355

333

WHEREAS, the Board on May 28, 2962 adopted a resolution authorizing the construction of a dormitory, with appurtenant facilities to house approximately 808 men students, two counselors and two managers at North Carolina State and the issuance of $2,000,000 North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds - Series 1961 (hereinafter called the "1961 bonds") of the Board to pay (with other funds) the cost thereof (said resolution being hereinafter called the "1961 Resolution"); and

WHEREAS, there are pledged to the payment of the 1961 bonds certain increased rentals from existing dormitories named in the 1961 Resolution, including Fourth Hall, collectively called in the 1961 Resolution "Existing Dormitories"), to the extent provided in the 1961 Resolution; and

WHEREAS, the 1961 Resolution provides that such pledge is subject to Fourth Hall, to the right of the Board to cease operating said Hall at any time or, if any whenever the Board shall determine that that no net income can thereafter be reasonably anticipated therefrom, to sell or dispose of said Hall; and

WHEREAS, Fourth Hall was built in 1900, is sub-standard in every way, its condition is such that the cost of renovation would be exorbitant, the cost of operation is excessive, its use as a dormitory for students at North Carolina State is no longer feasible or proper, and no net income can hereafter be reasonably anticipated therefrom; and

WHEREAS, in the opinion of the Executive Committee Fourth Hall should be demolished; and

WHEREAS, the 1956 Resolution and the 1961 Resolution each provides in Section 902 thereof, that all rights, powers and privileges conferred and duties and liabilities imposed upon the Board by the provisions of the Resolution may be exercised or performed by the Executive Committee; now, therefore,

BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina:

Section 1. That it is hereby found, determined and declared that no net income can hereafter be reasonably anticipated from Fourth Hall at North Carolina State.