507

Series D bonds:

$72,000 bonds maturing in the year 1980 at 3% per annum.

Section 3. Said bonds, maturing and bearing interest at the rates
set forth in Section 2 above, are hereby awarded to the respective
bidders named in Section 2 above at the prices set forth in said Section 2
for said bonds, respectively, and said bonds shall bear interest at said
rates.

Section 4. In conformity with the request of the United States of
America and the provisions of Section 205 of the resolution adopted by
the Board of Trustees of The University of North Carolina on February
24, 1964 authorizing the issuance of said bonds, there shall be delivered
to the United States of America, in lieu of definitive coupon bonds, a
single non-negotiable temporary bond without coupons for the bonds of
each Series awarded to the United States of America pursuant to Section
3 above, each temporary bond to be substantially in the form of
TEMPORARY BOND WITHOUT COUPONS attached to this resolution, with
such insertions, changes and modifications as may be required to conform
to the award provisions of this resolution. If any purchaser of bonds other
than the United States of America shall request the execution and delivery
of a single non-neogitable temporary bond without coupons in lieu of
definitive coupon bonds, a single non-negotiable temporary bond without
coupons for such of the bonds awarded to such purchaser and registered
as such purchaser shall designate shall be delivered to such purchaser,
such temporary bond to be substantially in the form of TEMPORARY BOND
WITHOUT COUPONS attached to this resolution, with such insertions,
changes and modifications as may be required to conform to the award
provisions of this resolution.

Section 5. Simultaneously with the delivery of The University of
North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963,
Series A, C, D and E, pursuant to the award thereof in Section 3 above,
there shall be delivered to the owners and holders of the outstanding
$305,000 coupon University of North Carolina Dormitory Revenue Bonds
of 1960, Series A, of the Board of Trustees of The University of North
Carolina the $305,000 The University of North Carolina at Chapel Hill
Dormitory System Revenue Bonds of 1963, Series B, maturing on the 1st
day of November in the years and amounts and numbered and bearing
interest as follows:

[table]

in exchange for said outstanding University of North Carolina Dormitory
Revenue Bonds of 1960, Series A, maturing in the same years and amounts
and bearing interest at the same rate or rates, respectively, and
upon the consummation of such exchange said $305,000 coupon University
of North Carolina Dormitory Revenue Bonds of 1960, Series A, shall be
cancelled.

Section 6. Upon the application of the proceeds of any bonds awarded
by this resolution to bidders other than the United States of America as
provided by Section 209 of said resolution of February 24, 1964 and the
delivery to the United States of America of the bonds awarded by this
resolution to the United States of America in exchange for the correspond-
ing 1956 bonds and 1960 bonds held by it in conformity with the provisions
of said Section 209, the University of North Carolina Dormitory Revenue
Bonds - Series 1956 (referred to above as the "1956 bonds"), outstanding
in the amount of $1,647,000, and the University of North Carolina Dormi-
tory Revenue Bond of 1960, Series A, B and C (referred to above as the