5,000.00 350.00 3,700.00 100.00 100.00 500.00 l,572 . 52Cr 859.59Cr 210.llCr 818.22 100.00 67.32Cr 90.00 84,451.32 82,750.00 1,701.32 21,841.61 634.25 155.99 802.35 4.86 441. 45 22,600.00 300.00 200.00 1 00.00 50.00 300.00 758 . 39 334.25Cr 44.01 702.35Cr 45.14 141.45Cr 23,880.51 23,550.00 330.51Cr 3,850 . 00 1,298.08 139.89 79.75 118.01 3,600.00 800.00 200.00 25.00 50.00 200.00 250.00Cr 498.08Cr 60. 11 54.75Cr 50.00 81.99 5,485 .7 3 4,875.00 61 0.73Cr 68,089.29 1,048.20 544.19 60.63 62,200.00 1,100.00 475.00 100.00 25.00 100.00 100.00 5 , 889 . 29Cr 51.80 69 .19Cr 39 . 37 25.00 20.73Cr 100.00 64,100.00 5,763.04Cr I Physical Education Sal aries Regular Salaries Student Travel Supplies Miscellaneous Equipment Repairs Capital Outlay-Equipment Total Physics Department Salaries Regular Salaries Student Travel Supplies Equipment Repairs Capital Outlay-Equipment Total I Military Science Department Salaries Regular Travel Supplies Equipment Repairs Miscellaneous Capital outlay-Equipment Total Social Science Department Salaries Regular Salaries Student Travel Supplies Miscellaneous E1uipment Repairs Capital Outlay-Equipment Total 120.73 69,863.04 I �83 Expenditures Budget Unencumbered Balance Summer School Salaries Regular Salaries Student Total 19,925.00 18,000.00 1,000.00 1,925.00Cr 1,000.00 19,925.00 19,000.00 925.00Cr 58,710.88 664.50 272.14 833.21 20.48 44.24 225.50 45,800.00 1,150.00 200.00 1,500.00 25.00 50.00 400.00 12,910.88Cr 485.50 72.14Cr 666.79 4. 52 5.76 174.50 60,770.95 49,125.00 ll,645.95Cr 53,532.98 302.55 180.03 781.03 61.70 7.50 67,000.00 250.00 475.00 1,000.00 25.00 50.00 400.00 13,467.02 52.55Cr 294.97 218.97 36.70Cr 42.50 400.00 54,865.79 69,200.00 14,334.21 1,799.52 368.00 21. 71 911.32 114.02 449.16 40.00 1,800.00 300.00 100.00 50.00 1,000.00 100.00 .48 68.00Cr 78.29 911. 32Cr 64.02Cr 550.84 60.00 3,703.73 3,350.00 353.73Cr 7,928.45 7,000.00 8,000.00 928.45Cr 8,000.00 2,400.00Cr 40.09Cr 269 . 95Cr Training School I Salaries Regular Student Salaries Travel Supplies Miscellaneous Eqmipment Repairs Capital Outlay-Equipment Total Model High School Salaries Regular Salaries Student Travel Supplies Miscellaneous Equipment Repairs Capital Outlay-Equipment I Total Visual Aids Salaries Regular Student Salaries Supplies Miscellaneous Equipment Repairs Film Rental Capital Outlay-Equipment Total Undistributed Expense Supplies Salaries Regular Miscellaneous Equipment Repair Capital Outlay-Equipment I Total 2,400.00 40.09 569.95 300.00 10,938.49 15,300.00 5,099.92 8.50 18.32 5,000.00 99.92Cr 8 . 