441

415

Section 1007. Nothing in the bonds or coupons or in this Resolution shall be construed as pledging either the faith and credit or the taxing power of the State of North Carolina for their payment, or to create any debt against the State of North Carolina, or as conveying or mortgaging the Dormitory System or any part thereof.

Section 1008. The Executive Committee of the Board is hereby authorized to adopt any resolution or resolutions deemed by the Executive Committee to be necessary amending or supplementing the provisions of this Resolution to conform to the requirements of the Loan Agreement mentioned in Section 209 of this Resolution, including any amendments thereof or supplements thereto or any waiver or waivers of any of the provisions thereof hereafter executed, or to conform to the requirements of any superseding Loan Agreement or to the requirements of or resulting from any law of the State of North Carolina.

Section 1009. The officers and agents of the Board are hereby authorized and directed to do all acts and things required of them by the provisions of the bonds and this Resolution for the full, punctual and complete performance of all the terms, covenants, provisions and agreements contained in the bonds and this Resolution.

Section 1010. In case any one or more of the provisions of this Resolution or of the bonds or coupons issued hereunder shall for any reason be held to be illegal or invalid, such invalidity shall not affect any other provision of this Resolution or of the bonds or coupons, but this Resolution and the bonds and coupons shall be construed and enforced as if such illegal or invalid provision had not been contained therein. In case any covenant, stipulation, obligation or agreement contained in the bonds or in this Resolution shall for any reason be held to be in violation of law, then such covenant, stipulation, obligation or agreement shall be deemed to be the covenant, stipulation, obligation or agreement of the Board to the full extent permitted by law.

Section 1011. This Resolution shall be in full force and effect immediately upon its passage.

President Friday

President Friday thanked the Board for the opportunity to report to them on several University matters, and stated that four Trustee committee reports were to be made: One on Naming Buildings, one from the Special Committee on the Chancellorship at Chapel Hill, and the regular winter reports on Honorary Degrees and Gardner Award. He also announced that the Visiting Committee would convene in the College Union on the Raleigh campus to have lunch together immediately following adjournment of the Board meeting, and then the Committee would proceed with its regular order of business.

President Friday then gave the following report:

Application for Admission

"From time to time I have commended on the growing number of applications for admission to our institutions. Last year the number of Students increased from 20,413 to 22,075 in the consolidated University. As of last week the rate of applications being filed for admission to the Greensboro campus is running 20 percent ahead of the same period a year ago and at Raleigh 18 percent ahead. At Chapel Hill 10,429 completed applications have been filed for all schools at the University, and probably 5,000 to 6,000 more will be reviewed before June. There are only 4,000 spaces available in all schools for new students next September.