which should be issued by the Board of Trustees, in order to

afford maximum savings to the University, nor the maturity

dates in respect thereof, as such calculations will necessarily

be dependent to some extent upon government securities markets.

Accordingly, in the interests of securing the greatest monetary

savings to the University, it is necessary that the Financial

Advisor and Bond Counsel be authorized to take certain steps

in connection with the Refunding Bonds, subject to subsequent

approval of this Board or its Executive Committee.

    Section 3. A certain Resolution authorizing the issuance

of Refunding Bonds having been prepared by Bond Counsel, but

not containing final financial data, such as maturity schedules

and like matters, a copy of which Resolution is appended hereto

as Exhibit A, the same is hereby approved as to form and con-

tent, and, subject to refinement and completion by the addi-

tion of financial data and such modifications as shall, in

Bond Counsel's judgment, be required in order to secure to

the University the benefits of the best obtainable Bond ratings,

and consequently the best obtainable Bond bid, said Resolution

in final form shall be adopted by this Board of Trustees or by

the Executive Committee of this Board of Trustees prior to the

actual sale of the Refunding Bonds,



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