Exhibit o (i) 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/ William D. Dawson      Chief Investment Officer         August 22, 2000
William D. Dawson


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