396

370

All Men's Dormitories: $190.00 for the regular term of two semesters;
$27.50 for each of the two summer terms.

All Women's Dormitories: $235.00 for the regular term of two semesters;
$35.00 for each of the two summer terms.

(i) The Borrower shall have the right and power to issue additional Series of parity Bonds for the purpose of financing entirely, or in part, the construction or acquisition of additions or improvements to the Dormitory System to be established in accordance with the provisions of Special Condition (b) above, with each such additional Series of parity Bonds to be payable from and secured by a first lien on and pledge of the net revenues of the Dormitory System, and any other revenues pledged as security, on a parity with all Bonds then outstanding and any such additional Series of parity Bonds outstanding; provided, in each instance, that:

(1) The Borrower is in full compliance with all covenants and undertakings in connection with all Bonds then outstanding and payable from the net revenues of the Dormitory System and any other revenues pledged as security.

(2) The annual net revenues defined as gross revenues less current expenses of the Dormitory System, for the fiscal year next preceding the issuance of the additional parity Bonds, together with any other revenues pledged as security, are certified by an independent Certified Public Accountant employed by the Borrower, or the North Carolina State Auditor, to have been equal to at least one and thirty-five hundredths (1.35) times the average annual requirements for principal of and interest on all Bonds then outstanding and payable from the net revenues of the Dormitory System and any other revenues pledged as security.

(3) The estimated annual net revenues of the facility or facilities to be constructed, acquired or improved with the proceeds of such additional parity Bonds, entirely, or in part, when added to the estimated annual net revenues of the then existing Dormitory System and any other revenues pledged as security, shall equal at least one and thirty-five hundredths (1.35) times the average annual requirements for principal of and interest on all Bonds then outstanding and on the additional Bonds authorized or to be issued, and payable from the net revenues of the Dormitory System and any other revenues pledged as security.

The calculation of the future net revenues of the then existing Dormitory System shall be based on actual net revenues for the fiscal year next preceding the issuance of additional parity Bonds, as adjusted, if necessary, to reflect the schedule of rates and charges to become effective upon the addition thereto of the new facility or facilities, and after giving recognition to any anticipated changes in current expenses of the Dormitory System.

The calculation of the estimated net revenues of the facility or facilities to be constructed, acquited or improved, shall be predicated upon an assumed utilization rate of not more than 90 percent and upon the anticipated rates and charges and current expenses upon completion.

The calculation of the average annual debt service requirements for principal of and interest on the additional Bonds to be issued shall, regardless of whether such Bonds are to be serial or term Bonds, be determined on the basis of the principal of and interest on such Bonds being payable in approximately equal installments.

The calculation of the estimates, as herein provided, shall be made by the Chief Financial Officer of the Borrower and approved by its President and governing body.

(j) Notwithstanding the provisions of Special Condition (i) above, the Borrower may issue one or more additional Series of parity Bonds for the purpose of financing entirely, or in part, the construction or acquisition of additions or improvements to the Dormitory System to be established in accordance with the provisions of Special Condition (b) above, to house approximately 1,000 additional students, provided: