419

393

provided, that the estimates of items (i), (iii) and (v) of this clause (g)
shall be predicated upon an assumed utilization rate of not more than
ninety per centum (90%); and

(h) an opinion of the Attorney General of the State of North Carolina
stating that the signer is of the opinion that the issuance of such bonds has been duly authorized and that all conditions precedent to the delivery of such Series of bonds have been fulfilled.

When the documents mentioned above shall have been filed or deposited with the Treasurer of the Board and when the bonds described in the resolutions mentioned in clauses (a) and (b) of this Section shall have been executed as required by this Resolution, the Treasurer of the Board shall deliver such bonds at one time to or upon the order of the purchasers named in the resolution mentioned in said clause (b), but only upon payment to said Treasurer of the purchase price of such bonds. The Treasurer of the Board, however, shall not deliver such bonds unless

(I) the proceeds (exceeding accrued interest but including any premium) of such bonds, at the purchase price to be paid therefor, together with the other funds which have been or will be made available for such purpose as set forth in the statement of the Business Manager of The University of North Carolina at Chapel Hill mentioned in clause (c) of this Section, shall be not less than the total cost of the Additional Facilities to be constructed as estimated by said Business Manager in said statement,

(II) an independent Certified Public Accountant employed by the Board or the State Auditor of North Carolina shall certify to said Treasurer that the percentage derived by dividing the Net Revenues of the Dormitory System shown in the certificate mentioned in clause (f) of this Section by the amount shown in item (A) of the certificate mentioned in clause (g) of this Section is not less than one hundred thirty-five per centum (135%), and

(III) the percentage derived by dividing the amount shown in item (iv) of the certificate mentioned in clause (g) of this Section by the amount shown in item (B) of the certificate mentioned in said clause (g) is not less than one hundred thirty-five per centum (135%).

Notwithstanding the requirements of clauses (II) and (III) of this Section and without complying with said requirements, the Board may issue one or more Series of bonds to pay all or part of the cost of Additional F acilities to house a total of approximately 2,000 students, provided that the percentage derived by dividing the amount shown in item (vi) of the certificate mentioned in clause (g) of this Section by the amount shown in item (B) of the certificate mentioned in said clause (g) is not less than one hundred thirty-five per centum (135%).

The Executive Committee is hereby authorized to sell any bonds authorized under the provisions of this Section in such manner, either at public or private sale, and subject to such conditions as the Board or the Executive Committee shall determine. The proceeds (exclusing accrued interest) of all bonds issued under the provisions of this Section shall be deposited with a Depositary to the credit of a special construction account appropriately designated and applied to the payment of the cost of such Additional F acilities. All of the provisisions of Article IV of this Resolution which relate to the Project and the Construction Account shall apply to such Additional Facilities and such special construction account in so far as such provisions may be appropriate; provided, however, that there may be included in the cost of such Additional Facilities interest accruing on such bonds prior to and during construction of such Additional Facilities and for one year after completion of such construction if and to the extent provided in the resolution authorizing the issuance of such bonds.

All moneys received as accrued interest on bonds issued under the provisions of this Section shall be deposited to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963.

Section 212. In case any bond issued hereunder shall become mutilated or be destroyed or lost, the Board may cause to be executed and delivered a new bond of like date, number, maturity and tenor in exchange and substitution for and upon the cancellation of such mutilated