406

380

The term "Current Expenses" shall mean the reasonable and necessary current expenses of maintenance, repair and operation and shall include, without limiting the generality of the foregoing, all ordinary and usual expenses of maintenance, repair and operation, which may include expenses not annually recurring, cost of supplies, labor and material, premiums for insurance, all administrative and engineering and architectural expenses relating to maintenance, repair and operation, fees and expenses of each Depositary and of the Paying Agents, legal expenses, any reasonable payments to pension, retirement, group life insurance, health, hospitalization or other employee benefit funds, and any other expenses required or permitted to be paid by the Board under the provisions of this Resolution or by law, but shall not include any reserves for extraordinary maintenance or repair, or any allowance for depreciation, or any general administrative expenses of The University of North Carolina at Chapel Hill, or any deposits to the credit of the special funds hereinafter created and designated, respectively, "The University of North Carolina at Chapel Hill Dormitory System Bond and Interest Sinking Fund Account of 1963" (hereinafter sometimes called the "Dormitory System Bond and Interest Sinking Fund Account of 1963") and "The University of North Carolina at Chapel Hill Dormitory System Repair and Replacement Reserve Account of 1963" (hereinafter sometimes called the "Dormitory System Repair and Replacement Reserve Account of 1963").

The word "Depositary" shall mean any bank or trust company selected by the Board or the Executive Committee as a depositary of moneys under the provisions of this Resolution, each such depositary to be a member of the Federal Deposit Insurance Corporation.

The term "Dormitory System" or the term "The University of North Carolina at Chapel Hill Dormitory System" shall mean collectively the 1956 Facilities, the 1960 Facilities, the Existing Dormitories, the Project and any Additional Facilities, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias in any thereof.

The term "Executive Committee" shall mean the executive committee of the Board appointed pursuant to the authority granted by Section 116-11 of the General Statutes of North Carolina.

The term "fiscal year" shall mean the period commencing on the first day of July and ending on the last day of June of the following year.

The term "Net Revenues of the Dormitory System" for any particular period shall mean the amount of the excess of Revenues of the Dormitory System over the Current Expenses thereof during such period.

The term "Paying Agents" shall mean the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, and First National City Bank, in the Borough of Manhattan, City and State of New York, or any successor of either thereof, and, with respect to temporary bonds without coupons, the place or places of payment stated in the resolution of the Board or the Executive Committee awarding and selling such bonds to the purchaser thereof.

The term "Principal and Interest Requirements", as applied to the bonds of any Series, shall mean the respective amounts which are required in each fiscal year to provide

(a) for paying the interest on all such bonds then outstanding which is payable on November 1 and May 1 in such fiscal year, and

(b) for paying the principal of all such bonds then outstanding which is payable on November 1 in such fiscal year. The word "Project" shall mean the new dormitory, with