145

134

prior to September 1, 1978, 2% if redeemed thereafter and on or prior to September 1, 1983, 1 1/2% if redeemed thereafter and on or prior to September 1, 1988, and 1% if redeemed thereafter. Definitive coupon Series B bonds numbered 1 to 197, inclusive, maturing September 1, 1963 to September 1, 1968, inclusive, shall not be subject to redemption. Notwithstanding any of the foregoing provisions of this Section, if the United States of America or any agency thereof holds any of such bonds, all such bonds so held may be redeemed in the inverse order of their numbers on any interest payment date prior to their respective maturities and without the payment of any redemption premium."

Section 21. That the first sentence of Section 401 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 401. A special fund is hereby created and designated 'University of North Carolina Student Apartment Construction Fund of 1962' (herein sometimes called the 'Construction Fund'), to the credit of which there shall be deposited the proceeds of the Series A bonds required to be so deposited by Section 205 of this Resolution and all moneys received by the Board from any other source for financing the cost of the Project."

Section 22. That the first sentence of Section 503 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 503. A special fund is hereby created and designated 'University of North Carolina Student Apartment Revenue Bonds of 4962 Revenue Fund Account' (hereinafter sometimes called the 'Student Apartment Revenue Fund')."

Section 23. That the first sentence of the second paragraph of Section 503 of the Bond Resolution be and the same is hereby amended to read as follows:

"A special fund is hereby created and designated 'University of North Carolina Student Apartment Revenue Bonds of 1962 Bond and Interest Sinking Fund Account' (herein sometimes called the 'Sinking Fund')."

Section 24. That the first sentence of the third paragraph of Section 503 of the Bond Resolution be and the same is hereby amended to read as follows:

"Another special fund is hereby created and designated 'University of North Carolina Student Apartment Revenue Bonds of 1962 Repair and Replacement Reserve Account' (herein sometimes called the 'Maintenance Reserve Fund')."

Section 25. That Section 904 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 904. The Executive Committee of the Board is hereby authorized to adopt any resolution or resolutions deemed by the Executive Committee to be necessary amending or supplementing the provisions of this Resolution to conform to the requirements of the Loan Agreement, dated as of December 1, 1961, by and between the Board and the United States of America, hereinbefore mentioned, and any amendment of said Loan Agreement or any waiver of any of the provisions thereof, or to conform to the requirements of or resulting from any law hereafter enacted by the General Assembly of North Carolina, and any such resolution or resolutions shall be deemed to be a part of this Resolution."

Section 26. This resolution shall be in full force and effect immediately upon its passage.