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presentation or surrender hereof, and the Board shall be fully discharged of its obligation on this bond to the extent of the payment so made. Upon final payment this bond shall be surrendered to the Board for cancellation.

This bond is a temporary bond issued in lieu of definitive coupon bonds of the denomination of $1,000 each and aggregating in principal amount the amount of this temporary bond. At the request of the registered owner the Board will, within ninety (90) days after its receipt of such request, cause to be prepared and delivered in exchange for this temporary bond, at the place designated by the registered owner and without expense to the registered owner, definitive coupon bonds in an aggregate principal amount equal to the principal amount of this temporary bond then unpaid, having maturities corresponding to the maturities of the instalments of principal of this temporary bond then unpaid and bearing interest at the same rate, and upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled. Until so exchanged this temporary bond shall in all respects be entitled to the same benefit of the Resolution hereinafter mentioned as the definitive coupon bonds to be issued thereunder.

This bond shall not be deemed to constitute a debt of the State of North Carolina or a pledge of the faith and credit of the State, but shall be payable as to both principal and interest solely from the special fund provided therefor as hereinafter set forth.

This temporary bond is one of a duly authorized issue of $2,000,000 bonds of the Board (herein called the "bonds"), known as "North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds - Series 1961", maturing in annual instalments in the years 1964 to 2001, inclusive, issued for the purpose of providing funds for paying (with other funds) the cost of construction of a new dormitory, with appurtenant facilities, to house approximately 808 men students, two counsellors and two managers (herein called the "Project"), at North Carolina State College of Agriculture and Engineering of the University of North Carolina (herein called the "College") at Raleigh, North Carolina. All of the bonds are issued under and pursuant to a resolution duly adopted by the Board on May 28, 1962 (herein called the "Resolution"). Reference is made to the Resolution for the provisions, among others, with respect to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the fund charged with and pledged to the payment