417

391

America shall be applied to the extent required to the redemption of the corresponding 1956 bonds and 1960 bonds at the par value thereof. Payment of the interest accrued on such 1956 bonds and 1960 bonds to the date of such redemption shall be made from the respective bond and interest sinking fund accounts for said 1956 bonds and I960 bonds. The proceeds of the bonds sold to bidders other than the United States of America not required for such redemption and the amount received as accrued interest on said bonds shall be deposited to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963. Any of the 1963 Series A bonds, 1963 Series C bonds, 1963 Series D bonds and 1963 Series E bonds sold to the United States of Ameirca shall be exchanged for the corresponding 1956 bonds and 1960 bonds held by the United States of America in conformity with the provisions of this Resolution and the Loan Agreement.

The Executive Committee shall provide for the exchange of the 1963 Series B bonds for the $305,000 coupon 1960 bonds.

When the 1956 bonds and the I960 bonds shall have been refunded by redemption and exchange as above provided, the 1956 bonds and the 1960 bonds shall be cancelled and discharged as obligations of the Board.

Section 210. The Executive Committee is hereby authorized to sell the 1963 Series F bonds in the manner and subject to the conditions prescribed in this Resolution and in the Loan Agreement. The proceeds (excluding accrued interest) of the 1963 Series F bonds shall be deposited with a Depositary to the credit of the Construction Account hereinafter created. The amount paid as accrued interest on the Series F bonds shall be deposited to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963.

Section 211. In addition to the bonds issued under the provisions of Section 207 of this Article, revenue bonds of the Board may be issued under and secured by this Resolution, subject to the conditions hereinafter provided in this Section, at any time or times for the purpose of paying all or any part of the cost of any Additional Facilities.

Before any bonds shall be issued under the provisions of this Section, the Board shall adopt a resolution authorizing the issuance of such bonds, fixing the amount and the details thereof, and describing in brief and general terms the Additional Facilities to be acquired or constructed. The bonds of each Series issued under the provisions of this Section shall be designated "The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of............. , Series ..." (inserting the year of issuance and a letter to identify the particular Series), shall be dated, shall bear interest at a rate or rates not exceeding the maximum rate permitted by law, payable on May 1 and November 1 in each year, shall be stated to mature serially on November 1 in such years not later than fifty (50) years from their date, the maturities of such bonds to begin not earlier than one year from date of delivery of such bonds, and shall be entitled to the same benefits and security under this Resolution as all other bonds issued under this Resolution, all as may be provided by the resolution authorizing the issuance of such Series of bonds; provided, however, that the Principal and Interest Requirements for each succeeding fiscal year on account of such bonds and on account of all bonds theretofore issued under the provisions of this Resolution and then outstanding shall be as nearly equal as practicable. Such Series of bonds may be made redeemable at such times and prices (subject to the provisions of Article III of this Resolution) as shall be provided by resolution adopted by the Board or the Executive Committee prior to the issuance of such bonds. Such bonds shall be issued and executed inform and manner as provided in this Resolution.

Before any bonds issued pursuant to this Section shall be delivered by the Treasurer of the Board, there shall be filed or deposited with such Treasurer the following:

(a) a copy, certified by the Secretary of the Board, of each of the resolutions mentioned above;

(b) a copy, certified by the Secretary of the Board, of the resolution adopted by the Board of the Executive Committee awarding such bonds, specifying the interest rate of each of such bonds and directing the delivery of such bonds to or upon the order of the purchasers therein named upon payment of the purchase price therein set fortlh