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Section 8. That the first sentence of Section 210 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 210. The Executive Committee shall provide for the exchange after July 1, 1963 of the Series A bonds for the 1958 bond then outstanding in the amount of $825,000 in conformity with the provisions of this Resolution and the Loan Agreement hereinabove mentioned, dated as of January 1, 1962, between the Board, acting for and on behalf of the College, and the United States of America. "

Section 9. That the first sentence of Section 301 of the Bond Resolution be and the same is hereby amended to read as follows:

"Section 301. Definitive coupon Series A bonds numbered 715 to 825, inclusive, maturing July 1, 1994 to July 1, 1996, inclusive, may be redeemed on any interest payment date prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, without the payment of any redemption premium."

Section 10. That the following Section shall be inserted in the Bond Resolution as Section 1008, and the numbers of the present Sections 1008, 1009 and 1010 shall be changed to 1009, 1010 and 1011, respectively:

"Section 1008. The Executive Committee of the Board is hereby authorized to adopt, prior to the issuance of any bonds hereunder, 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 by and between the Board and the United States of America hereinabove mentioned or to the requirements of or resulting from any law hereafter enacted by the General Assembly of North Carolina. "

Section 11. This resolution shall be in full force and effect immediately upon its passage.

President Friday

President Friday made the following University report:

"First, you shall soon receive an invitation to the O. Max Gardner Award dinner, and I hope as many of you as can do so will be present for this occasion. It is our good fortune to have the education editor of the New York Times, Mr. Fred Hechinger, to speak at the dinner this year.

"Next, I should like to review quickly the recommendations of the Advisory Budget Commission now before the General Assembly relating to the 1963-65 biennial budget.