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RESOLUTION AUTHORIZING THE UNIVERSITY OF NORTH CAROLINA TO FILE AN APPLICATION WITH THE HOUSING AND HOME FINANCE AGENCY OF THE UNITED STATES OF AMERICA FOR LOAN ASSISTANCE UNDER TITLE IV OF THE HOUSING ACT OF 1950 IN FINANCING THE CONSTRUCTION OF A STUDENT UNION BUILDING AND A STUDENT BOOK AND SUPPLY STORE AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, AND DESIGNATING A. H. SHEPARD, JR., THE BUSINESS OFFICER AND TREASURER, AS THE AUTHORIZED REPRESENTATIVE OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA IN CONNECTION WITH SUCH APPLICATION.

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

Section 1. That A. H. Shepard, Jr., the Business Officer and Treasurer, be and he hereby is authorized to execute and file a loan application on behalf of the University of North Carolina to a bank, other loan source, or to the United States of America (under Title IV of the Housing Act of 1950) in anticipation of the issuance of up to $2,500,000 Revenue Bonds to provide funds for the construction of a Student Union Building, including a Student Book and Supply Store, at the University of North Carolina at Chapel Hill, North Carolina, it being understood that $500,000 of the funds derived from the said Revenue Bond issue will be liquidated through funds derived from the operation of said Student Book and Supply Store, and that $2,000,000 of the Revenue Bond issue will be liquidated by means of fees assessed the students of the University of North Carolina at Chapel Hill.

Section 2. That the said A. H. Shepard, Jr., is hereby authorized and directed to furnish such information to the prospective lender or to the United States of America, through the Housing and Home Finance Agency, as may reasonably be requested, in connection with the application for a loan and the issuance and sale of bonds for the payment thereof.

On motion of Mr. Pearsall, seconded by Mr. Hill, the above resolution was unanimously adopted.

2. Two New Dormitories at State College

RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION WITH THE HOUSING AND HOME FINANCE AGENCY OF THE UNITED STATES OF AMERICA FOR LOAN ASSISTANCE UNDER TITLE IV OF THE HOUSING ACT OF 1950 TO FINANCE THE CONSTRUCTION OF TWO NEW DORMITORIES AT NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA IN RALEIGH, AND DESIGNATING A. H. SHEPARD, JR., THE BUSINESS OFFICER AND TREASURER, AS THE AUTHORIZED REPRESENTATIVE OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA IN CONNECTION WITH SUCH APPLICATION.