50Cr 18.32Cr 5,126.74 5,000.00 126.74Cr 4,361.51 Consulting and Research Salaries Regular Salaries Student Supplies Total �Expenditures Budget Unencumbered Balance Inter-Collegiate Athletics Office Salaries 5,066.64 Office Supplies 100.25 Office Miscellaneous 102.50 Office Equipment Repairs 19.25 Football Salaries 1,387.50 Football Trave l 5,737.45 Football Equipment and Supp lies 3,709.21 Football Miscellaneous 3,263.30 Football Guarantee 2,575.00 Basketba ll Salaries 2,539.90 Basketball Travel 12,676.15 Basketball Equipment and Supplies 6,056.97 Basketball Miscellaneous 3,802.90 Basketball Guarantees 5,150.00 Baseball Salaries 362.50 Baseball Travel 604.10 Baseball E~uipment and Supplies 2,283.63 Baseball Miscellaneous 62.35 Baseball Guarantees 100.00 Other Sports Salaries 100.00 Other Sports Travel 3,561.05 Other Sports Equipment and Supplies 3,951.66 Other Sports Miscellaneous 1,409.20 5,100.00 100.00 50.00 1,200.00 6,000.00 33.36 .25Cr 52.50Cr 19.25Cr 187.50Cr 262.55 5,000.00 2,000.00 2,500.00 4,200.00 11,500.00 1,290.79 l,263.30Cr 75.00Cr 1,660.10 l,176.15Cr 4,300.00 2,000.00 4,000.00 325.00 850.00 l,756.97Cr l,802.90Cr 1,150.00Cr 37.50Cr 245.90 2,800.00 100.00 300.00 700.00 1,500.00 516.37 37.65 200.00 600.00 2,061.05Cr 3,300.00 1,000.00 651.66Cr 409.20Cr 64,621.51 58,825.00 5,796.51Cr 38 801. 61 11,212.00 3,301.00 2,700.00 35 ,200.00 10,000.00 4,000 .00 1,000.00 3,601.61Cr 1,212.00Cr 699.00 1,700.00Cr 56,014.61 50,200.00 5,814.61Cr 42,724.83 6,743.14 130.08 5,950.26 8.10 15.58 23,753.18 401.30 5,563.00 42,600.00 6,500.00 .00 7,000.00 124.83Cr 243.14Cr 130.08Cr 1,049.74 8.lOCr 734.42 6,246.82 4,598.70 1,437.00 85,289.47 98,850.00 292.15 6.50 450.00 I --=-:......;;...;;...;;........;...~--__,::c....:.......;;_;;_c.....;;_,;;_;;;__ _ ____;;..;;;....;;'--'--,;.;...:_:::.::_ Total Scholarships Athletic Scholarships M~sic Scholarships President's Scholarships War Orphans Scholarships Total I I Library Salaries Regular Salaries Student Travel Supplies and Bindings Miscellaneous Equipment Repairs Books Periodicals Capital Outlay-Equipment Total .oo 750.00 30,000.00 5,000.00 7,000.00 13,560.53 Museum Salaries Student Supplies Miscellaneous Equipment Repairs Capital Outlay-Equipment Total 50.00 50.00 600.00 298.65 1,150.00 157.85 6. 50Cr 50.00 50.00 600.00 851.35 I �- '15 Expenditures Budget Unencumbe r ed Balance Eastern Progress Salaries Student Printing Total I 799.00 327.00 1,350.00 799.00cr 1,023.00 1,126 . 00 1,350.00 224.00 36,756 . 90 481.90 7,534.59 2,598 . 13 59.29 9 .00 263.13 20,100.00 300.00 4,500.00 2,500 . 00 100.00 150.00 22,000.00 200.00 47,702.94 49,850.00 1,005.25 224.00 577.66 669.48 2 , 575.00 250.00 150.00 1,569.75 26.00 427.66Cr 669.48Cr 2,476.39 2,975.00 498.61 18,654.95 20,000.00 1,820.00 1,345.05 1,820.00 18,654.95 21,820.00 3,165.05 72,922.13 3,735.92 6,766.00 4,683.75 21,955.85 65,100.00 14,100.00 16, 000.00 6,200.00 25 , 000.00 7,822.13Cr 10 , 364.08 9,234.00 1,516.25 3,044.15 110,063.65 126,400.00 40 ,019.53 950 . 60 10,312.22 46,449 . 40 27 , 597 .7 8 32,971.01 5 , 871.32 1, 649 . 36 26,800 .00 2,000.00 4,500.00 40,500 . 00 15,000.00 42,000.00 3,200.00 1,000 . 00 13,219.53Cr 1,049. 