205

Special Meeting
December 20, 1958

the State of Nebraska and shall be used and paid out as follows:

FIRST: For payment of all reasonable operating and maintenance costs. The cost of the annual audit, Trustee's fees and insurance premiums as provided in this Agreement shall be considered as an operating cost.

SECOND: At least 15 days before each payment of interest or principal shall become due, transfer to the Trustee sufficient money to meet such interest and principal. This Fund shall be designated as the "Bond Fund".

THIRD: To pay periodically to the Trustee to be held by the Trustee in a fund known as "Bond Reserve Fund" a sufficient amount so that by July 1, 1964, there will be in said Fund not less than $27,500 principal and interest requirements. In case any funds pledged under this Agreement for any period are insufficient to meet the payment of principal and interest on the bond or bonds as the same become due, the moneys in the Bond Reserve Fund may be used to make said payments and all moneys so used must be restored to the Bond Reserve Fund as soon as the pledged revenues permit so that the Bond Reserve Fund will be continuously maintained after July 1, 1964, at $27,500 or the principal amount of bonds remaining outstanding, whichever is lesser, until all said Revenue Bonds have been paid in full. The money in the Bond Reserve Fund may be invested by the Trustee on written instructions from the Board of Regents or its designated agent in United States Government Bonds, Notes, Certificates, or Bills having a maturity of not more than five years after date of purchase.

TRUST AGREEMENT

FOURTH: As of June 30th of each year all funds remaining in the "Continuing Education Center Account" shall be transferred to one of the following accounts:

(a) MAINTENANCE RESERVE FUND: The money in this Fund shall be used only for the replacement of furniture and equipment and the making of minor capital improvements for which there are no other funds available. The funds shall not exceed the amount which the Board of Regents determines to be reasonably necessary to meet the anticipated needs for said purposes. After the fund has reached the amount so determined, no additional amounts shall be paid into the fund except to restore funds used therefrom. The moneys in this fund may be invested by the Board of Regents in United States Government Bonds, Notes, Certificates and Bills having a maturity of not more than three years from the date of purchase. Any surplus in this fund shall be transferred to the Bond Redemption Fund.

(b) BOND REDEMPTION FUND: The money in this fund shall be used to apply on the principal of the original Revenue Bond or used to prepay any bonds issued in place of the original Bond or Refunding Bonds issued under this Trust Agreement.

VII

As long as the Revenue Bond or Bonds are outstanding and unpaid the Board of Regents shall maintain The Center in good condition and repair and use the facilities for the purposes of continuing education as hereinabove provided and when the building is completed will cause the building and its contents to be insured against loss or damage by fire, lightning, windstorm and extended coverage. Said insurance shall be in an amount of not less than 80% of the insurable value of the buildings and contents and may be wrtitten with an 80% co-insurance clause. During the course of construction of the building insurance shall be maintained on said building in an amount sufficient to indemnify the Board of Regents

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Special Meeting
December 20, 1958

the State of Nebraska and shall be used and paid out as follows:

FIRST: For payment of all reasonable operating and maintenance costs. The cost of the annual audit, Trustee's fees and insurance premiums as provided in this Agreement shall be considered as an operating cost.

SECOND: At least 15 days before each payment of interest or principal shall become due, transfer to the Trustee sufficient money to meet such interest and principal. This Fund shall be designated as the "Bond Fund".

THIRD: To pay periodically to the Trustee to be held by the Trustee in a fund known as "Bond Reserve Fund" a sufficient amount so that by July 1, 1964, there will be in said Fund not less than $27,500 principal and interest requirements. In case any funds pledged under this Agreement for any period are insufficient to meet the payment of principal and interest on the bond or bonds as the same become due, the moneys in the Bond Reserve Fund may be used to make said payments and all moneys so used must be restored to the Bond Reserve Fund as soon as the pledged revenues permit so that the Bond Reserve Fund will be continuously maintained after July 1, 1964, at $27,500 or the principal amount of bonds remaining outstanding, whichever is lesser, until all said Revenue Bonds have been paid in full. The money in the Bond Reserve Fund may be invested by the Trustee on written instructions from the Board of Regents or its designated agent in United States Government Bonds, Notes, Certificates, or Bills having a maturity of not more than five years after date of purchase.

TRUST AGREEMENT

FOURTH: As of June 30th of each year all funds remaining in the "Continuing Education Center Account" shall be transferred to one of the following accounts:

(a) MAINTENANCE RESERVE FUND: The money in this Fund shall be used only for the replacement of furniture and equipment and the making of minor capital improvements for which there are no other funds available. The funds shall not exceed the amount which the Board of Regents determines to be reasonably necessary to meet the anticipated needs for said purposes. After the fund has reached the amount so determined, no additional amounts shall be paid into the fund except to restore funds used therefrom. The moneys in this fund may be invested by the Board of Regents in United States Government Bonds, notes, Certificates and Bills having a maturity of not more than three years from the date of purchase. Any surplus in this fund shall be transferred to the Bond Redemption Fund.

(b) BOND REDEMPTION FUND: The money in this fund shall be used to apply on the principal of the original Revenue Bond or used to prepay any bonds issued in place of the original Bond or Refunding Bonds issued under this Trust Agreement.

VII

As long as the Revenue Bond or Bonds are outstanding and unpaid the Board of Regents shall maintain The Center in good condition and repair and use the facilities for the purposes of continuing education as hereinabove provided and when the building is completed will cause tghe building and its contents to be insured against lost or damage by fire, lightning, windstorm and extended coverage. Said insurance shall be in a n amount of not less than 80 of the insurable value of the buildings and contents and may be wrtitten with an 80% co-insurance clause. During the course of construction of the building insurance shall be maintained on said building in an amount sufficient to indemnify the Board of Regents

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