38

31

WHEREAS, the Board is maintaining and operating at the College certain dormitory facilities known, respectively, as Alexander Hall, Bagwell Hall, Becton Hall, Berry Hall, Fourth Hall, Gold Hall, Owen Hall, Stadium Hall, Syme Hall, Tucker Hall, Turlington Hall, Watauga Hall and Welch Hall (said dormitories being hereinafter sometimes collectively called the "Existing Dormitories"); and

WHEREAS, said bonds will be payable solely from revenues of the Project and, to the extent and as provided in the Resolution, certain revenues from the Existing Dormitories; and

WHEREAS, in Section 501 of the Resolution the Board covenants that it will at all times fix, charge and collect rentals and other charges for the facilities furnished by or for the right to use the facilities of the Project and the Existing Dormitories, or for the right to receive any such services, and that from time to time and as often as shall appear to be necessary it will revise such rentals and other charges, so that the revenues of the Project and such portion of the revenues of the Existing Dormitories as is provided for in the Resolution will at all times be sufficient, with any other available funds, to meet the requirements of said Section; and

WHEREAS, in Section 502 of the Resolution the Board covenants that, subject to the provisions of Section 502 of the resolution adopted by the Board on September 22, 1956, as amended and supplemented, authorizing the issuance of $2,000,000 North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds Series 1956, and notwithstanding any other facilities which may now or hereafter be available for the housing of students at the College, the Board will require a sufficient number of students at the College to live in and use the Project and the Existing Dormitories (herein collectively called the "Dormitory System") and will adopt and enforce such parietal and other rules and regulations as will assure that the Dormitory System will be fully utilized at all times during the regular school terms at the College and to the fullest extent practicable at all times during any summer school term at the College, and that there shall be no free student occupancy of the Dormitory System; and

WHEREAS, the rental rates charged occupants of the Existing Dormitories on September 1, 1957 were $67.50 for each student occupant of the dormitories for each semester of the regular school term of two semesters and $24.00 for each student occupant of the dormitories for each term of the regular summer session; and

31

WHEREAS, the Board is maintaining and operating at the College certain dormitory facilities known, respectively, as Alexander Hall, Bagwell Hall, Becton Hall, Berry Hall, Fourth Hall, Gold Hall, Owen Hall, Stadium Hall, Syme Hall, Tucker Hall, Turlington Hall, Watauga Hall and Welch Hall (said dormitories being hereinafter sometimes collectively called the "Existing Dormitories"); and

WHEREAS, said bonds will be payable solely from revenues of the Project and, to the extent and as provided in the Resolution, certain revenues from the Existing Dormitories; and

WHEREAS, in Section 501 of the Resolution the Board covenants that it will at all times fix, charge and collect rentals and other charges for the facilities furnished by or for the right to use the facilities of the Project and the Existing Dormitories, or for the right to receive any such services, and that from time to time and as often as shall appear to be necessary it will revise such rentals and other charges, so that the revenues of the Project and such portion of the revenues of the Existing Dormitories as is provided for in the Resolution will at all times be sufficient, with any other available funds, to meet the requirements of said Section; and

WHEREAS, in Section 502 of the Resolution the Board covenants that, subject to the provisions of Section 502 of the resolution adopted by the Board on September 22, 1956, as amended and supplemented, authorizing the issuance of $2,000,000 North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds Series 1956, and notwithstanding any other facilities which may now or hereafter be available for the housing of students at the College, the Board will require a sufficient number of students at the College to live in and use the Project and the Existing Dormitories (herein collectively called the "Dormitory System") and will adopt and enforce such parietal and other rules and regulations as will assure that the Dormitory System will be fully utilized at all times during the regular school terms at the College and to the fullest extent practicable at all times during any summer school term at the College, and that there shall be no free student occupancy of the Dormitory System; and

WHEREAS, the rental rates charged occupants of the Existing Dormitories on September 1, 1957 were $67.50 for each student occupant of the dormitories for each semester of the regular school term of two semesters and $24.00 for each student occupant of the dormitories for each term of the regular summer session; and