415

389

"The moneys in the Dormitory System Bond and Interest Sinking Fund Account of 1963 available for the purchase or redemption of bonds shall be allocated to all series of bonds outstanding under the Resolution in the manner provided in the Resolution.

"Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in the Resolution and shall be made in the manner and under the terms and conditions provided in the Resolution; provided, however, that notice by publication shall not be required for the redemption of any bonds held by the United States of America or any agency thereof. On the date designated for redemption, notice having been given and moneys for payment of the redemption price being held in trust for such purpose, all as provided in the Resolution, the bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such bonds on such date, interest on the bonds so called for redemption shall cease to accrue, coupons for such interest after such date shall be void, such bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the holders of such bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof."

Modifications or amendments of the Resolution or of any resolution supplemental thereto may be made by the Board only to the extenrt and in the circumstances permitted by the Resolution.

This bond may be registered as to principal alone in accordance with the provisions endorsed hereon and subject to the terms and conditions set forth in the Resolution.

Under the authority of said Sections 116-187 to 116-198, inclusive, of the General Statutes of North Carolina, this bond shall have all the qualities and incidents of and shall be deemed to be a negotiable instrument under the laws of the State of North Carolina, subject to the provisions for registration endorsed hereon and contained in the Resolution, and, subject to such provisions, nothing contained in this bond or in the Resolution shall affect or impair the negotiability of this bond.

This bond is issued with the intent that the laws of the State of North Carolina shall govern its construction. All acts, conditions and things required by the Constitution and laws of the State of North Carolina and the by-laws, rules and regulations of the Board to happen, exist and be performed precedent to and in the issuance of this bond have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, the Board of Trustees of The University of North Carolina has caused this bond to bear the facsimile signature of the Governor of the State of North Carolina as ex officio Chairman of said Board and to be signed by the Secretary of said Board, and the official seal of said Board to be impressed hereon, and the interest coupons attached hereto to be executed with the facsimile signature of said Secretary, all as of the 1st day of November, 1963.

Secretary, Board of Trustees of the University of North Carolina

Governor of the State of North Carolina as ex officio Chairman of the Board of Trustees of The University of North Carolina

(SEAL)