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offers to purchase said blocks of bonds at the lowest debt interest for all of the bonds with the maximum number of maturities and at an interest cost to the Board more favorable than the interest cost bid by the United States of America and that the acceptance of said bid is for the best interests of the Board. Said bid therefore is hereby accepted and said Series A bonds maturing in the years 1965 through 1992, aggregating $602,000, and bearing interest at the rates set forth above in this Section, respectively, for said bonds, are hereby awarded to said Merrill Lynch, Pierce, Fenner & Smith, Inc., and Reynolds and Company at the respective prices set forth above in this Section, and said Series A bonds shall bear interest at said rates.

Section 3. It is hereby determined that the acceptance of the bid of the United States of America for the remaining block of said Series A bonds, being the only bid offering to purchase said remaining block, and the award of said remaining block of Series A bonds to the United States of America in accordance with said bid is for the best interests of the Board. Said bid for said remaining block of Series A bonds bearing interest at the rate of 3 1/2% per annum is hereby accepted and said remaining block of Series A bonds is hereby awarded to the United States of America at the price of par and accrued interest offered for said bonds bearing interest at said rate, and said Series A bonds maturing in the years 1993 through 2002, aggregating $398,000, shall bear interest at the rate of 3 1/2% per annum.

Section 4. Pursuant to the provisions of the resolution adopted by the Board of Trustees of The University of North Carolina on February 26, 1962, authorizing the issuance of said bonds, as amended by a resolution adopted by said Board of Trustees on February 25, 1963, and particularly Section 205 of said resolution as amended (said resolution as amended being herein called the "Bond Resolution"), the $1,942,000 University of North Carolina Student Apartment Revenue Bonds of 1962, Series B, authorized thereby, bearing interest at the rate of 3% per annum, shall be delivered to the United States of America in exchange for University of North Caro­ lina Student Apartments Revenue Bond, Series 1958, No. T-1, registered as to both principal and interest in the name of The United States of America, Housing and Home Finance Administrator, and now outstanding in the amount of $1,942,000, and upon such exchange said University of North Carolina Student Apartments Revenue Bond, Series 1958, No. T-1, shall be cancelled.