40 5 , 812.22Cr 5,949.40Cr 12,597.78Cr 9,028.99 2,671.32Cr 649. 36Cr 165,821.22 135,000.00 30,821. 22Cr Extension Department Salaries Regular Salaries Student Travel Supplies Miscellaneous Equipment Repairs Salaries Instruction Capital Outlay- Equipment Total 16,656 .90Cr 181.90Cr 3,034.59Cr 98.13Cr 40.71 141.00 22,000.00 63.13Cr 2,147.06 Music Camp Salaries Regular Travel Supplies Miscellaneous Total I MAINTENANCE AND OPERATION Physical Plant Supervision Salaries Regular Clerical Total Maintenance Salaries Re gular Salaries Student Supplies Equipment Repairs Building Repairs Total 16,336.35 Heating Plant Operation I Salaries Regular Salaries Stude nt Supplies Electric Service water Service Coal Truck Expenses Freight & Drayage Total �Expenditures Budget Unencumbered Balance Campus and Grounds Salaries Regular Salaries Student Supplies Miscellaneous Equipment Repairs Equipment Rental Capital Outlay-E~uipment Capital Outlay-Grounds 16,743.24 2,652.32 1,977.20 1,890.17 910.62 22. 60 2,842.32 36,844.66 12,000.00 2,000.00 1,000.00 1,750.00 1,000.00 1,000.00 2,000.00 32,000.00 4,743.24Cr 652.32Cr 977.20Cr 140.17Cr 89.38 977.50 842.32Cr 4,884.66Cr 63,923.03 52,750.00 ll,173.03Cr 11,469.88 1,376.73 10,200.00 2,000.00 l,269~88Cr 623.27 12,846.61 12,200.00 646.61Cr 1,847.96 36.10 7.40 18.59 2,400.00 3,000.00 552.04 36.lOCr 7.40Cr 2,981.41 1,910.05 5,400.00 3,489.95 4,703.44 1.15 4 ~ 6.91 8,614.86 1,282.50 4,800.00 750.00 600.00 13,500.00 100.00 96.56 748.85 143.09 4,885.14 l,182.50Cr 15,058.86 19,750.00 4,691.14 2,202.17 29.81 680.75 2,100.00 500.00 1,000.00 102.17Cr 470.19 319.25 2,912.73 3,600.00 687.27 2,249.18 2,100.00 100.00 1,000.00 149.18Cr 100.00 502.00 2,747.18 3,200.00 0 452.82 2,545.89 894.91 443.55 2,500.00 750.00 45.89Cr 144.91Cr 443.55Cr 3,884.35 3,250.00 634.35Cr Total Police and Watchmen Salaries Regular Salaries Student Supplies Total Cammack Building Salaries Regular Supplies Equipment Repairs Capital Outlay-Equipment Total Coates Administration Building Salaries Regular Supplies Repairs Capital Outlay-Equipment Capital Outlay-Building Total Crabbe Library Building Salaries Regular Repairs Capital Outlay-Equipment Total Fitzpatrick Arts Building Salaries Regular Repairs Capital Outlay-Equipment Total 498.00 Hanger Stadium Repairs Capital Outlay-Equipment Capital Outlay-Building Total �91 Expenditures Budget Unencumbered Balance Music Building Salaries Regular Repairs Capital Outlay-Equipment Total I 2,770.80 139.28 942.00 3,800.00 200.00 1,000.00 1,029.20 60.72 58.00 3,852.08 5,000.00 1,147.92 1,260.18 658.67 2,097.12 449.52 7,258.77 1,200.00 1,000.00 1,000.00 1,000.00 60.18Cr 341.33 l,097.12Cr 449.52Cr 6,258.77Cr 11,724.26 4,200.00 7,524.26Cr 2,209.92 .54 29.65 2,300.00 500.00 3,000.00 90.08 .54Cr 470.35 3,000.00 2,240.11 5,800.00 3,559.89 774.80 77.22 476.09 25.92 125.41 2,400.00 500.00 250.00 200.00 500.00 1,625.20 422.78 226.09Cr 174.08 374.59 1,479.44 3,850.00 2,370.56 2,324.40 61.18 8.68 4,500.00 2,175.60 61.18Cr 491.32 300.00 2,394.26 5,300.00 2,905.74 3 ,511.75 41.00 92.65 191.53 89.45 545.02 5,900.00 2,388.25 41. oocr 107.35 191. 