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(therein and herein called the 'Payee'), exchangeable for definitive coupon bonds in an aggregate principal amount equal to the principal amount of said temporary bond then unpaid, and said 1958 bond is now outstanding in the amount of $1,942,000, payable in annual instalments on the 1st day of September in the years 1963 to 1998, inclusive, and may be refunded at any time with the consent of the Payee, and the Payee has agreed with the Board that said 1958 bond may be refunded in said amount; and".

Section 4. That the eighth preamble of the Bond Resolution be and the same is hereby amended to read as follows:

"WHEREAS, the Board has determined to issue its revenue bonds, payable solely from and secured by a pledge of the revenues of the Project and the 1958 Facilities, in the aggregate principal amount of $2,942,000 for the combined purpose of refunding said 1958 bond in the amount thereof outstanding and paying all or part of the cost of constructing the Project, of which bonds $1,000,000 in aggregate principal amount, designated 'University of North Carolina Student Apartment Revenue Bonds of 1962, Series A', shall be issued and the proceeds thereof applied, with other available funds, to payment of the cost of the Project, and $1,942,000 in aggregate principal amount, designated 'University of North Carolina Student Apartment Revenue Bonds of 1962, Series B', shall be issued and exchanged for said University of North Carolina Student Apartments Revenue Bond, Series 1958, No. T-1, outstanding in said amount; now, therefore,".

Section 5. That the paragraph in Section 101 of the Bond Resolution relating to "Current Expenses" be and the same is hereby amended to read as follows:

"The term 'Current Expenses' shall mean the reasonable and necessary current expenses of maintenance, repair and operation and shall include, without limiting the generality of the foregoing, all ordinary and usual expenses of maintenance, repair and operation, which may include expenses not annually recurring, cost of supplies, labor and material, premiums for insurance, all administrative and engineering and architectural expenses relating to maintenance, repair and operation, fees and expenses of each Depositary and of the Paying Agents, legal expenses, any reasonable payments to pension, retirement, group life insurance, health, hospitalization or other employee benefits funds, and any other expenses required or permitted to be paid by the Board under the provisions of this Resolution or by law, but shall not include any reserves for extraordinary maintenance or repair, or any allowance for depreciation, or any general administrative expenses of the University, or any deposits to the credit of the special funds hereinafter created and designated, respectively, 'University of North Carolina Student Apartment Revenue Bonds of 1962 and Interest Sinking Fund Account' (hereinafter sometimes called the 'Sinking Fund') and 'University of North Carolina Student Apartment Revenue Bonds of 1962 Repair and Replacement Reserve Account' (hereinafter sometimes called the 'Maintenance Reserve Fund'), respectively."

Section 6. That the paragraph in Section 101 of the Bond Resolution relating to "Project" be and the same is hereby amended to read as follows:

"The word 'Project' shall mean the thirteen new apartment buildings, with appurtenant facilities, to house approximately 84 married student families, the construction and financing of which are authorized by this Resolution."

Section 7. That Section 201 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 201. The construction of the Project is hereby authorized and, for the combined purpose of refunding University of North Carolina Student Apartments Revenue Bond, Series 1958,

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