Item 9 Preliminary Official Statment Dated February 25, 1994

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debt obligations of the Student Loan Marketing Association; (v) obligations of the Resolution Funding Corporation and (vi) consolidated systemwide bonds and notes of the Farm Credit System; (d) money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of "AAAm", or "AAAm-G", or "AAm"; (e) certificates of deposit secured at all times by the following collateral: senior debt obligations (consolidated debt obligations) of the Federal Home Loan Bank System and/or participation certificates (mortgage-backed securities) or senior debt obligations of the Federal Home Loan Mortgage Corporation. Certificates of deposit must have a one year or less maturity. Such certificates of deposit must be issued by commercial banks(including the Trustee), savings and loan associations or mutual savings banks) whose short term obligations are rated A-1+ or better by S&P; (t) certificates of deposit, savings account, deposit accounts or money market deposits (including those of the Trustee) which are fully insured by the Federal Deposit Insurance Corporation including BIF and SAIF; (g) commercial paper rated, at the time of purchase, "Prime-1" by Moody's and "A-1" or better by S&P; (h) bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest long-term rating categories assigned by such agencies; (i) federal funds or bankers acceptances with a maximum term of one year of any bank with an unsecured, uninsured and unguaranteed obligation rating of "Prime-1" or "A-3" or better by Moody's and "A+" or "A" or better by S&P; (j) repurchase agreements which provide for the transfer of securities from a dealer bank or securities firm(seller/borrower)to the Trustee and the transfer of cash from the Trustee to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the Trustee in exchange for the securities at a specified date, which satisfy the following criteria; (i) repurchase agreements must be between the Trustee and (A) a primary dealer on the Federal Reserve reporting dealer list which falls under the jurisdiction of the Securities Investors Protection Corporation and which are rated "A" or better by Moody's and S&P, or (B) a bank rated "A" or better by Moody's and S&P; (ii) the written repurchase agreement contract must include the following: (A) securities acceptable for transfer, which may be direct U.S. government obligations, or federal agency obligations backed by the full faith and credit of the U.S. government; (B) the term of the repurchase agreement may be up to 30 days; (C) the securities must be delivered to the Authority, Trustee (if Trustee is not supplying the securities) or third party acting as agent for the Trustee (if the Trustee is supplying the securities) before/simultaneous with payment (perfection by possession of certificated securities); (D) the Trustee must have a perfected first priority security interest in the collateral; (B) the collateral must be free and clear of third-party liens and, in the case of a broker which falls under the jurisdiction of the Securities Investors Protection Corporation, are not subject to a repurchase agreement or a reverse repurchase agreement; (F) failure to maintain the requisite collateral percentage, after a two day restoration period, will require the Trustee to liquidate the collateral; (G) the securities must be valued no less frequently than once every two weeks,marked-to-market at current market price plus accrued interest and the value of collateral must be equal to 104% of the amount of cash transferred by the Trustee to the dealer bank or securities firm under the repurchase agreement plus accrued interest (unless the securities used as collateral are A-5