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which temporary bond is subject to redemption on any interest payment date and without the payment of any redemption premium and is now outstanding and unpaid; and

WHEREAS, the Board is authorized by the Act, subject to the approval of the Advisory Budget Commission, to issue from time to time revenue refunding bonds for the purpose of refunding any revenue bonds issued by the Board under Chapter 1289 of the 1955 Session Eaws of North Carolina or under Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina or under the Act, and the Board is further authorized, subject to the approval of the Advisory Budget Commission, to issue from time to time revenue refunding bonds for the combined purpose of

(1) refunding any revenue bonds or revenue refunding bonds issued by the Board under Chapter 1289 of the 1955 Session Laws of North Carolina or under Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina or under the Act. and

(2) paying all or any part of the cost of acquiring or constructing any additional student housing facilities;

and

WHEREAS, the owners and holders of said $305,000 coupon University of North Carolina Dormitory Revenue Bonds of 1960, Series A, have agreed with the Board that said bonds may be refunded by bonds of the same maturities and bearing interest at the same rates, and the United States of America, Housing and Home Finance Administrator, has agreed with the Board that the 1956 bonds and said $2,533,000 University of North Carolina Dormitory Revenue Bond of 1960, Series A, B and C, No. T-1, may be redeemed and refunded at any time; and

WHEREAS, there is a serious shortage of student housing facilities at the Chapel Hill campus and there is an urgent and immediate need for the construction at said institution of a new dormitory, with necessary appurtenant facilities, to house approximately 925 men students (said dormitory being hereinafter sometimes called the "Project"), and the Board has determined to proceed with the construction of the Project with all practicable dispatch; and

WHEREAS, the Board has heretofore constructed, in addition to the dormitories and additions heretofore mentioned, and is now maintaining and operating at the Chap el Hill campus certain dormitories known as Alderman, Alexander, Aycock, Battle-Vance-Pettigrew, Carr, Cobb, Conner, Everett, Graham, Grimes, Joyner, Kenan, Lewis, Mangum, Manly, Mclver, Old East, Old West, Ruffin, Smith, Spencer, (not including the addition constructed as part of the 1956 Facilities), Stacy, Whitehead and Winston Halls and the Nurses' Dormitory (not including the addition constructed as part of the I960 Facilities) (said dormitories being hereinafter sometimes collectively called the "Existing Dormitories"); and

WHEREAS, the Board has determined to issue its revenue bonds, payable as hereinafter provided solely from and secured by a pledge of the revenues of the Project, the 1956 Facilities, the 1960 Facilities and the Existing Dormitories, in the aggregate principal amount of $7,029,000 for the combined purpose of refunding the 1956 bonds and the 1960 bonds in the amounts thereof now outstanding and paying all or part of the cost of constructing the Project, said bonds to be designated "The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963" (hereinafter sometimes called the "1963 bonds"), and to be issued in Series as follows:

(i) $1,647,000 Series A bonds (hereinafter sometimes called the "1963 Series A bonds"), for the purpose of refunding the outstanding 1956 bonds;

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