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DORMITORY REVENUE BONDS OF 1960, SERIES A, B AND C; AND $2,544,000 SERIES F BONDS TO PAY, WITH OTHER AVAILABLE FUNDS, THE COST OF SAID DORMITORY PROJECT; PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON FROM REVENUES; PROVIDING FOR THE AUTHORIZATION OF BONDS FOR ADDITIONAL FACILITIES THAT MAY HEREAFTER BE CONSTRUCTED; AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS.

WHEREAS, by Chapter 116 of the General Statutes of North Carolina, the Board of Trustees of The University of North Carolina, a body politic and corporate under the name of the "University of North Carolina" (hereinafter sometimes called the "Board"), is vested with general control and supervision of Tie University of North Carolina at Chapel Hill, North Carolina State of the University of North Carolina at Raleigh, and The University of North Carolina at Greensboro; and

WHEREAS, the Board is authorized by Sections 116-187 to 116-198, inclusive, of the General Statutes of North Carolina (hereinafter sometimes called the "Act") to issue, subject to the approval of the Advisory Budget Commission, at one time or from time to time, revenue bonds of the Board for the purpose of acquiring or constructing any one or more buildings for student housing of any size or type approved by the Board and the Advisory Budget Commission, and any enlargements or improvements of or additions to such buildings so approved, for the housing of students of The University of North Carolina at Chapel Hill (hereinafter sometimes called the "Chapel Hill campus"), in Chapel Hill, North Carolina, together with the necessary land and equipment; and

WHEREAS, the Board is authorized by the Act to fix and to revise from time to time rentals for the use of and for the services furnished by any project financed under the act or any similar existing facilities at the same institution, to be so fixed and adjusted, with relation to other revenues available therefor, as to provide funds at least sufficient with such other revenues, if any, (a) to pay the cost of maintaining, repairing and operating such project or projects or existing facilities, including reserves for such purposes, and (b) to pay the principal of and the interest on the bonds for the payment of which such revenues are pledged and to provide reserves therefor; and

WHEREAS, the Board, pursuant to a resolution adopted by the Board on September 22, 1956, as amended and supplemented by resolutions of the Board and the Executive Committee thereof, has heretofore issued under Chapter 1289 of the 1955 Session Laws of North Carolina its University of North Carolina Dormitory Revenue Bonds Series 1956 (hereinafter sometimes called the "1956 bonds") in the principal amount of $2,000,000, for the purpose of providing funds for paying the cost of three new dormitories (known as Avery Hall, Parker Hall and Teague Hall) and an addition to the existing dormitory known as Spencer Hall, including necessary appurtenant facilities (hereinafter sometimes collectively called the "1956 Facilities"), at the Chapel Hill campus, $1,467,000 of which bonds, maturing on November 1 in the years 1964 to 1994, inclusive, and bearing interest at the rate of 2-3/4% per annum payable semi-annually on the 1st days of May and November in each year, are now outstanding and are owned and held by the United States of America, Housing and Home Finance Administrator, and may be redeemed on any interest payment date prior to their respective maturities and without the payment of any redemption premium; and

WHEREAS, the Board, pursuant to a resolution adopted by the Board on May 22, 1961, as supplemented by a resolution adopted by the Executive Committee of the Board on January 8, 1962, has heretofore issued under Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina its University of North Carolina Dormitory Revenue Bonds of 1960, Series A, B and C (hereinafter sometimes called the "1960 bonds"), in the aggregate principal amount of $2,875,000, for the purpose of providing funds, with other available funds, for paying the cost of two new dormitories (known as Craige Hall and Ehringhaus Hall) and an addition to the existing dormitory known as the Nurses' Dormitory, all with necessary appurtenant facilities (hereinafter sometimes collectively