Resolution which was adopted by the Board on September 20, 1960, creating

and establishing the Board's Consolidated Educational Buildings Project.

          The aggregate amount initially deposited in the aforesaid Special

Interest Account from accrued interest on the Notes and from the proceeds

of the Notes shall be invested and reinvested by the Paying Agent, as

directed by the Board, but only in interest-bearing obligations of the

United States Government, or obligations fully guaranteed as to principal

and interest by the United States Government, or in Certificates of Deposit

meeting the conditions hereinafter prescribed, maturing not later than

December 12, 1963; and all interest income realized from such investments

shall be credited and accumulated in the said Special Interest Account and

is hereby pledged as additional security for the payment of interest on

the Notes.

          The entire balance of the proceeds of the Notes shall be

deposited by the Commissioner of Finance of the Commonwealth in the afore-

said Special Proceeds Account in the Treasury of the Commonwealth. The

Commissioner is authorized to make payment from said Special Proceeds

Account of the contractual fee of the Fiscal Asgents for advice, services

and expenses undertaken by the Fiscal Agents in connection with the

issuance of the Notes. The balance remaining thereafter in said Special

Proceeds Account is hereby declared to be available for application to

the costs of constructing the Undertaking for which the Board's Consoli-

dated Educational Buildings Revenue Bonds, Series C and Series ), are

authorized, as provided in PART ONE of this resolution. The Board and

                                     - 55 -  (UK, Consol; Series C
                                                   S Series D)(Revised)