(a) That it is anticipated and covenanted that amounts
on deposit in the 1965 Sinking Fund will be used within thirteen
(13) months from the date of deposit for the payment of principal
of and/or interest on the outstanding Series B, Series C, Series D,
Series E, Series F, Series G, Series I, Series J, Series K, Series
L and Series M Bonds, and that, except for an amount equal to not
more than the greater of (1) one-twelfth (1/12) of debt service
requirements on such bonds for the then ensuing year, or (2) one
year's earnings on the 1965 Sinking Fund, such 1965 Sinking Fund
will be depleted annually through such application for current debt
service requirements of the Bonds;

          (b) That the amounts to be accumulated in the Debt
Service Reserve portion of the 1965 Sinking Fund out of the
revenues of the System in the amount of the maximum annual debt
service on the Series N Bonds as required by the Trust Indenture,
will not exceed an amount equal to 10% of the original proceeds of
the Series N Bonds;

          (c) That the amount to be accumulated in the 1965 Repair
and Maintenance Reserve will not be used for the payment of debt
service on any of the Series N Bonds, except to prevent a default;

          (d) That the Board has not been advised of any listing
or contemplated listing by the Internal Revenue Service determining
that the foregoing type of certification with respect to the
Board's obligations may not be relied on;

and, accordingly, it is anticipated that there will be no limita-
tion on the permissible yield on investments made from the proceeds
of the Series N Bonds.

          Prior to or at the time of delivery of the Series N
Bonds, the Chairman of the Board and/or the chief financial officer
of the University shall execute the appropriate certifications with
reference to the matters referred to above, setting out all known
and contemplated facts concerning such anticipated construction,
expenditures and investments, including the execution of necessary
and/or desirable certifications of the type contemplated by appli-
cable Treasury Regulations in order to assure that interest on the
Bonds will be exempt from all federal income taxes and that the
Series N Bonds will not be treated as arbitrage bonds.

               ARTICLE XV - MISCELLANEOUS PROVISIONS

          Section 1501.  Nonpresentment  of  Series   N  Bonds   for
Payment.  In the event that any Series N Bond issued hereunder
shall not be presented for payment when the principal thereof
becomes due, either at maturity or otherwise, or at the date fixed
for the redemption or prepayment of some or all of the principal
thereof, as hereinbefore provided (the Board having deposited with
the Trustee funds sufficient to pay such Series N Bonds, together
with all interest due thereon to the date of the maturity of such
Series N Bonds or to the date fixed for redemption thereof) then



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