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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.

Definitive coupon Series B bonds numbered 1,419 to 1,800, inclusive, maturing July 1, 1998 to July 1, 2002, inclusive, may be redeemed on any interest payment date prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, without the payment of any redemption premium. Subject to the prior redemption of such bonds, definitive coupon Series B bonds numbered 213 to 1,418, inclusive, maturing July 1, 1973 to July 1, 1997, inclusive, may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after July 1, 1972, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to July 1, 1977, 2 l/2% if redeemed thereafter and on or prior to July 1, 1982, 2% if redeemed thereafter and on or prior to July 1, 1987, 1 1/2% if redeemed thereafter and on or prior to July 1, 1992, and 1% if redeemed thereafter. Definitive coupon Series B bonds numbered 1 to 212, inclusive, maturing July 1, 1965 to July 1, 1972, inclusive, shall not be subject to redemption. Notwithstanding any of the foregoing provisions, if the United States of America or any agency thereof holds any of such bonds, all such bonds so held may be redeemed in the inverse order of