418

392

(c) a statement, signed by the Business Manager of The University of North Carolina at Chapel Hill, (1) certifying that the Additional Facilities described in the resolution authorizing the issuance of such bonds will, in his opinion, preserve, develop, extend or improve the Dormitory System, (2) giving his estimates of

(i) the total cost of such Additional Facilities (including a reserve for contingencies), and

(ii) the date on which such Additional Facilities will be placed in operation, and (3) stating the amount, if any, which is then available or will be made available for paying the cost of such Additional Facilities and the source or sources from which such amount has been or will be received;

(d) a duly certified copy of a resolution adopted by the Advisory Budget Commission approving the Additional Facilities and the issuance by the Board of its bonds therefor, if such approvals are then required by law;

(e) a certificate, signed by the Treasurer of the Board and the Chancellor of The University of North Carolina at Chapel Hill, stating that the Board is not then in default in the performance of any of the covenants, conditions, agreements or provisions contained in this Resolution;

(f) a certificate, signed by an independent Certified Public Account- and employed by the Board or signed by the State Auditor of North Carolina, setting forth the Net Revenues of the Dormitory System for the fiscal year next preceding the issuance of such bonds;

(g) a certificate, signed by the Treasurer of the Board and approved by the Chancellor of The University of North Carolina at Chapel Hill and the Executive Committee, giving his estimates of

(i) the amount of the annual net revenues of the Additional Facilities for which such bonds are to be issued, based on the schedule of rates and charges to become effective upon the Additional Facilities becoming part of the Dormitory System and the then anticipated Current Expenses thereof,

(ii) any other revenues pledged as security for the bonds,

(iii) the amount of the annual Net Revenues of the Dormitory System thereafter to be received, calculated on the basis of such Net Revenues as shown by the certificate mentioned in clause (f) above adjusted, if necessary, to reflect the schedule of rates and charges to become effective in the Dormitory System upon the addition thereto of the Additional Facilities and the then anticipated Current Expenses thereof,

(iv) the total of items (i), (ii) and (iii) of this clause (g),

(v) if the bonds are to be issued without compliance with the requirements of clauses (ii) and (ill) set forth below as hereinafter authorized in this Section, the amount of the annual net revenues thereafter to be received from such portion, if any, of the Dormitory System then under construction, and

(vi) the total of items (iv) and (v) of this clause (g); and stating:

(A) the amount of the average Principal and Interest Requirements on account of the bonds of all Series then outstanding under this Resolution, and

(B) the amount of the average annual Principal and Interest Requirements on account of the bonds of all Series then outstanding under this Resolution and the bonds then to be issued hereunder;