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Section 502 of the resolution adopted by the Board on September 22, 1956, as amended and supplemented, authorizing the issuance of $2,000,000 University of North Carolina Dormitory Revenue Bonds - Series 1956, and the provisions set forth in Section 502 of the resolution adopted by the Board on May 22, 1961, as amended, authorizing the issuance of $2,875,000 University of North Carolina Dormitory Revenue Bonds of I960, Series A, B and C, and notwithstanding any other facilities which may now or hereafter be available for the housing of students at the University, it will require a sufficient number of students at the University to live in and use the Project and the 1958 Facilities, and will adopt and enforce such parietal and other rules and regulations, as will assure that the Project and the 1958 Facilities will be fully utilized at all times during the regular school terms at the University and to the fullest extent practicable at all times during any summer school term at the University; and

WHEREAS, Section 902 of the Bond Resolution provides that all rights, powers and privileges conferred and duties and responsibilities imposed upon the Board by the provisions of the Bond Resolution may be exercised and performed by or at the direction of the Executive Committee; now, therefore,

BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina that:

Section 1. There is hereby fixed and there shall be charged and collected for the facilities furnished by or for the right to use the facilities of the Project, or for the right to receive any such services, an initial base rental rate of $75.00 per month for each of the two bedroom apartments, including heat, water and general services but excluding gas and electricity.

Section 2. There are hereby fixed and there shall be charged and collected for the facilities furnished by or for the right to use the facilities of the 1958 Facilities, or for the right to receive any such services, commencing not later than the completion and occupancy of the Project, a base rental rate of $65.00 per month