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The bonds are part of an issue of $7,029,000 bonds of the Board, authorized by a resolution adopted by the Board on February 24, 1964, consisting of the Series A bonds, $305,000 Series B bonds maturing November 1 in the years 1964 to 1970, inclusive, the Series C bonds, the Series D bonds, the Series E bonds and $2,544,000 Series F bonds maturing November 1 in the years 1967 to 2003, inclusive, issued for the combined purpose of refunding the University of North Carolina Dormitory Revenue Bonds - Series 1956 (herein called the "1956 bonds"), outstanding in the amount of $1,647,000, and the University of North Carolina Dormitory Revenue Bonds of I960, Series A, B and C (herein called the "1960 bonds"), outstanding in the amount of $2,838,000, and, with other available funds, paying the cost of a new dormitory, with necessary appurtenant facilities, to house approximately 925 men students at the University of North Carolina at Chapel Hill (herein called the "Project").
The bonds of said issue of $7,029,000 will be special obligations of the Board of Trustees of The University of North Carolina, secured by a first lien on and pledge of the net revenues of The University of North Carolina at Chapel Hill Dormitory System, comprising the following, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias therein: (i) the dormitories known as Avery Hall, Parker Hall and Teague Hall and the addition to the existing dormitory known as Spencer Hall financed by the issuance of the 1956 bonds, (ii) the dormitories known as Craige Hall and Ehringhaus Hall and the addition to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) certain dormitories heretofore constructed at the University of North Carolina at Chapel Hill and referred to in the resolution of February 24, 1964 authorizing the bonds of said issue as "Existing Dormitories", (iv) the Project, and (v) any additions or improvements to the dormitory System financed by the issuance of bonds under the provisions of said resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of said resolution.
Said resolution of February 24, 1964 authorizing the bonds of said issue of $7,029,000 provides for the issuance from time to time of bonds additional to said issue of $7,029,000, under the conditions, limitations and restrictions set forth in said resolution, for the purpose of paying all or any part of the cost of acquiring or constructing additions or improvements to the Dormitory System at The University of North Carolina at Chapel Hill.
Bids will be received and considered for all or any part of said $1,647,000 Series A bonds, said $533,000 Series C bonds, said $1,000,000 Series D bonds and said $1,000,000 Series E bonds, and bids will be accorded preference on the basis of the largest consecutive number of bonds bid for. No bid shall include, as to any calendar year, less than all of the bonds of a Series maturing in such calendar year. Any premium offered will be considered only if two or more bidders offer to purchase the same number of bonds. For the purpose of determining the lowest bidder as between two or more bidders offering to purchase the same number of bonds calculations of net interest cost will exclude the bid of the Housing and Home Finance Agency.
The United States of America, through the Housing and Home Finance Administrator, has entered into a loan agreement with the Board of Trustees of The University of North Carolina, acting for and on behalf of The University of North Carolina at Chapel Hill, pursuant to which the United States of America has agreed to buy, at par and accrued interest, all or any part of said $1,647,000 Series A bonds bearing interest at 2 3/4% per annum, all or any part of said $533,000 Series C bonds bearing interest at 3 1/2% per annum, all or any part of said $1,000,000 Series D bonds bearing interest at 3% per annum, and all or any part of said $1,000,000 Series E bonds bearing interest at 2 7/8% per annum, providing no other equally favorable bid or bids are submitted.
The successful bidder will be furnished, without cost, the approving legal opinion of Mitchell, Pershing, Shetterly & Mitchell, of New York City.
A copy of the Official Notice of Sale and Statement of Essential Facts for this issue may be obtained from the undersigned, A. H. Shepard, Business Officer and Treasurer, Board of Trustees of The University of North Carolina, Consolidated Office, Chapel Hill, North Carolina.
BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA By: A. H. SHEPARD, JR. Business Officer & Treasurer
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and
WHEREAS, the Official Notice of Sale mentioned in said Notice of Sale set forth above was substantially in the following form:
OFFICIAL NOTICE OF SALE $4,180,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963 SERIES A, C, D AND E of the BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA
Sealed bids will be received by the Board of Trustees of The University of North Carolina, acting by its Executive Committee, at the Governor's Office, State Capitol Building, Raleigh, North Carolina, until 10:30 o'clock A. M. , Eastern Standard Time,
May 8, 1964,
at which time and place all bids will be publicly opened and read, for the purchase of not less than par and accrued interest from May 1, 1964 of all or any part of the following described The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963 of the Board of Trustees of The University of North Carolina, dated November 1, 1963: $1,647,000 Series A bonds (herein called the "Series A bonds"), maturing November 1 in the years and amounts as follows:
Year of Maturity
Principal Amount
Year of Maturity
1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
$35, 000 36,000 37,000 38,000 39,000 40,000 41,000 42,000 43,000 44, 000 46,000 47,000 48,000 49,000 51,000 52,000
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
Principal Amount $54,000 55,000 57,000 58,000 60,000 62,000 63,000 65,000 67,000 69,000 71,000 73,000 76,000 77,000 52,000
Interest at a rate or rates , not exceeding 5% per annum, averaging not greater than the maximum acceptable rate of 2 3/4% per annum.
$533,000 Series C bonds (herein called the "Series C bonds") maturing November 1 in the years and amounts as follows:
Year of Maturity 1971 1972 1973 1974 1975 1976 1977 1978 1979
Principal Amount $51,000 53,000 55,000 57,000 60,000 62,000 63,000 65,000 67,000
Interest at a rate or rates, not exceeding 5% per annum, averaging not greater than the maximum acceptable rate of 3 1/2% per annum.
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$1,000,000 Series D bonds (herein called the "Series D bonds"), maturing November 1 in the years and amounts as follows:
Year of Maturity 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
Principal Amount $72,000 74,000 76,000 78,000 80,000 83,000 85,000 86,000 88,000 90,000 93,000 95,000
Interest at a rate or rates, not exceeding 5% per annum, averaging not greater than the maximum acceptable rate of 3% per annum.
$1,000,000 Series E bonds (herein called the "Series E bonds"), maturing November 1 in the years and amounts as follows:
Year of Maturity 1992 1993 1994 1995 1996 1997 1998 1999 2000
Principal Amount $100,000 102,000 105,000 108,000 111,000 114,000 116,000 120,000 124,000
Interest at a rate or rates, not exceeding 5% per annum, averaging not greater than the maximum acceptable rate of 2 7/8% per annum.
Denomination $1,000; coupon bonds registrable as to principal alone; principal of the bonds and semi-annual interest (May 1 and November l) payable at the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, or at the principal office of First National City Bank, in the Borough of Manhattan, City and State of New York, at the option of the holder or registered owner. At the option of the purchaser of any bonds, a single non-negotiable temporary bond in the amount of each purchase and registered as to principal and interest will be issued, exchangeable within 90 days after notice for definitive negotiable coupon bonds in the denomination of $1,000.
The bonds are part of an issue of $7,029,000 bonds of the Board, authorized by a resolution adopted by the Board on February 24, 1964, consisting of the Series A bonds, $305,000 Series B bonds maturing November 1 in the years 1964 to 1970, inclusive, the Series C bonds, the Series D bonds, the Series E bonds and $2,544,000 Series F bonds maturing November 1 in the years 1967 to 2003, inclusive, issued for the combined purpose of refunding the University of North Carolina Dormitory Revenue Bonds - Series 1956 (herein called the "1956 bonds"), outstanding in the amount of $1,647,000, and the University of North Carolina Dormitory Revenue Bonds of I960, Series A, B and C (herein called the "1960 bonds"), outstanding in the amount of $2,838,000, and, with other available funds, paying the cost of a new dormitory, with necessary appurtenant facilities, to house approximately 925 men students at The University of North Carolina at Chapel Hill (herein called the "Project").
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The bonds of said issue of $7,029,000 will be special obligations of the Board of Trustees of The University of North Carolina, secured by a first lien on and pledge of the net revenues of The University of North Carolina at Chapel Hill Dormitory System, comprising the following, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias therein: (i) the dormitories known as Avery Hall, Parker Hall and Teague Hall and the additions to the existing dormitory known as Spencer Hall financed by the issuance of the 1956 bonds, (ii) the dormitories known as Craige Hall and Ehringhaus Hall and the addition to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) certain dormitories heretofore constructed at the University of North Carolina at Chapel Hill and referred to in the resolution of February 24, 1964 authorizing the bonds of said issue as "Existing Dormitories", (iv) the Project, and (v) any additions or improvements to the Dormitory System financed by the issuance of bonds under the provisions of said resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of said resolution.
