408

382

preference, priority or distinction as to lien or otherwise of any
one bond over any other bond by reason of priority in the issue, sale
or negotiation thereof, or otherwise.

Section 202. The bonds issued under the provisions of Section 207 of this Article shall be substantially in the form set forth in Section 208 of this Article, with such appropriate variations, omissions or insertions as are permitted or required by this Resolution, and may have endorsed thereon such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. The bonds issued under the provisions of Section 211 of this Article shall be substantially in the form hereinabove mentioned, with such additional changes as may be necessary or appropriate to conform to the provisions of the resolution or resolutions authorizing the issuance of such bonds.

Section 203. The definitive coupon bonds of each Series issued under the provisions of this Resolution shall be in the denomination of One Thousand Dollars ($1,000) each, shall be dated, shall be stated to mature, shall bear interest from their date until their payment at a rate or rates not exceeding the maximum rate permitted by law, such interest to the maturity thereof being payable semi-annually on the 1st days of May and November in each year, shall be numbered, and may be made subject to the right of prior redemption, all as hereinafter provided.

Both the principal of and the interest on the bonds shall be payable in any coin or currency which on the respective dates of payment thereof is legal tender for the payment of debts due the United States of America. The principal of and the interest on the definitive coupon bonds shall be payable at the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, or at the principal office of First National City Bank, in the Borough of Manhattan, City and State of New York, at the option of the holder or registered owner.

Payment of the principal of the bonds shall be made upon the presentation and surrender of such bonds as the same shall become due and payable. Payment of the interest on the definitive coupon bonds shall be made upon the presentation and surrender of the coupons representing such interest as the same respectively become due and payable.

Section 204. The bonds shall bear the facsimile signature of the Governor of the State of North Carolina as ex officio Chairman of the Board of Trustees of The University of North Carolina and shall be signed by the Secretary of the Board, and the official seal of the Board shall be impressed on the bonds. The interest coupons to be attached to the definitive bonds shall be executed with the facsimile signature of the Secretary of the Board. In case any officer whose signature or a facsimile of whose signature shall appear on any bond or coupon shall cease to be such officer before the delivery of the bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery.

Section 205. Any purchaser of any of the bonds may request the execution and delivery of a single temporary bond without coupons in lieu of any definitive coupon bonds purchased by such purchaser. Upon receipt of such request by the Board or the Executive Committee, the Board or the Executive Committee shall cause to be executed and delivered a temporary printed, engraved or lithographed bond without coupons, substantially in the form provided by the resolution or resolutions of the Board or the Executive Committee awarding and selling such bonds to such purchaser, in a denomination equal to the aggregate principal amount of such definitive coupon bonds and payable in instalments corresponding to the maturities of such definitive coupon bonds. Such temporary bond without coupons shall bear interest at the same rate or rates as such definitive coupon bonds, shall be registered as to both principal and interest, shall be non-negotiable and shall be payable to the purchaser or the registered assigns thereof as to both principal and interest at such place or places as shall