applicable Regulations permit same to be invested without causing



the Series J Bonds or the Series K Bonds, respectively, to be

.treated as arbitrage bonds.

          Based on information furnished to the Board, and on

known facts, circumstances and reasonable expectations at this

time, the Board further certifies, as follows:

          (1) that the Board has heretofore entered into a
     Contract for the construction of the 200-unit apartment-
     type student housing buildings and appurtenant facilities,
     and a Contract for the Energy Conservation Project, to be
     constructed through application of a portion of the proceeds
     of the Series J Bonds and all of the proceeds of the Series K
     Bonds, and that work thereon has commenced or will commence
     within six months from the date of issuance of the Series J
     Bonds and the Series K Bonds;

          (2) that the construction of the said projects will
     proceed hereafter to completion with due diligence on the
     part of the Board;

          (3)  that at least 85% of the spendable proceeds of the
     Series J Bonds (exclusive of the amount allocated to reimburse
     the Board for the cost of acquiring the Linden Walk-Rose Lane
     Apartments, which will be disbursed immediately), and all of
     the proceeds of the Series K Bonds will be expended on the.
     costs of the said construction projects within less than three
     years from the date of issuance of the Series J Bonds and
     Series K Bonds;

          (4) that the original proceeds of the Series J Bonds
     (exclusive of the amount allocated to reimburse the Board
     for the cost of acquiring the Linden Walk-Rose Lane Apartments)
     together with all of the proceeds of the Series K Bonds, will
     not exceed by more than 5% (or by any percent) the amount
     required for the said construction projects; and therefore
     there will be no over-issuance of the Series J Bonds or of
     the Series K Bonds; and

          (5) that it is reasonably expected that the System
     will not be sold or otherwise disposed of, in whole or



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