203

Special Meeting
December 20, 1958

at the rate of six per centum (6%) per annum computed semi-annually on the unpaid balance. Interest only shall be paid until July 1, 1964, semi-annually on the first day of January and July of each year, and thereafter the principal and interest shall be paid in semi-annual installments on the first day of January and July each year in the aggregate amount of Thirteen Thousand Six Hundred Three Dollars ($13,603.00) until the principal and interest on this bond are paid in full but in any event any unpaid balance shall be paid on or before July 1, 1989, said payments to be applied first to the payment of interest then due for the preceding six (6) months and the balance on the principal. Both principal and interest shall be paid at the office of the Trustee in Lincoln, Nebraska. Any installment of principal or interest not paid when due, either by the lapse of time or by the exercise of the option as hereinafter provided, shall draw interest at the rate of nine per centum (9%) per annum until paid. If any installment of principal or interest is not paid when due and the default continues for a period of thirty (30) days after written notice thereof has been given by the holder of this bond to the maker, the holder at its option may declare the entire unpaid balance immediately due and payable.

The maker of this bond reserves the right of paying any amount in addition to the required installments on any interest payment date and all amounts so paid shall be applied on the unpaid principal and shall not reduce the amount of the required installments.

TRUST AGREEMENT

This bond is issued under the provisions of Sections 85-403 to 85-411, Reissue Revised Statutes of Nebraska, 1943, and shall be payable only from the rents, revenues and earnings derived from the use and operation of the facilities known as The Center on the Campus of the University of Nebraska College of Agriculture in Lincoln, Nebraska, and shall not constitute an obligation of the State of Nebraska and no tax shall ever be levied to pay the principal hereof or interest hereon and shall not constitute a debt of the Board of Regents of the University of Nebraska.

The Board of Regents of the University of Nebraska covenants and agrees that as long as this bond, or any part thereof, or interest thereon, remains unpaid and outstanding, it will operate The Center to the best of its ability and establish and maintain such schedule of rates, fees and charges for the use of the facilities afforded by The Center as required to provide funds to operate and maintain The Center and to pay the principal and interest on this bond as the same becomes due and to establish not later than July 1, 1964, and maintain thereafter a Bond Reserve Fund of not less than Twenty-seven Thousand Five Hundred Dollars ($27,500). In event the operating revenues derived from The Center are insufficient to pay all of the above requirements, the maker agrees to furnish heat, light, power and other similar utilities required for the use and operation of The Center without charging the same to the revenues received from the operation of The Center.

All rents, revenues, fees, charges and earnings derived from the operation of The Center are pledged to the payment of this bond and shall be credited daily to a segregated account designated as "Continuing Education Center Account" and used only as provided in the Trust Agreement between the maker and First National Bank of Lincoln dated December 20, 1958.

At any time on or after July 1, 1964, on the written request of the holder of this bond the Board of Regents of the University of Nebraska agrees at its own expense to prepare, execute, register and deliver to the holder of this bond in exchange for this bond printed coupon Revenue Bonds in denomination of $1,000 each in the total amount of the unpaid balance of this bond. The new $1,000 Revenue Bonds shall bear interest and be payable on such amortized schedule as the maker and the holder of this bond may agree and in the absence of such agreement shall bear interest and mature in accordance with the interest requirements and maturity dates

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