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outstanding in the amount of $825,000, payable in annual instalments on the 1st day of July in the years 1964 to 1996, 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 3. That the tenth 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 and certain revenues of the Existing Dormitories, in the aggregate principal amount of $2,625,000 for the combined purpose of refunding said 1958 bond in the amount thereof now outstanding and paying all or part of the cost of constructing the Project, of which bonds $1,800,000 in aggregate principal amount, designated 'Woman's College of the University of North Carolina Dormitory System Revenue Bonds of 1962, Series B', shall be issued and the proceeds thereof applied, with other available funds, to payment of the cost of the Project, and $825,000 in aggregate principal amount, designated 'Woman's College of the University of North Carolina Dormitory System Revenue Bonds of 1962, Series A', shall be issued and exchanged after July 1, 1963 for said Woman's College of the University of North Carolina Dormitory System Revenue Bond of 1958, No. T-1, then outstanding in said amount (said Series A bonds and Series B bonds being hereinafter sometimes called the '1962 Bonds'); and".

Section 4. That the first paragraph of Section 208 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 208. The construction of the Project is hereby authorized and, for the combined purpose of refunding after July 1, 1963 the 1958 bond, No. T-1, then outstanding in the principal amount of $825,000, and, with other available funds, paying the cost of the Project, there shall be issued, under and pursuant to the Constitution and laws of the State of North Carolina, including Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina, revenue bonds of the Board in the aggregate principal amount of Two Million Six Hundred Twenty-five Thousand Dollars ($2,625,000), dated July 1, 1962, of which bonds Eight Hundred Twenty-five Thousand Dollars ($825,000) in aggregate principal amount shall be designated 'Woman's College of the University of North Carolina Dormitory System Revenue Bonds of 1962, Series A' (herein sometimes called the 'Series A bonds') and One Million Eight Hundred Thousand Dollars ($1, 800, 000) in aggregate principal amount shall be designated 'Woman's College of the University of North Carolina Dormitory System Revenue Bonds of 1962, Series B' (herein sometimes called the 'Series B bonds')."

Section 5. That the schedule of maturities of the Series A bonds in the second paragraph of Section 208 of the Bond Resolution be and the same is hereby amended to read as follows: