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necessary appurtenant facilities, to house approximately 925 men students at the Chapel Hill campus, the construction and financing of which are authorized by this Resolution; the term "1956 Facilities" shall mean the dormitories known as Avery Hall, Parker Hall and Teague Hall and the addition to the existing dormitory known as Spencer Hall financed by the issuance of the 1956 bonds; the term "1960 Facilities" shall mean the dormitories known as Craige Hall and Ehringhaus Hall and the addition to the existing dormitory known as the Nurses' Dormitory by the issuance of the 1960 bonds, and the term "Existing Dormitories" shall mean the 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 1960 Facilities).

The term "Revenues of the Dormitory System" shall mean all moneys received by the Board from or as a result of its ownership and operation of the Dormitory System.

The term "this Resolution" shall mean and shall include this Resolution of the Board and any resolution or resolutions adopted by the Board or by the Executive Committee as authorized herein amending or supplementing this resolution.

The word "Series" shall mean either (i) the bonds issued under the provisions of Section 207 of Article II of this Resolution as Series A bonds or (ii) the bonds issued under the provisions of said Section 207 as Series B bonds or (iii) the bonds issued under the provisions of said Section 207 as Series C bonds, or (iv) the bonds issued under the provisions of saidSection 207 as Series D bonds or (v) the bonds issued under the provisions of said Section 207 as Series E bonds or (vi) the bonds issued under the provisions of said Section 207 as Series F bonds or (vii) the bonds issued and delivered at any one time under the provisions of Section 211 of Article II of this Resolution for Additional Improvements.

Section 102. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words "bond", "coupon", "owner", "holder" and "person" shall include the plural as well as the singular number, the word "person" shall include corporations and associations, including public bodies, as well as natural persons, and the word "holder" or "bondholder" when used herein with respect to bonds issued hereunder shall mean the holder or registered owner, as the case may be, of bonds at the time issued and outstanding hereunder. The word "bond" or "bonds" and the words "revenue bond" or "revenue bonds" shall mean any bond or bonds or all of the bonds, as the case may be, issued under the provisions of this Resolution.

ARTICLE II.
Authorization, Form, Execution, Delivery and Registration of Bonds.

Section 201. No bonds may be issued under the provisions of this Resolution except in accordance with the provisions of this Article. The issuance of all bonds (as such term is defined in the preambles of this Resolution) under the provisions of this Resolution shall be subject to the approval of the Advisory Budget Commission of the State of North Carolina. Except as otherwise provided in this Resolution, the principal of and the interest on all bonds shall be payable solely from the Dormitory System Bond and Interest Sinking Fund Account of 1963 (hereinafter created) and all of the covenants, agreements and provisions of this Resolution shall be for the benefit and security of all and singular the present and future holders of the bonds and interest coupons so issued or to be issued, without

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