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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., Business Officer and Treasurer, be and he hereby is authorized to execute and file an application on behalf of North Carolina State College of Agriculture and Engineering of the University of North Carolina to the United States of America for loan assistance under Title IV of the Housing Act of 1950 in anticipation of the issuance of $3,030,000 Revenue Bonds to provide funds for the construction of two new dormitories (one dormitory to cost approximately $2,200, 000 to house approximately 800 men students; and one dormitory to cost approximately $830,000 to house approximately 200 women students) on the campus of North Carolina State College in Raleigh, North Carolina.

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

Mr. Noble moved that the above resolution be adopted. The motion was seconded by Mr. Wicker and the resolution was unanimously adopted.

President Friday also presented the following resolutions as recommended by the Committee on Real Estate, and he requested their adoption:

1. Resolution authorizing termination of Lease between the University of North Carolina at Chapel Hill and the North Carolina Wildlife Resources Commission

WHEREAS, on March 22, 1954, the University of North Carolina entered into a lease agreement with the State of North Carolina Wildlife Resources Commission whereby the Wildlife Resources Commission was granted the use of approximately 600 acres of land belonging to the University and known as a part of the Mason Farm, for a consideration of $1,000 a year, for a term of five years from the date of execution of the agreement, with the provisions that the lease could be extended on a year to year basis until one of the parties gave the other notice of 90 days prior to the end of the current term of its desire to terminate; and

WHEREAS, the Wildlife Resources Commission on March 13, 1963, notified the University that it desires to terminate the lease as of August 1, 1963, with the understanding that certain specified crops planted on the land may be harvested in October and November, 1963; and

WHEREAS, the University administration considers the termination of the lease as being in the best interest of the University inasmuch as a part of the leased land is now needed for athletic practice fields: