in any manner which will cause any of the Series L 1982 Notes or
Series L Bonds to be treated as arbitrage bonds within the
meaning of Section 103(c)(2) of the Internal Revenue Code of
1954, as amended (the "Code"), and the applicable Income Tax
Regulations thereunder (the 'Regulations").

     On the basis of information furnished to the Board, on known
facts, circumstances, and reasonable expectations on the date of
this Series L Supplemental Trust Indenture, the Board certifies
as follows:

          (A) That it is not expected or contemplated that the
     proceeds of the Series L Bonds or of the Series L 1982 Notes
     will be used or invested in any manner which will cause any
     of the Bonds or Notes to be treated as "arbitrage bonds"
     within the meaning of Section 103(c)(2) of the Code and the
     Regulations.

          (B) That it is not expected or contemplated that the
     Board will make any use of the proceeds of the Series L
     Bonds or of the Series L 1982 Notes, which, if such use had
     been reasonably anticipated on the date of issuance of the
     Series L Bonds, or of the Series L 1982 Notes, respectively,
     would have caused the Series L Bonds or the Series L 1982
     Notes to be arbitrage bonds.

          (C) That it is expected and contemplated that the Board
     will comply with (i) all of the requirements of Section
     103(c) of the Code; and (ii) all of the requirements of the
     Regulations, to whatever extent is necessary to assure that
     the Series L Bonds or the Series L 1982 Notes will not be
     treated as arbitrage bonds.

     Provided, however, that it is intended that the proceeds of
     the Series L Bonds will be invested to whatever extent and
     whenever the Code and/or applicable Regulations permit same
     to be invested without causing the Series L Bonds or the
     Series L 1982 Notes, respectively, to be treated as
     arbitrage bonds.

     Section 802. Certificates to be Made at Times of Delivery.

     Prior to or at the time of delivery of the Series L 1982
Notes and Series L Bonds, the Chairman or Vice Chairman of this
Board, or the University's Vice President for Business Affairs
and Treasurer, or any of them, are authorized to execute the
appropriate certification with reference to the matters referred
to above, setting out all known and contemplated facts and
reasonable expectations concerning such anticipated construction,
expenditures and investments, including the execution of
necessary and/or desirable certifications of the type



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