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Section 1. Amount, Purchase Price, and Purpose. Subject to the Terms and Conditions (Form CFA-520 dated 4-63), attached hereto and made a part hereof as Exhibit A, and the provisions of this Agreement, the Borrower will sell and the Government, acting by and through the Housing and Home Finance Administrator (herein called the "Administrator"), will purchase $2,544,000 aggregate principal amount of the obligations of the Borrower described below (herein called the "Bonds"), or such lessor amount thereof as the Administrator estimates will be required, together with the Borrower's funds provided from other sources, to pay the development cost of the Project (estimated to be $2,544,000), hereinafter described, at a price equal to the principal amount thereof plus accrued interest, the proceeds of the sale of such Bonds to be used solely for the development of the said Project; and, further, the Borrower will offer for sale or exchange, as hereinafter provided, $4,280,000 of its obligations described below or such lessor amount thereof as may be necessary to retire or be exchanged for all its outstanding University of North Carolina Dormitory Revenue Bonds - Series 1956, and University of North Carolina Dormitory Revenue Bonds of 1960, Series A, B and C.

Section 2. Description of Bonds. The Bonds which the Borrower agrees to sell and the Government agrees to purchase are described as follows:

(a) Designation: University of North Carolina Dormitory System Revenue Bonds of 1963, Series A, C, D, E and F.

(b) Date: November 1, 1963.

(c) Principal Amount: $6,724,000 (consisting of Series A in the Amount of $1,647,000, Series C in the amount of $533,000, Series D in the amount of $1,000,000 and Series E in the amount of $1,000,000 and Series F in the amount of $2,544,000).

(d) Denomination: $1,000.

(e) Type: Negotiable, serial coupon Bonds, payable to bearer.

(f) Interest Rate: 2-3/4% per annum, payable semi -annually on May 1 and November 1 in each year, first interest payable May 1, 1964.

(g): Maturities: November 1, in years and amounts as follows:

SERIES A BONDS
Year
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

Amo unt

Year

Amount

$ 35, 000
36,000
37,000
38, 000
39,000
40,000
41,000
42,000
43,000
44,000
46,000
47,000
48, 000
49,000
51,000

$ 52,000
1979
1980
54,000
1981
55, 000
1982
57,000
1983
58,000
1984
60,000
1985
62,000
1986
63,000
1987
65, 000
1988
67,000
1989
69,000
1990
71,000
73, 000
1991
1992
76,000
1993
77,000
1994
52,000

(h) Numbers: 1-A to 1,647-A, inclusive in order of maturity.

(i) Security: Special obligation of the Borrower, secured by and payable from a first lien on and pledge of the revenues of the "Dormitory System" to be established in accordance with provisions of Special Condition (b) and in the manner and for the purpose set out in the other Special Conditions.

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