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for $20,000. Award or rejection of bids will be made on the date above stated for the receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as security for the performance of his bid, but in the event that such successful bidder shall fail to comply with the terms of his bid the check may then be cashed and the proceeds thereof retained as and for full liquidated damages.

The successful bidder will be furnished, without cost, the approving legal opinion of Mitchell, Pershing, Shetterly & Mitchell, of New York City.

The right to reject any or all bids is reserved.

BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA
By: A. H. SHEPARD, JR.
Business Officer & Treasurer

Chinqua-Penn Plantation

President Friday presented a recommendation of the Committee on Real Estate to grant a right-of-way to the Colonial Pipeline Company to run a pipeline across Chinqua-Penn Plantation about 125 rods and about 75 feet wide during construction, with width to be reduced to 50 feet or less after the pipeline is laid. The pipe will be at least 36 inches underground, and the University would reserve the right to use the land for cultivation or other purposes which would not interfere with the maintenance or operation of the pipeline. This construction is a part of a multi-million dollar interstate project. Mrs. Penn, the present tenant of Chinqua-Penn Plantation, has given her consent to the right-of-way and she will be recompensed for damage to growing crops or any improvements occasioned by the construction of the pipeline. The University will also receive some compensation from the Colonial Pipeline Company for granting this right-of-way, the compensation to be agreed upon by the University administration and the State Department of Administration with the Colonial Pipeline Company.

Mr. Maynard moved that the right-of-way be granted, subject to satisfactory agreement to be worked out between the Administration, the State Department of Administration and the Pipeline Company. Mr. Hill seconded the motion and it was unanimously approved.