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399

System Repair and Replacement Reserve Account of 1963 hereinafter created, and to provide reserves in the Dormitory System Bond and Interest Sinking Fund Account of 1963 hereinafter created for the payment of the principal of and the interest on the bonds which within a period of eight years from the date of the bonds will be at least equal to the maximum requirements therefor under the provisions of this Article and thereafter to maintain such reserves. The Board covenants that, beginning with the first semester of the 1964-1965 regular term of two semesters and the first term of the 1964 summer session of two terms, the minimum rentals for all students and counselors occupying the men's dormitories included in the Dormitory System shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms, and for all students and counselors occupying the women's dormitories included in the Dormitory System shall be $235.00 for the regular term of two semesters and $35.00 for each of the two summer terms, and that, upon its completion, the minimum rentals for all students and counselors occupying the Project shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms.

Section 502. The Board hereby establishes a housing system designated "The University of North Carolina at Chapel Hill Dormitory System" (herein sometimes called the "Dormitory System") which shall consist of the 1956 Facilities, the I960 Facilities, the Existing Dormitories, the Project and any Additional Facilities, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias in any thereof. The Board covenants that, notwithstanding any other facilities which may now or hereafter be available for the housing of students at the Chapel Hill campus, it will require a sufficient number of students at the Chapel Hill campus to live in and use the Dormitory System, and will adopt and enforce such parietal and other rules and regulations, as will assure that the facilities of the Dormitory System will be fully utilized at all times during the regular school terms at the Chapel Hill campus and to the fullest extent practicable at all times during any summer school term at the Chapel Hill campus. The Board further covenants that there shall be no free student occupancy of any of the facilities of the Dormitory System.

Section 503. A special fund is hereby created and designated The University of North Carolina at Chapel Hill Dormitory System Revenue Fund Account of 1963" (hereinafter sometimes called the "Dormitory System Revenue Fund Account of 1963"). The Board covenants that from and after the issuance of the 1963 Series A bonds, the 1963 Series B bonds, the 1963 Series C bonds, the 1963 Series D bonds and the 1963 E bonds herein authorized all Revenues of the Dormitory System will be deposited as received with a Depositary to the credit of the Dormitory System Revenue Fund Account of 1963 and held in the custody of the Treasurer of the Board, separate and apart from all other funds. Immediately following the issuance of the 1963 Series A bonds there shall be deposited to the credit of the Dormitory System Revenue Fund Account of 1963 all moneys (including any investments) then held for the credit of the University of North Carolina Dormitory Project Revenue Fund established under the provisions of Section 503 of the resolution of the Board, as amended and supplemented, pursuant to which the 1956 bonds were issued, and all moneys (including any investments) then held for the credit of any account or accounts established by the Board for the purpose of receiving or in which were deposited the "Revenues of the Existing Dormitories" as defined in Section 101 of the resolution of the Board, as amended and supplemented, pursuant to which the 1956 bonds were issued. Immediately following the issuance of the 1963 Series B bonds, the 1963 Series C bonds, the 1963 Series D bonds and the 1963 Series E bonds there shall be deposited to the credit of the Dormitory System Revenue Fund Account of 1963 all moneys (including any investments) then held for the credit of the University of North Carolina Dormitory Revenue Fund Account of I960 established under the provisions of Section 503 of the resolution of the Board pursuant to which the 1960 bonds were issued, and all moneys (including any investments) then held for the credit of the University of North Carolina Existing Dormitories Pledged Revenues Fund Account of 1960 established under the provisions of said Section 503. Moneys in the Dormitory System Revenue Fund Account of 1963 shall be expended and used by the Treasurer of the Board only in the manner and order herein specified. The Current Expenses of the Dormitory System shall be paid from and shall be a first charge against the Dormitory System Revenue Fund Account of 1963.