35Cr 910.55 545.02Cr President's Residence Salaries Regular Repairs Capital Outlay- Equipment Garage Capital Outlay-Buildings Total Roark Building Salaries Regular Supplies Repairs Capital Outlay-Equipment Total Science Hall I Salaries Regular Supplies Repairs Capital Outlay-Eq uipme nt Capital Outlay-Building Total University Building Salaries Regular Supplies Repairs Capital Outlay- Equipment Total 500.00 300.00 Weaver Health Building I Salaries Regular Salaries Student Repairs Building Repairs Capital Outlay-Equipment Capital Outlay-Building Total 4,471.40 200.00 1,000.00 7,100.00 2,628.60 �- Bt!J Expenditures Budget Unencumbered Balance Heating Plant Supplies Equipment Repairs Capital Outlay-Building Total 1,159.15 865.68 7 . 42 4,000.00 500.00 100.00 2,840.85 365.68Cr 92.58 2,032.25 4,600.00 2,567.75 7,798.03 1,965.25 12,500.00 9,000.00 4,701.97 7,034.75 9,763.28 21,500.00 11,736.72 15.00 660.00 165 . 00 645.00 165.00 10.74Cr 15 .93Cr 41.67 825.00 783.33 7,651.92 2,333.10 703 .41 186.95 212.72 3,900.00 2, 150.00 500.00 Undistributed Capital Outlay Equipment Buildings Total I Barracks Salaries Regular Salaries Student Supplies Equipment Repairs Total 10.74 15.93 Beckham, Miller & McCreary Salaries Regular Salaries Student Supplies Equipment Repairs Building Repairs Capital outlay-Equipment Capital Outlay-Building Total 150.00 600.00 5 .82 3,751.92Cr 183.lOCr 203.41Cr 186.95Cr 62.72Cr 600 .00 5.82Cr 11,093.92 7,300.00 18,089.86 3,066.99 1,379.49 225.90 793.74 24.22 1,670.91 17,400.00 2,880.00 1,700.00 100.00 500.00 2,200.00 100.00 25,251.11 24,880.00 371. llCr 4 , 321.04 2,338 . 62 704.59 94 . 94 49.68 4,160.00 2,000 . 00 50 0.00 50.00 100.00 500.00 161.04Cr 338.62Cr 204 . 59Cr 44 . 94Cr 50.32 500 . 00 7,508.87 7,310.00 198.87Cr I 3,793.92Cr Burnam Salaries Re gu l ar Salaries Student Supplies Equipme nt Re pairs Building Repairs Capital Outlay-Equipment Capital Outlay-Building Total 689.86Cr 186.99Cr 320.51 125.90Cr 291 74rr. 2,175.78 l,570.91Cr Keith Salaries Regular Salaries Student Supplies Equipment Repairs Building Re pairs Capital Outlay-Equipment Total I �... eq Expenditures Budget Unencumbered Bal ance Memorial Sal aries Regu l ar Sal aries Student Suppl ies Bui l ding Repairs Capital Outlay- Equipment I Total 6,291.21 1,548.50 163.14 1,587 . 22 65.00 5,000.00 1 80.00 1,500 . 00 200.00 l,29 1 .2 1Cr l,368.50Cr 1 63. 14Cr 87.22Cr 1 35.00 9,655 . 07 6 , 880 . 00 2,775.07Cr 4,624.44 2,862.46 965.8 1 505.25 64.04 38.00 3,700 . 00 2,500 . 00 500 . 00 500 . 00 924.44Cr 362 . 46Cr 465.81Cr 505 . 25Cr 64 . 04Cr 4 62 . 00 9 , 060.00 7,200 . 00 1 , 860.00Cr 500 . 