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inclusive, issued for the combined purpose of refunding after July 1, 1963, a temporary bond without coupons designated "Woman's College of the University of North Carolina Dormitory System Revenue Bond of 1958", No. T-1 (hereinafter called the "1958 bond") issued to pay the cost of the 1958 Facilities (hereinafter mentioned ), then outstanding in the principal amount of $825,000, and, with other available funds, paying the cost of a new dormitory, with necessary appurtenant facilities, to house approximately 640 women students and including four apartments (hereinafter called the "Project"), at The University of North Carolina at Greensboro (hereinafter called the "Greensboro campus").

All of the Series A and Series B bonds are issued under and pursuant to a resolution duly adopted by the Board on May 28, 1962, as amended (said resolution of the Board with all resolutions amendatory thereof or supplemental thereto as therein permitted being herein collectively called the "Resolution"). The Resolution provides for the issuance from time to time under the conditions, limitations and restrictions therein set forth of additional bonds (such additional bonds, Series A bonds and Series B bonds being herein collectively called the 'bonds') to pay the cost of acquiring or constructing Additional Facilities (hereinafter mentioned). Reference is hereby made to the Resolution for the provisions, among others, with respect to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the fund charged with and pledged to the payment of the interest on and the principal of the bonds, the nature and extent of the security, the terms and conditions under which the bonds of each series are or may be issued, the rights, duties and obligations of the Board and the rights of the holders of the bonds, and, by the acceptance of this bond, the holder hereof assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution and laws of the State of North Carolina, including Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina. The Resolution provides for fixing, charging and collecting rentals and other charges for (1) the facilities furnished by or for the right to use the facilities at the Greensboro campus of the Project, the dormitory, consisting of two dormitory sections called "Moore Dormitory" and "Strong Dormitory", respectively, with appurtenant facilities (herein called the "1958 Facilities") and such other dormitories, apartments and related housing facilities (herein called "Additional Facilities") hereafter provided

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