Said resolution of February 24, 1964 authorizing the bonds of said issue of $7,029,000 provides for the issuance from time to time of bonds additional to said issue of $7,029,000, under the conditions, limitations and restrictions set forth in said resolution, for the purpose of paying all or any part of the cost of acquiring or constructing additions or improvements to the Dormitory System at The University of North Carolina at Chapel Hill.
The definitive coupon Series A bonds maturing November 1, 1992 to November 1, 1994, inclusive, may be redeemed on any interest payment date prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, without the payment of any redemption premium. Subject to the prior redemption of such bonds, the definitive coupon Series A bonds maturing November 1, 1967 to November 1, 1991, inclusive, may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1966 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1971, 2 1/2% if redeemed thereafter and on or prior to November 1, 1976, 2% if redeemed thereafter and on or prior to November 1, 1981, 1-1/2% if redeemed thereafter and on or prior to November 1, 1986, and 1% if redeemed thereafter. The definitive coupon Series A bonds maturing November 1, 1964 to November 1, 1966, inclusive, are not subject to redemption.
The definitive coupon Series C bonds may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1970 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1975, and 2 1/2% if redeemed thereafter.
The definitive coupon Series D bonds may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1970 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1975, 2 1/2% if redeemed thereafter and on or prior to November 1, 1980, 2% if redeemed thereafter and on or prior to November 1, 1985, 1-1/2% if redeemed thereafter and on or prior to November 1, 1990, and 1% if redeemed thereafter.
471
The definitive coupon Series E bonds maturing November 1, 1996 to November 1, 2000, inclusive, may be redeemed on any interest payment date prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, without the payment of any redemption premium. Subject to the prior redemption of such bonds, the definitive coupon Series E bonds maturing November 1, 1992 to November 1, 1995, inclusive, may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1970 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1975, 2 1/2% if redeemed thereafter and on or prior to November 1, 1980, 2% if redeemed thereafter and on or prior to November 1, 1985, 1 1/2% if redeemed thereafter and on or prior to November 1, 1990, and 1% if redeemed thereafter.
Notwithstanding any of the foregoing provisions, if the United States of America or any agency thereof holds any of said bonds, all such bonds so held may be redeemed in the inverse order of their numbers on any interest payment date prior to their respective maturities and without the payment of any redemption premium.
Any temporary bond or bonds without coupons shall be subject to redemption as provided above for the definitive coupon bonds of corresponding series and maturities, except that any redemption in part shall be in the inverse order of the maturity dates of the instalments of principal of such temporary bond or bonds without coupons.
The moneys in the Dormitory System Bond and Interest Sinking Fund Account of 1963 available for the purchase or redemption of bonds outstanding under said resolution of February 24, 1964 shall be applied in the order and manner provided in said resolution.
The interest on said bonds is exempt from all present Federal income taxes and the statute under which said bonds have been authorized expressly provides that the bonds issued under said statute and the income therefrom shall at all times be free from taxation within the State of North Carolina.
Bids will be received and considered for all or any part of said $1,647,000 Series A bonds, said $533,000 Series C bonds, said $1,000,000 Series D bonds and said $1,000,000 Series E bonds, and bids shall be accorded preference on the basis of the largest consecutive number of bonds bid for. No bid shall include, as to any calendar year, less than all of the bonds of a series maturing in such calendar year. Any premium offered will be considered only if two or more bidders offer to purchase the same number of bonds. For the purpose of determining the lowest bidder as between two or more bidders offering to purchase the same number of bonds calculations of net interest cost will exclude the bid of the Housing and Home Finance Agency.
The United States of America, through the Housing and Home Finance Administrator, has entered into a loan agreement with the Board of Trustees of the University of North Carolina, acting for and on behalf of The University of North Carolina at Chapel Hill, pursuant to which the United States of America has agreed to buy, at par and accrued interest, all or any part of said $1,647, 000 Series A bonds bearing interest at 2 3/4% per annum, all or any part of said $533,000 Series C bonds bearing interest at 3 1/2% per annum, all or any part of said $1,000,000 Series D bonds bearing interest at 3% per annum, and all or any part of said $1,000,000 Series E bonds bearing interest at 2 7/8% per annum, providing no other equally favorable bid or bids are submitted.
Each bid, except any bid of the United States of America or the State of North Carolina or any agency thereof, must be accompanied by a certified or bank cashier's or treasurer's check upon an incorporated