Section 4.06. Specific Reservation of Right to Advance Refund and
                         Defease All or Any Part of Noncalled Prior Bonds.

           The Board hereby specifically reserves the right on the date of

acceptance of the successful bid for the purchase of the Current Bonds to

determine (a) whether to provide for the advance refunding and defeasement of

the Called Prior Bonds only, (b) precisely which of the 'callable" Prior Bonds

shall in fact be called for redemption in advance of maturity and on what

redemption date, (c) whether any, and if so, which, of the Noncalled Prior

Bonds shall also be advance refunded and defeased as part of the refinancing

financed by the Current Bonds, and (d) precisely what, if any, transfers shall

be made from the Bond Fund and/or the Debt Service Reserve portion thereof to

the Escrow Fund, and how much, if any amount, shall be transferred from the

proceeds of the Current Bonds into the Bond Fund and/or the Debt Service

Reserve portion thereof, all with the intent of (1) achieving the maximum

savings to the Board and the University, and (2) not adversely affecting the

exemption of interest on the Current Bonds from Federal and State income

taxation.

           Section 4.07.  Provisions in Conflict are Repealed.

           All resolutions or parts thereof in conflict with the provisions of

this Current Bond Resolution are hereby rescinded to the extent of such

conflict.

           Section 4.08. Copy to be Filed with Trustee.

           A certified copy of this Current Resolution shall be filed with the

Trustee, and this Current Bond Resolution shall take effect immediately upon



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