00 25.25Cr 23.16Cr 500.00 48.4 1 500.00 4 51.59 11,841.20 3,323 . 53 882.07 134 . 74 315.16 69.20 93.33 11 , 000 . 00 3,000.00 600 . 00 50 . 00 500 . 00 3,000.00 841. 20Cr 323.53Cr 282.07Cr 84.74Cr 184.84 2,930.80 93 . 33Cr 16,659.23 18,150.00 1,490.77 204 . 00 127.00 48 . 10 22.50 332.55 200 . 00 100.00 75 . 00 300.00 4.00Cr 27.00Cr 26 . 90 22.50Cr 32.55Cr 734.15 675 . 00 59. 1 5Cr 2,869 . 84 397 . 09 14 . 72 609 . 38 12,495 . 61 1 7 . 96 20 . 72 2 , 900.00 100.00 500.00 2,000.00 18,000.00 1 ,200 . 00 30.16 297.09Cr 485 . 28 1 ,390 . 62 5,504.39 1 ,182.04 20.72Cr 16,425 . 32 24,700.00 8,274 . 68 O' Donne ll Hall Salaries Regu l ar Salaries Student Suppl ies Equipmen t Repairs Buil ding Repairs Capital Out l ay- Equipment Total State l and Hall Suppl ies Building Repairs Capital Outlay- Equipment Total I 25 . 25 23 . 16 $ u l livan Hal l Salaries Regu l ar Salaries Student Suppl ies Equipment Repairs Building Repairs Capital Outlay- Equipment Capi tal Outlay- Building Total Te l ford House Salaries Sal aries Supplies Equipment Bu i l ding Regu l ar Student Repairs Repairs Total I ~eteran ' s Hou sing Sal aries Regular Suppl ies Equipment Repairs Bu ilding Repairs Utilities Capital Outlay- Equipment Capital Out l ay- Building Total �... 30 Expenditures Budget Unencumbered Bal ance Home Management House Supplies Bui l ding Repairs Capital Ou tlay - Equipment Capital Outlay-Building Total 81.00 900 . 00 100 . 00 100 . 00 210.70 900.00 19.00 100 . 00 21 0 . 70Cr 291.70 1, 1 00.00 325 . 30 37.62 34. 1 9 237.37 152 . 53 27.88 4,307.93 300 . 00 1 00.00 500.00 1,000.00 1, 200.00 25 . 30Cr 37 . 6 2Cr 34 . 19Cr 137 . 37Cr 347.47 972.12 3,107.93Cr 5,122.82 3,100.00 2,022 . 82Cr 5,356.94 18,687.03 4,500.00 25,000 . 00 856.94Cr 6,3 1 2 . 97 24 , 043.97 29 , 500 . 00 5,456 . 03 3 , 706.49 525.30 102 . 33 23.86 4 , 450 . 00 500.00 808 . 30 Faculty Dwellings Sal aries Regular Suppl ies Equipment Repairs Building Repairs Ut ilities Capi tal Outlay-E ~uipment Capital Outlay- Buildings Tota l I Undistr i buted Expense Suppl ies Capital Out l ay Total New Richmond Hotel Salaries Regu l ar Salaries Student Suppl ies E;ruipment Repairs Utilities Rent Capita l Out l ay Total 8 , 500.00 1 61. 62 2,700.00 8,500.00 1,000 . 00 13,01 9 . 60 17 ,150 . 00 74 3 . 51 25.30Cr 1 02 . 33Cr 23 . 86Cr 2 , 700.00 I 838 . 38 4, 1 30.40 Lancaster House Sal ar i es Regular Sal aries Student Su pplies Misce llaneous Equipment Repairs Building Repairs Uti l ities Rent Capital Out lay Total 1 31.48 96.00 28 . 60 11. 29 ll.50Cr 77.79 50.00 1 ,000 . 00 472 . 00 500 . 00 1 50 . 00 700 . 00 1,000.00 368 . 52 54 . 00 28.60Cr ll.29Cr 11.50 77.79Cr 650 . 00 472 . 00cr 1 , 855.66 2,350.00 775.00 700.00 75.00Cr 775 . 00 700.00 75 . 00Cr 494 . 