207

Special Meeting
December 20, 1958

The Center and furnishing and equipping the same, the intent being that the funds derived from this bond issue shall be last disbursed so as to insure the completion of The Center, including the necessary furniture and equipment, free and clear of all encumbrances and obligation at the time of the final disbursement of said funds.

The money used to pay on the construction of The Center other than interest on the Revenue Bond shall be disbursed by the Trustee on (a) Certificate of the Architect certifying to the performance of the contract and the amount due thereon plus (b) a written order of the Board of Regents or person named by it authorizing the said payment. Disbursements may be made for furniture and equipment upon the written order of the Board of Regents or persons named by it.

XI

The proceeds of the Revenue Bonds may be invested by the Trustee in United States Government Bonds, Notes, Certificates or Bills maturing not later than February 1, 1962. The income received from the investment of said funds shall be retained by the Trustee in a separate account known as "Interest Reserve Fund" and used to pay interest on the Revenue Bonds after the completion of The Center and accruing within a period of three years therefrom provided there are no other funds available for the payment of said interest. Any funds not used for the payment of said interest shall at the time of the said three year period be transferred to the Bond Reserve Fund or used to retire or apply on the principal of the Revenue Bonds. Any money in the Interest Reserve Fund may be invested in obligations of the United States maturing in not more than one year after time of investment.

TRUST AGREEMENT

XII

The bonds of this issue when paid by the Trustee shall be cancelled by the Trustee and not reissued. The Trustee shall certify to the Auditor of Public Accounts of the State of Nebraska the bonds so paid and cancelled.

XIII

This Agreement shall be deemed to be a contract for the benefit of the Trustee and the holder or holders from time to time of the bonds authorized to be issued hereunder, and either the Trustee or the bondholders may enforce the provisions hereof for the benefit of said parties by appropriate action. Nothing in this Agreement shall be construed as requiring the Trustee to take any action, although it may do so if it desires, unless and until it has been requested to take said action by the holders of not less than 10% of the bonds then outstanding and indemnified by said holders for any cost or liabilities incurred in connection therewith to the satisfaction of the Trustee.

The Revenue Bonds issued under this agreement are issued under the provisions of Sections 85-403 to 85-411, Reissue Revised Statutes of Nebraska, 1943, and are not the obiligation of the State of Nebraska and no tax shall ever be levied to raise funds for the payment thereof or interest thereon. The bonds shall not constitute a debt of the Board of Regents and shall be paid solely out of moneys derived from the revenues and earnings as provided in said Sections 85-403 to 85-411, Reissue Revised Statutes of Nebraska, 1943.

XIV

The Trustee by executing this Agreement accepts said Trust and agrees to perform all duties required of said Trustee under this Agreement. The Trustee makes no representation as to the truth or accuracy of any statement contained in this Agreement and shall have no responsibility for the

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Special Meeting
December 20, 1958

The Center and furnishing and equipping the same, the intent being that the funds derived from this bond issue shall be last disbursed so as to insure the completion of The Center, including the necessary furniture and equipment, free and clear of all encumbrances and obligation at the time of the final disbursement of said funds.

The money used to pay on the construction of The Center other than interest on the Revenue Bond shall be disbursed by the Trustee on (a) Certificate of the Architect certifying to the performance of the contract and the amount due thereon plus (b) a written order of the Board of Regents or person named by it authorizing the said payment. Disbursements may be made for furniture and equipment upon the written order of the Board of Regents or persons named by it.

XI

The proceeds of the Revenue Bonds may be invested by the Trustee in United States Government Bonds, Notes, Certificates or Bills maturing not later than February 1, 1962. The income received from the investment of said funds shall be retained by the Trustee in a separate account known as "Interest Reserve Fund" and used to pay interest on the Revenue Bonds after the completion of The Center and accruing within a period of three years therefrom provided there are no other funds available for the payment of said interest. Any funds not used for the payment of said interest shall at the time of the said three year period be transferred to the Bond Reserve Fund or used to retire or apply on the principal of the Revenue Bonds. Any money in the Interest Reserve Fund may be invested in obligations of the United States maturing in not more than one year after time of investment.

TRUST AGREEMENT

XII

The bonds of this issue when paid by the Trustee shall be cancelled by the Trustee and not reissued. The Trustee shall certify to the Auditor of Public Accounts of the State of Nebraska the bonds so paid and cancelled.

XIII

This Agreement shall be deemed to be a contract for the benefit of the Trustee and the holder or holders from time to time of the bonds authorized to be issued hereunder, and either the Trustee or the bondholders may enforce the provisions hereof for the benefit of said parties by appropriate action. Nothing in this Agreement shall be construed as requiring the Trustee to take any action, although it may do so if it desires, unless and until it has been requested to take said action by the holders of not less than 10% of the bonds then outstanding and indemnified by said holders for any cost or liabilities incurred in connection therewith to the satisfaction of the Trustee.

The Revenue Bonds issued under this agreement are issued under the provisions of Sections 85-403 to 85-411, Reissue Revised Statutes of Nebraska, 1943, and are not the obiligation of the State of Nebraska and no tax shall ever be levied to raise funds for the payment thereof or interest thereon. The bonds shall not constitute a debt of the Board of Regents and shall be paid solely out of moneys derived from the revenues and earnings as provided in said Sections 85-403 to 85-411, Reissue Revised Statutes of Nebraska, 1943.

XIV

The Trustee by executing this Agreement accepts said Trust and agrees to perform all duties required of said Trustee under this Agreement. The Trustee makes no representation as to the truth or accuracy of any statement contained in this Agreement and shall have no responsibility for the

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