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shall be filed with the Treasurer of the Board a requisition for such payment, signed by the Chancellor and the Business Manager of The University of North Carolina at Chapel Hill, stating each amount to be paid, the name of the person, firm or corporation to whom payment is due and the purpose for which the obligation to be paid was incurred, and certifying:

(a) that obligations in the stated amounts have been incurred and are a proper charge against the Construction Account and have not been paid;

(b) that, so far as they are aware, there has not been filed with or served upon the Board or any officer or agent thereof notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons, firms or corporations named in such requisition which has not been released or will not be released simultaneously with the payment of such obligation; and

(c) that in so far as any obligation mentioned in such requisition was incurred for work, materials, supplies or equipment in connection with the Project, such work was actually performed, or such materials, supplies or equipment was actually delivered or installed at the site of the Project for that purpose, or delivered for fabrication at a place approved by the Chancellor of The University of North Carolina at Chapel Hill.

Section 405. The Board covenants that no part of the Project will be constructed on lands other than lands owned by the Board or the State of North Carolina in fee simple.

Section 406. All requisitions received by the Treasurer of the Board as required in this Article shall be retained in his possession, subject at all reasonable times to the inspection of the Board, any other agency or officer of the State of North Carolina, any bondholder and the agents and representatives thereof.

Section 407. When the Project shall have been completed and equipped and placed in operation, as evidenced by a certificate signed by the Chancellor and the Business Manager of The University of North Carolina at Chapel Hill and filed with the Secretary of the Board, accompanied by an opinion of the Attorney General of the State of North Carolina that there are no uncancelled mechanics', laborers', contractors' or materialmen's liens against the Project or on file in any public office where the same should be filed in order to be valid liens against the Project, and that, in the opinion of the signer, the time within which such liens can be filed has expired, any balance in the Construction Account not deemed by the Board or the Executive Committee to be necessary to be reserved and so reserved by it for the payment of any remaining part of the cost of the Project, shall forthwith be used for the purchase or redemption of Series F bonds then outstanding under this Resolution; provided, however, that any portion of such excess remaining under $1,000 shall be transferred to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963.

ARTICLE V

Revenues and Funds.

Section 501. The Board covenants that it will at all times fix, charge and collect fees, rents and charges for the use of and for the services furnished or to be furnished by the Dormitory System, and that from time to time and as often as shall appear to be necessary it will revise such fees, rents and charges, so that the Revenues of the Dormitory System will at all times be sufficient, with any other available funds, to pay the Current Expenses of the Dormitory System and provide a sum which will be sufficient to pay the principal of and the interest on the bonds as the same shall become due, to make the deposits required in each fiscal year to the credit of the Dormitory