501

472

bank or trust company, payable unconditionally to the order of the Board of Trustees of The University of North Carolina, for two per centum (2%) of the amount of the bid. Award or rejection of bids will be made on the date stated above for the receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as security for the performance of his bid, but in the event such successful bidder shall fail to comply with the terms of his bid the check may then be cashed and the proceeds thereof retained as and for full liquidated damages.

The successful bidder will be furnished, without cost, the approving legal opinion of Mitchell, Pershing, Shetterly & Mitchell, of New York City.

The right to reject any or all bids is reserved.

BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA
By: A. H. SHEPARD, JR.
Business Officer and Trasurer

and

WHEREAS, SAID Notice of Sale and said Official Notice of Sale were each in form satisfactory to the Executive Committee; now, therefore,

BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina that the Notice of Sale set forth above and the publication thereof as hereinabove recited, and the Official Notice of Sale set forth above and the transmittal thereof to the Housing and Home Finance Agency, Atlanta, Georgia, and to investment bankers, are each hereby ratified, confirmed and approved.

A resolution entitled:

"RESOLUTION SELECTING DEPOSITARIES OF MONEYS UNDER THE PROVISIONS OF THE RESOLUTION AUTHORIZING THE IS SUANCE 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."

was introduced, and Mr. Bryant moved that it be adopted. The motion was seconded by Mr. Barber 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 SELECTING DEPOSITARIES OF MONEYS UNDER THE PROVISIONS OF THE RESOLUTION 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.

BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina:

Section 1. That the following banks are hereby selected as depositaries of moneys under the provisions of the resolution adopted by the Board of Trustees on February 24, 1964 authorizing the issuance of $7,029,000 The University of North Carolina at Chapel Hill Dormitory