"BOND COUNSEL" means such legal counsel whose opinions respecting
the legality or validity of securities issued by or on behalf of states or
political subdivisions thereof are nationally recognized.

           "DEBT  SERVICE  RESERVE  ACCOUNT"   means  that   account  created   in
Section 5.01.

           "INTEREST PAYMENT DATE" means February 1 and August 1 of each year.

           "ISSUER" means the Board.

           "MASTER RESOLUTION" means the Resolution adopted by the Board on
June 25, 1986.

           "OFFICER'S CERTIFICATE" means a certificate executed and delivered
by the Chairman, the Secretary or the Treasurer of the Board.

           "PERMITTED INVESTMENTS" means investments of funds on deposit in the
various funds created or confirmed herein, and includes the following:

           (a) Obligations of the United States Government or any of its
                agencies fully guaranteed as to principal and interest by the
                United States Government;

           (b) Certificates of Deposit (CD's) issued by banks, which are
                insured by FDIC, which CD's in excess of the amount insured by
                FDIC shall be secured by a pledge of obligations of the United
                States Government or any of its agencies, provided that the
                market value of the pledged securities shall be maintained, and
                when necessary, revised, not less often than semiannually,
                based on current market appraisals, at a level at least equal
                to 105% of the face amount of the CD's, less the amount insured
                by FDIC;

           (c) A pool or fund having total assets of more than $100,000,000,
                made up entirely of United States Government obligations or
                obligations guaranteed both as to principal and interest by the
                United States Government; or

           (d) Repurchase agreements for United States Government Obligations,
                evidenced by physical possession or safekeeping receipts of a
                Federal Reserve Bank or a branch thereof.

           "PRINCIPAL PAYMENT DATE" means the first day of August of each year,
commencing August 1, 1990.

           "RESERVE ACCOUNT" means the Debt Service Reserve Account for the
Series A Bonds in the Bond Fund.

           "RESERVE ACCOUNT REQUIRELENT" means the lesser of the maximum amount
of principal and interest due on the Series A Bonds in any twelve (12) calendar
month period, or 125% of the average annual debt service on the Series A Bonds.



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