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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 OF 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."

(herein called the "Resolution"), authorized the issuance of $7,029,000 The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963, consisting of $1,647,000 Series A bonds, $305,000 Series B bonds, $533,000 Series C bonds, $1,000,000 Series D bonds, $1,000,000 Series E bonds and $2,544,000 Series F bonds, for the combined purpose of refunding the University of North Carolina Dormitory Revenue Bonds - Series 1956 (herein called the "1956 bonds"), outstanding in the amount of $1,647,000, and the University of North Carolina Dormitory Revenue Bonds of 1960, Series A, B and C (herein called the "1960 bonds"), outstanding in the amount of $2,838,000, and, with other available funds, paying the cost of a new dormitory, with necessary appurtenant facilities, to house approximately 925 men students at The University of North Carolina at Chapel Hill (herein called the "Project"); and

WHEREAS, said bonds will be payable solely from net revenues of The University of North Carolina at Chapel Hill Dormitory System (herein called the "Dormitory System"), comprising the following, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias therein: (i) the dormitories known as Avery Hall, Parker Hall and Teague Hall and the addition to the existing dormitory known as Spencer Hall financed by the issuance of the 1956 bonds, (ii) the dormitories known as Craige Hall and Ehringhaus Hall and the additions to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) the dormitories referred to in the Resolution as "Existing Dormitories" and comprising the dormitories known as Alderman, Alexander, Aycock, Battle-Vance-Pettigrew, Carr, Cobb, Conner, Everett, Graham, Grimes, Joyner, Kenan, Lewis, Mangum, Manly, Mclver, Old East, Old West, Ruffin, Smith, Spencer (not including the addition financed by the issuance of the 1956 bonds), Stacy, Whitehead and Winston Halls and the Nurses' Dormitory (not including the addition financed by the issuance of the 1960 bonds), (iv) The Project, and (v) any additions or improvements to the Dormitory System financed by the issuance of bonds under the provisions of the Resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of the Resolution; and

WHEREAS, in Section 501 of the Resolution 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; and