Exhibit o under Form N-1A
                                              Exhibit 24 under Item 601/Reg. S-K


                                POWER OF ATTORNEY


     Each person whose signature  appears below hereby  constitutes and appoints
the Secretary and Assistant  Secretaries  of Federated  Municipal  Opportunities
Fund, Inc. and each of them, their true and lawful attorneys-in-fact and agents,
with full power of substitution and  resubstitution for them and in their names,
place and stead, in any and all capacities,  to sign any and all documents to be
filed with the Securities and Exchange Commission pursuant to the Securities Act
of 1933, the Securities  Exchange Act of 1934 and the Investment  Company Act of
1940, by means of the Securities and Exchange Commission's electronic disclosure
system known as EDGAR; and to file the same, with all exhibits thereto and other
documents in connection therewith,  with the Securities and Exchange Commission,
granting unto said  attorneys-in-fact  and agents,  and each of them, full power
and  authority  to sign and perform each and every act and thing  requisite  and
necessary  to be done in  connection  therewith,  as  fully to all  intents  and
purposes  as each of them  might or could do in  person,  hereby  ratifying  and
confirming all that said  attorneys-in-fact and agents, or any of them, or their
or his substitute or substitutes,  may lawfully do or cause to be done by virtue
thereof.

SIGNATURES                         TITLE                              DATE

/S/ JOHN F. DONAHUE           Chairman and Director            August 22, 2000
John F. Donahue               (Chief Executive Officer)



/S/ RICHARD B. FISHER
Richard B. Fisher              President
August 22, 2000



/S/ J. CHRISTOPHER DONAHUE

J. Christopher Donahue        Executive Vice President         August 22, 2000
                              and Director

/S/ RICHARD J. THOMAS         Treasurer                        August 22, 2000
Richard J. Thomas             (Principal Financial and
                              Accounting Officer)


/S/ T. G. BIGLEY              Director         August 22, 2000
Thomas G. Bigley


/S/ JOHN T. CONROY            Director         August 22, 2000
John T. Conroy


/S/ NICHOLAS P. CONSTANTAKIS  Director         August 22, 2000
Nicholas P. Constantakis


/S/ JOHN F. CUNNINGHAM        Director         August 22, 2000
John F. Cunningham


/S/ LAWRENCE D. ELLIS         Director         August 22, 2000
Lawrence D. Ellis


/S/ PETER E. MADDEN           Director         August 22, 2000
Peter E. Madden


/S/ CHARLES F. MANSFIELD, JR. Director         August 22, 2000
Charles F. Mansfield, Jr.


/S/ JOHN E. MURRAY            Director         August 22, 2000
John E. Murray, Jr.


/S/ MARJORIE P. SMUTS         Director         August 22, 2000
Marjorie P. Smuts



Sworn to and subscribed before me this 22ND day of  AUGUST , 2000



/s/ Janice L. Vandenberg
Janice L. Vandenberg
Notary Public

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               Notarial Seal

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Janice L. Vandenberg, Notary Public
Pittsburgh, Allegheny County
My Commission expires July 4, 2002
Member, Pennsylvania Association of Notaries