414

388

$2,544,000 Series F bonds (hereinafter called the "1963 Series F
bonds"), numbered 1-F to 2,544-F, inclusive, and maturing in
annual instalments in the years 1967 to 2003, inclusive;

issued for the combined purpose of refunding the University of North Carolina Dormitory Revenue Bonds - Series 1956 (hereinafter called the "1956 bonds") outstanding in the amount of $1,647,000 and the University of North Carolina Dormitory Revenue Bonds of 1960, Series A, B and C (hereinafter called the "1960 bonds"), outstanding in the amount of $2,938,000 and, with other available funds, paying the cost of a new dormitory, with necessary appurtenant facilities, to house approximately 925 men students (hereinafter called the "Project") at The University of North Carolina at Chapel Hill (hereinafter called the "Chapel Hill campus").

All of the 1963 bonds are issued or to be issued under and pursuant to a resolution duly adopted by the Board of ___________, 1964 (said resolution of the Board with all resolutions amendatory thereof or supplemental thereto as herein permitted being herein collectively called the "Resolution"). The Resolution provides for the issuance from time to time under the conditions, limitations and restrictions therein set forth of additional bonds (such additional bonds and the 1963 bonds being herein collectively called the "bonds") to pay the cost of acquiring or constructing Additional Facilities (hereinafter mentioned). Reference is hereby made to the Resolution for the provisions, among others, with respect to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the fund charged with and pledged to the payment of the interest on and the principal of the bonds, the nature and extend of the security, the terms and conditions under which the bonds of each series are or may be issued, the rights, duties and obligations of the Board and the rights of the holders of the bonds, and, by the acceptance of this bond, the holder hereof assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution and laws of the State of North Carolina, including Sections 116-187 to 116-198 of the General Statutes of North Carolina. The resolution provides for fixing, charging and collecting fees, rents and charges for the use of and for the services furnished or to be furnished by The University of North Carolina at Chapel Hill Dormitory System (hereinafter called the "Dormitory System"), comprising the following, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias therein: (i) 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, (ii) the dormitories known as Craige Hall and Ehringhaus Hall and the addition to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) certain dormitories heretofore constructed at the Chapel Hill campus and referred to in the Resolution as "Existing Dormitories", (in) the Project, and (v) any additions or improvements to the Dormitory System financed by the issuance of bonds under the provisions of the Resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of the Resolution, which fees, rents and charges shall be sufficient, with any other available funds, to pay the cost of maintaining, repairing and operating the Dormitory System, including reserves for such purpose, and to pay the principal of and the interest on the bonds as the same shall become due and to provide reserves therefor. The Resolution provides for the creation of a special fund designated "The University of North Carolina at Chapel Hill Dormitory System Bond and Interest Sinking Fund Account of 1963" (hereinafter called the "Dormitory System Bond and Interest Sinking Fund Account of 1963") and for the deposit to the credit of said special fund of a sufficient amount of the revenues of the Dormitory System, over and above the cost of such maintenance, repair and operation thereof, to pay the principal of and the interest on the bonds then outstanding as the same shall become due and to provide a reserve for such purpose, and said special fund is pledged to and charged with the payment of such principal and interest.

(Here insert in the bonds of each Series except Series B the terms of redemption applicable to such Series and the following: