275

258

A first lien on and pledge of (i) the net revenues of said new dormitory, the dormitory (consisting of two dormitory sections called "Moore Dormitory" and "Strong Dormitory", respectively) for which the Woman's College of the University of North Carolina Dormitory System Revenue Bond of 1958, No. T-1, was issued, and any other dormitories, apartments and related facilities the cost of which, in whole or in part, is paid through the issuance of additional bonds under the resolution, as amended, authorizing the bonds of said issue of $2,625,000, and (ii) additional revenues resulting from certain increases in rental rates applicable to certain existing dormitories, at The University of North Carolina at Greensboro.

The resolution, as amended, authorizing the bonds of said issue of $2,625,000 provides for the issuance from time to time of bonds additional to said issue of $2,625,000, under the conditions, limitations and restrictions set forth in said resolution, as amended, for the purpose of paying all or any part of the cost of additional dormitories, apartments and related housing facilities at The University of North Carolina at Greensboro.

Bids for said $1,800,000 The University of North Carolina at Greensboro Dormitory System Revenue Bonds of 1962, Series B, will be considered on the following basis:

(1) All maturities in the years 1965 through 1972;
(2) All maturities in the years 1973 through 1982;
(3) All maturities in the years 1983 through 1992;
(4) All maturities in the years 1993 through 2002; and
(5) The entire $1,800,000 issue.

Bids for the entire bond issue will be accorded preference over bids for individual blocks, except where the sum of the bids for all of the individual and/or combined blocks results in a lower net interest cost for the entire issue. Bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks, except where the sum of such individual blocks results in a lower net interest cost for the maximum number of maturities. For the purpose of determining the lowest bidder, calculations of net interest cost will exclude the bid of the Housing and Home Finance Agency.

The United States of America, through the Housing and Home Finance Administrator, has entered into a loan agreement with the Board of Trustees of The University of North Carolina, acting for and on behalf of the Woman's College of the University of North Carolina (since July 1, 1963 known and designated as The University of North Carolina at Greensboro), pursuant to which the United States of America has agreed to buy these bonds at par and accrued interest at a 3 1/2% interest rate, providing no other equally favorable bid or bids are submitted.