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bank or trust company, payable unconditionally to the order of the Board of Trustees of The University of North Carolina, for two per centum (2%) of the amount of the bid. Award or rejection of bids will be made on the date stated above for the receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as security for the performance of his bid, but in the event such successful bidder shall fail to comply with the terms of his bid the check may then be cashed and the proceeds thereof retained as and for full liquidated damages.
The successful bidder will be furnished, without cost, the approving legal opinion of Mitchell, Pershing, Shetterly & Mitchell, of New York City.
The right to reject any or all bids is reserved.
BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA By: A. H. SHEPARD, JR. Business Officer and Trasurer
and
WHEREAS, SAID Notice of Sale and said Official Notice of Sale were each in form satisfactory to the Executive Committee; now, therefore,
BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina that the Notice of Sale set forth above and the publication thereof as hereinabove recited, and the Official Notice of Sale set forth above and the transmittal thereof to the Housing and Home Finance Agency, Atlanta, Georgia, and to investment bankers, are each hereby ratified, confirmed and approved.
A resolution entitled:
"RESOLUTION SELECTING DEPOSITARIES OF MONEYS UNDER THE PROVISIONS OF THE RESOLUTION AUTHORIZING THE IS SUANCE OF $7,029,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F."
was introduced, and Mr. Bryant moved that it be adopted. The motion was seconded by Mr. Barber and the resolution was adopted by all members present voting for its adoption; those voting "Nay": 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 SELECTING DEPOSITARIES OF MONEYS UNDER THE PROVISIONS OF THE RESOLUTION AUTHORIZING THE ISSUANCE OF $7,029,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F.
BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina:
Section 1. That the following banks are hereby selected as depositaries of moneys under the provisions of the resolution adopted by the Board of Trustees on February 24, 1964 authorizing the issuance of $7,029,000 The University of North Carolina at Chapel Hill Dormitory
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System Revenue Bonds of 1963, Series A, B, C, D, E and F, and each of said banks is hereby designated a Depositary under the provisions of said resolution for the respective account indicated:
| Account | Depositary |
|---|---|
| The University of North Carolina at Chapel Hill Dormitory Construction Account of 1963 (Sec. 401) | Wachovia Bank & Trust Company in Raleigh, North Carolina. |
| The University of North Carolina at Chapel Hill Dormitory System Revenue Fund Account of 1963 (Sec. 503) | Wachovia Bank & Trust Company in Raleigh, North Carolina. |
Section 3. That the use of any one or more of said banks as a Depositary of moneys in any of said accounts under the provisions of said resolution of February 24, 1964 is hereby authorized, ratified, confirmed and approved.
A resolution entitled:
"RESOLUTION ESTABLISHING RENTALS AND PARIETAL RULES AND REGULATIONS FOR THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM, IN CONNECTION WITH THE AUTHORIZATION AND ISSUANCE OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F."
was introduced, and Mr. Hill moved that it be adopted. The motion was seconded by Mrs. Lathrop and the resolution was adopted by all members present voting for its adoption; those voting "Nay": 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 OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM, IN CONNECTION WITH THE AUTHORIZATION AND ISSUANCE OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F.
WHEREAS, the Board of Trustees of The University of North Carolina (herein called the "Board") by a resolution adopted by the Board on February 24, 1964, entitled:
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A RESOLUTION AUTHORIZING THE CONSTRUCTION AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL OF A NEW DORMITORY, WITH NECESSARY APPURTENANT FACILITIES, TO HOUSE APPROXIMATELY 925 MEN STUDENTS; AUTHORIZING THE ISSUANCE OF $7,029,000 THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL DORMITORY SYSTEM REVENUE BONDS OF 1963, SERIES A, B, C, D, E AND F, INCLUDING $1,647,000 SERIES OF BONDS TO REFUND A LIKE PRINCIPAL AMOUNT OF UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1956; $305,000 SERIES B BONDS, $533,000 SERIES C BONDS, $1,000,000 SERIES D BONDS, AND $1,000,000 SERIES E BONDS, TO REFUND LIKE PRINCIPAL AMOUNTS OF UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS OF 1960, SERIES A, B AND C; AND $2,544,000 SERIES F BONDS TO PAY, WITH OTHER AVAILABLE FUNDS, THE COST OF SAID DORMITORY PROJECT; PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON FROM REVENUES; PROVIDING FOR THE AUTHORIZATION OF BONDS FOR ADDITIONAL FACILITIES THAT MAY HEREAFTER BE CONSTRUCTED; AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS."
