494

465

$7,029,000 The University of North Carlina at Chapel Hill Dormitory System Revenue Bonds of 1963, Series A, B, C, D, E and F

A resolution entitled:

"RESOLUTION RATIFYING, CONFIRMING AND APPROVING PUBLICATION OF NOTICE OF SALE OF $4,180,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, C, D and E."

was introduced, and Mr. Maynard noved that it be adopted. The motion was seconded by Mr. Umstead and the resolution was adopted by all members present voting for its adoption; those voting "Nay": None. The Chairman thereupon declared said resolution unanimously adopted and the Secretary was instructed to record it in the minutes of the Board. The said resolution is in the following words and figures, to-wit:

RESOLUTION RATIFYING, CONFIRMING AND APPROVING PUBLICATION OF NOTICE OF SALE OF $4,180,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, C, D AND E.

WHEREAS, Section 209 of the resolution adopted on February 24, 1964 by the Board of Trustees of The University of North Carolina, entitled

"A RESOLUTION AUTHORIZING THE CONSTRUCTION AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL OF A NEW DORMITORY, WITH NECESSARY APPURTENANT FACILITIES, TO HOUSE APPROXIMATELY 925 MEN STUDENTS; AUTHORIZING THE ISSUANCE OF $7,029,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F, INCLUDING $1,647,000 SERIES A BONDS TO REFUND A LIKE PRINCIPAL AMOUNT OF UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1956; $305,000 SERIES B BONDS, $533,000 SERIES C BONDS, $1,000,000 SERIES D BONDS, AND $1,000,000 SERIES E BONDS, TO REFUND LIKE PRINCIPAL AMOUNTS OF UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS OF 1960, SERIES A, B AND C; AND $2,544,000 SERIES F BONDS TO PAY, WITH OTHER AVAILABLE FUNDS, THE COST OF SAID DORMITORY PROJECT; PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON FROM REVENUES; PROVIDING FOR THE AUTHORIZATION OF BONDS FOR ADDITIONAL FACILITIES THAT MAY HEREAFTER BE CONSTRUCTED; AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS"

provides as follows:

"The Executive Committee is hereby authorized to sell the 1963 Series A bonds, the 1963 Series C bonds, the 1963 Series D bonds and the 1963 Series E bonds in the manner and subject to the conditions prescribed in this Resolution and in the Loan Agreement, dated as of January 1, 1964, by and between the Board, acting for and on behalf of The University of North Carolina at Chapel Hill, and the United States of America, acting through the Housing and Home Finance Administrator, including any amendments thereof or supplements thereto or any waiver or waivers of any of the provisions thereof (said Loan Agreement and any such amendments, supplements and waivers being hereinafter sometimes collectively called the 'Loan Agreement')"

and

WHEREAS, the Loan Agreement provided that the $1,647,000