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RESOLUTION AMENDING RESOLUTION ADOPTED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA ON FEBRUARY 26, 1962, AUTHORIZING THE ISSUANCE OF UNIVERSITY OF NORTH CAROLINA STUDENT APARTMENT REVENUE BONDS

(said resolution adopted on February 26, 1962, as amended by said resolution adopted on February 25, 1963, being herein called the "Bond Resolution"), authorized the issuance of revenue bonds of the Board in the aggregate principal amount of $2,942,000, consisting of $1,000,000 University of North Carolina Student Apartment Revenue Bonds of 1962, Series A, for the purpose of paying, with other available funds, the cost of thirteen new apartment buildings, with appurtenant facilities, to house approximately 84 married student families (hereinafter collectively called the "Project"), at the University of North Carolina (hereinafter called the "University"), in Chapel Hill, North Carolina, and $1,942,000 University of North Carolina Student Apartment Revenue Bonds of 1962, Series B, for the purpose of refunding University of North Carolina Student Apartments Revenue Bond, Series 1958, No. T-1, issued by the Board for the purpose of providing funds for paying the cost of thirty-four apartment buildings, with appurtenant facilities, to house approximately 222 student families (hereinafter collectively called the "1958 Facilities"); and

WHEREAS, said bonds will be payable solely from the revenues of the Project and the 1958 F acilities; and

WHEREAS, in Section 501 of the Bond Resolution the Board covenants that it will at all times fix, charge and collect rentals and other charges for the facilities furnished by or for the right to use the facilities of the Project and the 1958 Facilities, or for the right to receive any such services, and that from time to time and as often as shall appear to be necessary it will revise such rentals and other charges, so that the Revenues of the Project and the 1958 Facilities will be at all times sufficient, with any other available funds, to meet the requirements of said Section; and

WHEREAS, in Section 502 of the Bond Resolution the Board covenants that, subject to the provisions set forth therein of

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