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Mrs. Lathrop moved that the report and recommendations of Chancellor Singletary be approved. The motion was duly seconded and they were unanimously approved.
President Friday
Application to HHFA for Loan Assistance
President Friday presented the following resolution which is in substitution of a resolution adopted on September 10, 1962, authorizing the University at Chapel Hill to apply to HHFA for loan assistance for dormitory construction:
RESOLUTION
WHEREAS, the Executive Committee of the Board of Trustees of the University of North Carolina on September 10, 1962, adopted a resolution authorizing Mr. A. H. Shepard, Jr. , Business Officer and Treasurer, to file an application on behalf of the University of North Carolina to the United States of America for loan assistance in the amount of $1,272,000 to provide funds, together with other available funds, for the construction of two new dormitories at the University of North Carolina at Chapel Hill; and
WHEREAS, it now appears that a change in plans is necessary in that one dormitory for approximately 923 men students is desired rather than two dormitories, and that $2,544,000 must be borrowed rather than $1,272,000;
NOW, THEREFORE, BE IT RESOLVED by the Executive Committee of the Board of Trustees of the University of North Carolina:
Section 1. That A. H. Shepard, Jr., the Business Officer and Treasurer, be and he is hereby authorized to execute and file an amended application on behalf of the University of North Carolina to the United States of America for loan assistance under Title IV of the Housing Act of 1950 in anticipation of the issuance of $2,544,000 Revenue Bonds to provide funds for the construction of a dormitory for approximately 923 men students at the University of North Carolina at Chapel Hill, North Carolina.
Section 2. That the said A. H. Shepard, Jr. , is hereby authorized and directed to furnish such information to the United States of America, through the Housing and Home Finance Agency, as it may reasonably request in connection with the application for a loan and the issuance and sale of bonds for the payment thereof.
Mr. Hill moved that the above resolution be adopted. The motion was seconded by Mr. Pearsall and the resolution was unanimously adopted.
Items pertaining to Real Property
President Friday also presented several items dealing with real property and he requested their approval. They are as follows:
State College
1. Request for authorization to sell approximately 175,000 feet of timber and 400 cords of pulpwood from the Hill Forest, and approximately 500, 000 feet of timber from the Hope Valley Forest. These are forest lands which, together with the Schenck Forest, are managed by the School of Forestry.
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