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their numbers on any interest payment date prior to their respective maturities and without the payment of any redemption premium.

Any temporary bond or bonds without coupons shall be subject to redemption as provided above for the definitive coupon bonds of corresponding maturities, except that any redemption in part shall be in the inverse order of the maturity dates of the instalments of principal of such temporary bond or bonds without coupons.

The moneys in the Sinking Fund available for the purchase or redemption of bonds outstanding under said resolution of May 28, 1962, as amended, shall be applied in the order and manner provided in said resolution.

The interest on said bonds is exempt from all present Federal income taxes and the statute under which said bonds have been authorized expressly provides that the bonds issued under such statute and the income therefrom shall at all times be free from taxation within the State of North Carolina.

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 the 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 said