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States of America, and that the acceptance of said bid is for the best interests of the Board. Said bid therefore is hereby accepted and said Series B bonds maturing in the years 1965 through 1992, aggregating $1,087,000, and bearing interest at the rates set forth above in this Section, respectively, for said bonds, are hereby awarded to said Merrill Lynch, Pierce, Fenner & Smith, Inc., Reynolds and Company, J. Lee Peeler & Company, Inc., Interstate Securities Corporation, and McCarley & Company, Inc., at the price set forth above in this Section, and said Series B bonds shall bear interest at said rates.

Section 3. It is hereby determined that the acceptance of the bid of the United States of America for the remaining block of said Series B bonds, being the only bid offering to purchase said remaining block, and the award of said remaining block of Series B bonds to the United States of America in accordance with said bid are for the best interests of the Board. Said bid for said remaining block of Series B bonds bearing interest at the rate of 3 1/2% per annum is hereby accepted and said remaining block of Series B bonds is hereby awarded to the United States of America at the price of par and accrued interest offered for said bonds bearing interest at said rate, and said Series B bonds maturing in the years 1993 through 2002, aggregating $713,000, shall bear interest at the rate of 3 1/2% per annum.

Section 4. Pursuant to the provisions of the resolution adopted by the Board of Trustees of The University of North Carolina on May 28, 1962, authorizing the issuance of said bonds, as amended by a resolution adopted by said Board of Trustees on February 25, 1963, and by a resolution adopted by the Executive Committee of said Board of Trustees on July 8, 1963 (said resolution as so amended being herein called the "Bond Resolution"), and particularly Section 210 of the Bond Resolution, the $825,000 The University of North Carolina at Greensboro Dormitory System Revenue Bonds of 1962, Series A, authorized thereby, bearing interest at the rate of 2 7/8% per annum, shall be delivered to the United States of America in exchange for Woman's College of the University of North Carolina Dormitory System Revenue Bond of 1958, No. T-1, registered as to both principal and interest in the name of the United States of America, Housing and Home Finance Administrator, and now outstanding in the amount of $825,000, and upon such exchange said Woman's College of the University of North Carolina Dormitory System Revenue Bond of 1958, No. T-1, shall be cancelled.

Section 5. In conformity with the request of the United States of America and the provisions of Section 205 of the Bond Resolution, there shall be