34 Dean of Women Ren t Total I �Expenditures Budget - 'I I Unencumbered Balance Brockton Capital Outlay Buildings Total 204.00 204.00Cr 204.00 204.00Cr 30.00 131.90 3,651.60 30.00Cr 131.90Cr 3,651.60Cr 3,813.59 3,813.50Cr 116.05 1,201.72 116.05Cr l,201.72Cr 1,317.77 l,317.77Cr Mattox Hall I Salaries Regular Supplies Capital Outlay Total Case Hall Student Salaries Capital Outlay Total Motion Picture Theatre Salaries Re gular Miscellaneous Advertising Films Total I I 569.94 416.75 946.32 4,036.96 600.00 600.00 1,000.00 4,500.00 30.06 183.25 53.68 463.04 5,969.97 6,700.00 730.03 4,257.54 4,003.97 3,122.80 1,430.25 1,155.30 670.44 475.00Cr 5,043.20 1,213.00 1,733.67 3,200.00 3,000.00 3,100.00 750.00 400.00 400.00 800.00 4,000.00 400.00 500.00 500.00 1,057. 54Cr 1, 003 C.'97Cr 22.80cr 680.25Cr 755.30Cr 270.44Cr 1,275.00 l,043.20Cr 813.00 l,233.67Cr 500.00 Farm Salaries Re gular Salaries Student Supplies Miscellaneous Equipment Repairs Building Repairs Livestock Purchased Feed Seeds and Plants Capital Outlay-Equipment Capital Outlay-Buildings Total 22,155.17 17,050.00 5,105.17Cr TOTAL 2,411,857.61 2,353,765.00 58,092.61Cr �- 92. Student Union Building and Mattox Grille Expenditures Budget Unencumbered Balance CAFETERIA Salaries Regular Salaries Student Supplies Miscellaneous Equipment Maintenance Repairs Provisions Freight and Drayage Total 75,438.92 8,021.68 9,835.61 218.62 71,100.00 5,800.00 6,000.00 300.00 4,338.92Cr 2,221.68Cr 3,835.61Cr 81.38 1,383.75 123,862.87 162.47 2,200.00 100,000.00 100.00 816.25 23,862.87Cr 62.47Cr 218,923.92 185,500.00 33,423.92Cr 13,408.55 524.73 55,829.84 902.48 11,400.00 225.00 40,000.00 175.00 2 t;' 008.55Cr 299.73Cr 15,829.84Cr 727.48Cr 49.16 115,579.34 1,143.90 50.00 90,000.00 850.00 .84 25,579.34Cr 293.90Cr 187,438 . 00 142,700.00 44,738.00Cr 16,250.62 49,301.40 40.75 15,200.00 40,000.00 50.00 l,050.62Cr 9,301.40Cr 9.25 465.95 3.36 100.00 365.95Cr 3.36Cr 66,062.08 55,350.00 10,712.08Cr 1,877.80 61.50 24.50 1,500.00 377.80Cr 61. 50cr 24.50Cr 1,963.80 1,500.00 463.80Cr 2,424.16 80.00 1,500 . 00 924.il:EliCr 80.00Cr 2,504.16 1,500.00 l,004.16Cr I BOOKSTORE Salaries Regular Salaries Student Supplies Miscellaneous Equipment Maintenance And Repair Volumes Freight and Drayage Total GRILL Salaries Regular Supplies Miscellaneous Equipment Maintenance and Repairs Freight and Drayage Total I POST OFFICE Salaries Regular Student Salaries Miscellaneous Total RECREATION ROOM Salaries Regular Salaries Student Total I �'t3 Unencumbered Balance Expenditures Budget 1,001.30 9,288.34 894.85 1,246.70 622.07 489.71 94.74 8,324.82 1,925.49 4,144.15 3,712.58 500.00 9,100.00 325.00 2,500.00 2,500.00 2,500.00 2,500.00 1,800.00 3,500.00 501. 