2004-54 AUTHORIZING AND APPROVING THE REFUNDING OF OUTSTANDING SERIES 1993 BONDS

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"Series 1993 Trustee" means U S Bank National Association (successor to First of America Trust Company as trustee under the Series 1993 Indenture. "Series 2004 Bonds" means the County of Macon, Illinois Revenue Refunding Bonds, Millikin University, Series 2004, in the aggregate principal amount of $0,000,000 issued pursuant to the Series 2004 Indenture. "Series 2004 Indenture" means the Trust Indenture dated as of July l, 2004 between the County and the Series 2004 Trustee. "Series 2004 Interest Fund" means the Interest Fund created under Section 403 of the Series 2004 Indenture. "Series 2004 Loan Agreement" means the Loan Agreement dated as of July 1, 2004 between the Corporation and the County, as it may from time to time be amended or supplemented. ! "Series 2004 Trustee"means Hickory Point Bank and Trust, fsb, or any successor thereto ', under the Series 2004 Indenture. ' "Subsequent Action"shall have the meaning therefor set forth in Section 402 hereof. "United States Government Obligations" means noncallable direct obligations of the United States of America or noncallable obligations as to which the timely payment of principal and interest is fully guaranteed by the United States of America. ARTICLE II REFUNDING OF THE REFUNDED SERIES 1993 BONDS Section 201. There is hereby established with the Series 1993 Trustee a segregated trust fund to be designated "Series 1993 Securities Trust Fund - Millikin Universit}�' (the "Securities Trust Fund"). Upon the issuance by the County of the Series 2004 Bonds, a portion of the proceeds of the sale of the Series 2004 Bonds will be applied in accordance with the provisions of Section 301 of the Series 2004 Indenture and this First Supplemental Indenture. Pursuant to the provisions of Section 301 of the Series 2004 Indenture, a portion of the proceeds of the sale of the Series 2004 Bonds in the amount of $ will be transferred by the Series 2004 Trustee to the Series 1993 Trustee and shall be deposited in the Securities Trust Fund. In addition, (i) $ currently on deposit in the Series 1993 Bond Sinking Fund, (ii) $ currently on deposit in the Series 1993 Interest Fund, and (iii) $ currently on deposit in the Series 1993 Debt Service Reserve Fund will transferred into the Securities Trust Fund. Upon the deposit of such funds, the Series 1993 Trustee shall (i) apply$ of such funds to the purchase of the Government -4-