E.  BONDS AND NOTES PAYABLE:

	Bonds and notes payable at June 30, 1996 amount to $24,736,000 and $1,166,000, respectively.  The table
 below summarizes the components of bonds and notes payable at June 30, 1996.  The maximum aggregate amount
 of maturities and sinking fund requirements for all long-term borrowings approximate $3,763,000 for each of the
 five years ending June 30, 2001.

	In compliance with the University's various bond indentures, at June 30, 1996 the University has deposits
 with trustees of $8,697,000 for debt service reserves, sinking funds and other requirements.  Deposits with trustees
 are invested in obligations of the U.S. Government as required by the University's bond indentures.  Notes payable
 consist of obligations relating to certain equipment acquisitions and building renovations for energy savings by the
 University.



Summary of Bonds and Notes Payable