30Cr 188.34Cr 894.85Cr l,246.70Cr 297.07Cr 2,010.29 2,405.26 5,824.82Cr 574.51 2,344.15Cr 212.58Cr 31,744.75 25,225.00 6,519.75Cr GENERAL STUDENT UNION BUILDING I Social Committee Salaries Regular Salaries Student Supplies Miscellaneous E~uipment Repa.:il:s Building Repairs Capital Outlay Equipment Capital Outlay Buildings Employees Retirement System Social Security Total MATTOX GRILLE Salaries Re gular Salaries Student Total 339.84 142.43 339.84Cr 142.43Cr 482.27 482.27Cr Total Student Union Building and Mattox Grille 509,118.98 _ ____;;;;..;.;;..:_,;._;_,,;;;,_ 411,775.00 --=...::....::_.c..;::c..=..;;._;._;;;.._;:;_ _ _ _- -97,343.98Cr -'---'-'------ GRAND TOTAL I I 2,920,976.59 2,765,540.00 155,436.59Cr �I I I � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource EKU Board of Regents Records Subject The topic of the resource Eastern Kentucky University Description An account of the resource This collection consists of records relating to the Board of Regents and includes minutes, agendas and supporting documents. Only parts of the collection have been digitized at this time, but more will be added until all minutes are available. This collection is invaluable to anyone researching the history of Eastern Kentucky University. Creator An entity primarily responsible for making the resource Eastern Kentucky University Date A point or period of time associated with an event in the lifecycle of the resource 1906-present Format The file format, physical medium, or dimensions of the resource minutes Language A language of the resource eng Type The nature or genre of the resource text Identifier An unambiguous reference to the resource within a given context 0001-010 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Source A related resource from which the described resource is derived Board of Regents Records Creator An entity primarily responsible for making the resource Eastern Kentucky State College Date A point or period of time associated with an event in the lifecycle of the resource 1961-10-28 Title A name given to the resource Board of Regents Minutes Description An account of the resource Page 10 Groundbreaking Ceremony For McGregor Hall and Combs Hall Page 10 Parking Lots Progress report Pages 11-59 Revenue Bonds Student Housing Bonds of 1961 Pages 1-6 Personnel Activities Page 59 Keen Johnson Student Union Building Remodeling Page 60 Stateland Dairy Center Dedication Pages 60, 63-66 Enrollment 1961-1962 Pages 60, 66-93 Financial Statement 1960-1961 Pages 60-61 Kit Carson Drive Named Pages 60-61 Crabbe Street Named Pages 60-61 Park Drive Named for Park Smith Pages 60-61 University Drive Named Pages 60-61 Boone Drive Named for Daniel Boone Pages 61-62 Alumni Coliseum Revenue Bonds Series B Pages 6-8 Pattie A. Clay Hospital Possible sale of land Pages 8-9 Organ Purchased for Brock Auditorium Format The file format, physical medium, or dimensions of the resource minutes Language A language of the resource eng Type The nature or genre of the resource text Identifier An unambiguous reference to the resource within a given context bor-minutes-1961-10-28