FEDERATED MUNICIPAL SECURITIES FUND, INC.
                         UNANIMOUS CONSENT OF DIRECTORS

       The undersigned, being all of the Directors of Federated Municipal
Securities Fund, Inc. (the "Corporation"), hereby consent, in accordance with
Title 2-408, Subsection (c), Corporations and Associations, Annotated Code of
Maryland, as amended, and Article II, Section 14 of the Bylaws of the
Corporation, to the adoption of the following resolution with the same effect as
though it had been adopted at a meeting of the Directors of the Corporation:


       RESOLVED, that the Board hereby authorizes the Secretary and
                    Assistant Secretaries of the Corporation named below
                    to sign on behalf of the Corporation the Registration
                    Statement on Form N-14 relating to the proposed
                    reorganization of Federated Vermont Municipal Fund, a
                    portfolio of Federated Municipal Income Trust, into
                    the Corporation:

                    John W. McGonigle, Secretary
                    G. Andrew Bonnewell, Assistant Secretary
                    Andrew P. Cross, Assistant Secretary
                    George F. Magera, Assistant Secretary
                    Leslie K. Ross, Assistant Secretary
                    Todd P. Zerega, Assistant Secretary


       WITNESS the due execution hereof this 29th day of May, 2007.
    -------------------------------------------------------------
           John F. Donahue                Peter E. Madden

         /S/ John F. Donahue            /S/ Peter E. Madden
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           Thomas G. Bigley          Charles F. Mansfield, Jr.

         /S/ Thomas G. Bigley      /S/ Charles F. Mansfield, Jr.
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         John T. Conroy, Jr.            John E. Murray, Jr.

       /S/ John T. Conroy, Jr.        /S/ John E. Murray, Jr.
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       Nicholas P. Constantakis          Thomas M. O'Neill

     /S/ Nicholas P. Constantakis      /S/ Thomas M. O'Neill
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        John F. Cunningham               Marjorie P. Smuts

      /S/ John F. Cunningham           /S/ Marjorie P. Smuts
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      J. Christopher Donahue               John S. Walsh

    /S/ J. Christopher Donahue           /S/ John S. Walsh
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     Lawrence D. Ellis, M.D.               James F. Will

   /S/ Lawrence D. Ellis, M.D.           /S/ James F. Will



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