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OF $2,000,000 NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1961, AND REPEALING RESOLUTION ADOPTED ON JULY 9, 1962" was introduced, and Mr. Maynard moved that it be adopted. The motion was seconded by Mr. Taylor and the resolution was adopted by all members present voting for its adoption; those voting aginst its adoption: 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 ESTABLISHING RENTALS AND PARIETAL RULES AND REGULATIONS FOR THE DORMITORY SYSTEM AT RALEIGH, NORTH CAROLINA, IN CONNECTION WITH THE ISSUANCE OF $2,000,000 NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1961, AND REPEALING RESOLUTION ADOPTED ON JULY 9, 1962.

WHEREAS, the Board of Trustees of The University of North Carolina (herein called the "Board") by a resolution adopted by the Board on May 28, 1962, entitled:

"A RESOLUTION AUTHORIZING THE CONSTRUCTION OF A DORMITORY, WITH APPURTENANT FACILITIES, TO HOUSE APPROXIMATELY 808 MEN STUDENTS, TWO COUNSELORS AND TWO MANAGERS AT NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA AND THE ISSUANCE OF $2,000,000 NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1961 OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA TO PAY (WITH OTHER FUNDS) THE COST THEREOF; PROVIDING FOR THE PAYMENT OF SUCH BONDS AND THE INTEREST THEREON FROM REVENUES; AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SUCH BONDS."

(herein called the "Resolution"), authorized the issuance of $2,000,000 North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds - Series 1961, for the purpose of providing funds for paying, with other available funds, the cost of a new dormitory, with appurtenant facilities, to house approximately 808 men students, two counsellors and two managers (herein and in the Resolution called the "Project"), at the North Carolina State College of Agriculture and Engineering of the University of North Carolina (hereinafter called the "College"), at Raleigh, North Carolina; and