in part (except as provided in and subject to the provisions
     of Section 1404 of the Indenture), prior to the last maturity
     (or redemption) of the Series J Bonds and the Series K Bonds.

         Accordingly it is anticipated that tbere will be no

limitation on the permissible yield on investments made from the

portion of the proceeds of the Series J Bonds and the entire proceeds

of the Series K Bonds, provided to be deposited in the Series J and

Series K Construction Account.

          Section 702. Certificates to be Made at Times of Delivery.

          Prior to or at the time of delivery of the Series J Bonds,

and prior to or at the time of delivery of the Series K Bonds, the

Chairman or Vice Chairman of this Board, or the University's Vice

President for Business Affairs and Treasurer, or any of them, are

authorized to execute the appropriate certification with reference

to the matters referred to above, setting out all known and contem-

plated facts and reasonable expectations concerning such anticipated

construction, expenditures and investments, including the execution

of necessary and/or desirable certifications of the type contemplated

by the applicable "Proposed Arbitrage Regulations," as amended, in

order to assure that interest on the Series J Bonds and on the

Series K Bonds will be exempt from all Federal income taxes and

that such Series J Bonds and Series K Bonds will not constitute or

be treated as arbitrage bonds; and Bond Counsel shall review such

certifications and render an opinion, if at that time an opinion of

Bond Counsel is required by such Regulations.



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