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MINUTES OF SEPTEMBER 10, 1962, BOARD OF TRUSTEES
MEETING CONTINUED

Section 3. It is hereby determined that the acceptance of the bid of the United States of America for the remaining blocks of said bonds, being the only bid offering to purchase said remaining blocks, and the award of said remaining blocks of bonds to the United States of America in accordance with said bid are for the best interests of the Board. Said bid for said remaining blocks of bonds bearing interest at the rate of 3 1/2% per annum is hereby accepted and said remaining blocks of bonds are hereby awarded to the United States of America at the price of par and accrued interest offered for said bonds bearing interest at said rate, and said bonds maturing in the years 1982 through 2001, aggregating $1,361,000, shall bear interest at the rate of 3 1/2% per annum.

Section 4. There shall be executed and delivered to the United States of America under the provisions of Section 205 of the resolution of the Board authorizing the issuance of said bonds, in lieu of definitive coupon bonds, a single non-negotiable temporary bond without coupons in a denomination equal to the aggregate principal amount of the bonds hereby awarded to the United States of America, numbered T-1.

Section 5. All steps necessary to carry into effect this resolution shall be taken by the proper officers and agents of the Board of Trustees of The University of North Carolina.

Section 6. Said single temporary Bond No. T-1 shall be substantially in the following form:
$ 1,361,000 No. T-1

TEMPORARY BOND WITHOUT COUPONS
(Registered as to both principal and interest)

Exchangeable for definitive coupon bonds

United States of America
State of North Carolina

BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA

NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING
OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BOND - SERIES 1961

The Board of Trustees of The University of North Carolina, a body politic and corporate under the name of the "University of North Carolina" (herein sometimes called the "Board"), for value received, hereby promises