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. (b) The provisions contained in said 1968 Supplementsl Resolu-
tion for the payment of the Series C Bonds and the interesL thereon and
all covenants contained therein are valid and enforceable and in full
compliance with the Higher Education Amendment and the Acts.
~c)_ The gross receipts taxes, as hereinabove described, are
lawfully ple~ged for the payment of the principal of and interest on the
Bonds.
(d) The Bonds, when issued, will be legal and valid obliga-
tions of the State Board payable solelg from the gross receipts taxes
in the manner provided in the 1968 Supplemental Resolution.
(e) The Seri~s C Bonds and all proceedings incident to the
authorization thereof are hereby validated and confirmed; provided,
however, that none of said Series C Bonds shall ever be issued and
delivered unless (l~ the amount of such Series C Bonds so issued and
delivered does not exceed seventy-five per centum of the amount of such
Bonds, based upon the average annual amount of the revenues derived from
said gross receipts taxes during the immediately preceding two fiscal
years,or the amount of the revenues deri~red from said gross receipts
taxes ~du~Cing the immediately preceding fiscal year, as shown in a
certificate filed by the State Comptroller with the State Boar3 pricr -
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't to the issuance of such Series C Bonds, whichever is the lesser, which
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~ can be serviced by the revenues accruing thereafter under the provisions
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= of said Higher Education Amendment; and (2) the average annual amount
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~ of the revenues derived from said gross receipts taxes, during such
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~ immediately preceding two fiscal years, or immediately preceding fiscal -
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~ year, as shown in said certificate filed by said State Comptroller as
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~ provided fn {1) above, wh;chever is the lesser, shall have been eqcai
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~ to one and one-third times the aggregate amount of principal and in-
~ terest which will beconie due in any succeeding fiscal ye~r on Bonds
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~ theretofore issued pursu~nt to said Higher Education Amendment ~.hen
~ outstanding, a~;d the Series C Bonds theri proposed to be issued.
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~ (f) The President and Secretary of the State Board are
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~ hereby found to be and designated the proper officers thereof and are
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dOUK
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