6



          (c) At the proper time the "Consolidated Educational

Buildings Revenue Bonds, Series C," were sold and delivered in the

principal amount of $4,290,000 and the proceeds thereof (together

with moneys provided by the University from available funds in lieu

of the issuance of $103,000 of said Series C Bonds which had matured

and could not be issued), were duly applied in reduction of the

aforesaid Notes, as promised and agreed;

          (d) There are outstanding at this time $28,100,000 "Revenue

Bond Anticipation Notes of 1970" (the "1970 Renewal Notes"), dated

December 11, 1970, to mature December 14, 1971, bearing interest at

the respective rates as in each of said Notes provided, and without

privilege of prior redemption; the total amount of the obligations

of the Board and of the Commission with regard thereto consisting of

the principal amount of $28,100,000, together with interest from date

to maturity aggregating $1,056,985.43; thus amounting in the aggre-

gate, both principal and interest to maturity, to the sum of

$29,156,985.43;

          (e)  Meanwhile, and during the progress of the foregoing

proceedings, the Series D Bonds, originally in the principal amount

of $29,250,000, as authorized in and by the said resolution adopted

November 27, 1967, have not been sold or issued, and by reason of the

passage of some three and one-half years certain details thereof have



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