(herein called the "Resolution"), authorized the issuance of $7,029,000 The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963, consisting of $1,647,000 Series A bonds, $305,000 Series B bonds, $533,000 Series C bonds, $1,000,000 Series D bonds, $1,000,000 Series E bonds and $2,544,000 Series F bonds, 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 1960, 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"); and
WHEREAS, said bonds will be payable solely from net revenues of The University of North Carolina at Chapel Hill Dormitory System (herein called the "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 additions to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) the dormitories referred to in the Resolution as "Existing Dormitories" and comprising the dormitories known as Alderman, Alexander, Aycock, Battle-Vance-Pettigrew, Carr, Cobb, Conner, Everett, Graham, Grimes, Joyner, Kenan, Lewis, Mangum, Manly, Mclver, Old East, Old West, Ruffin, Smith, Spencer (not including the addition financed by the issuance of the 1956 bonds), Stacy, Whitehead and Winston Halls and the Nurses' Dormitory (not including the addition financed by the issuance of the 1960 bonds), (iv) The Project, and (v) any additions or improvements to the Dormitory System financed by the issuance of bonds under the provisions of the Resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of the Resolution; and
WHEREAS, in Section 501 of the Resolution the Board covenants that, beginning with the first semester of the 1964-1965 regular term of two semesters and the first term of the 1964 summer session of two terms, the minimum rentals for all students and counselors occupying the men's dormitories included in the Dormitory System shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms, and for all students and counselors occupying the women's dormitories included in the Dormitory System shall be $235.00 for the regular term of two semesters and $35.00 for each of the two summer terms, and that, upon its completion, the minimum rentals for all students and counselors occupying the Project shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms; and
WHEREAS, in Section 502 of the Resolution the Board covenants that, notwithstanding any other facilities which may now or hereafter be available for the housing of students at the Chapel Hill Campus, it will require a sufficient number of students at the Chapel Hill campus to live in and use the Dormitory System, and will adopt and enforce such parietal and other rules and regulations as, will assure that the facilities of the Dormitory System will be fully utilized at all times during the regular school terms at the Chapel Hill campus and to the fullest extent practicable at all times during any summer school term at the Chapel Hill campus, and that there shall be no free use or occupancy of any of the facilities of the Dormitory System; and
WHEREAS, Section 1003 of the Resolution provides that all rights, powers and privileges conferred and duties and responsibilities imposed upon the Board by the provisions of the Resolution may be exercised or performed by or at the direction of the Executive Committee; now, therefore,
BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina that:
Section 1. Beginning withthe first semester of the 1964-65 regular term of two semesters and the first term of the 1964 summer session of two terms, the minimum rentals for all students and counselors occupying the men's dormitories included in the Dormitory System shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms, and for all students and counselors occupying the women's dormitories included in the Dormitory System shall be $235.00 for the regular term of two semesters and $35.00 for each of the two summer terms, and, upon its completion, the minimum rentals for all students and counselors occupying the Project shall be $190.00 for the regular term of two semesters and $27.50 for each of the two summer terms.
Section 2. Notwithstanding any other housing facilities of The University of North Carolina at Chapel Hill which may now or hereafter be available for students at the Chapel Hill campus, the officers of The University of North Carolina at Chapel Hill shall assign students at the Chapel Hill campus to the occupancy of the Dormitory System in preference to any other housing facilities heretofore or hereafter provided at the Chapel Hill campus, to the enx that maximum occupancy and use of the Dormitory System will be assured and that sufficient revenues will be provided to meet all applicable requirements of the Resolution.
Section 3. No free usage of the Dormitory System or its services by The University of North Carolina at Chapel Hill, its administrative or faculty personnel, students at the Chapel Hill campus or others shall be permitted. The provisions of this Section shall constitute a covenant on the part of the Board with the holders from time to time of the bonds authorized and issued under the provisions of the Resolution.
Section 4. The officers of The University of North Carolina at Chapel Hill are hereby authorized, empowered and directed to make any rules and regulations and to take any action necessary to carry into effect and to enforce the provisions of this resolution.
Mr. Shepard, the Business Officer and Treasurer of the Board of Trustees of The University of North Carolina, reported to the Executive Committee that the following bids had been received for The University of North Carolina at Chapel Hill Dormitory System Revenue Bonds of 1963, Series A, C, D and E:
Bid of the United states of America, acting by and through the Housing and Home Finance Administrator, offering to pay par value and accrued interest for all or any part of said bonds bearing interest as follows:
$1,647,000 Series A bonds at 2 3/4% per annum; $533,000 Series C bonds at 3 1/2% per annum; $1,000,000 Series D bonds at 3% per annum; and $1,000,000 Series E bonds at 2 7/8% per annum;
Bid of J. Lee Peeler & Company, Inc. , offering to pay $605,001.00 and accrued interest for the $5033,000 Series C bonds and the $72,000 Series D bonds maturing in the year 1980 bearing interest as follows:
Series C bonds: $51,000 bonds maturing in the year 1971 at 4.70% per annum; $53,000 bonds maturing in the year 1972 at 4.75% per annum; $297,000 bonds maturing in the years 1973 through 1977 at 3.20% per annum; and $132,000 bonds maturing in the years 1978 and 1979 at 3.50% per annum.
Series D bonds: $72,000 bonds maturing in the year 1980 at 3% per annum.
Bid of Reynolds & Company, offering to pay par value and accrued interest for the $533,000 Series C bonds bearing interest as follows:
$51,000 bonds maturing in the year 1971 at 5% per annum; $53,000 bonds maturing in the year 1972 at 2 3/4% per annum; $172,000 bonds maturing in the years 1973 through 1975 at 3 1/4% per annum; and $257,000 bonds maturing in the years 1976 through 1979 at 3.40% per annum.
Bid of White, Weld & Company, offering to pay $533,037.31 and accrued interest for the $533,000 Series C bonds, maturing in the years 1971 through 1979, bearing interest at 3.50% per annum.
Bid of Powell, Kistler & Co. , offering to pay $276,066.20 for the $276,000 Series C bonds maturing in the years 1971 through 1975 bearing interest at 3.40% per annum.
After due consideration of said bonds the following resolution was introduced by Mr. Maynard and was adopted by unanimous vote of those members present, to-wit: Mrs. Burgwyn, Mrs. Lathrop, Messrs. Bryant, Mintz, Noble, Wicker, Maynard, Umstead, Hill, Taylor and Barber. Those voting "nay": None. The resolution is in the following words and figures:
RESOLUTION
BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina that:
Section 1. Notice was duly published calling for sealed bids to be received by the Board of Trustees of The University of North Caiolina, 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, for 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, at which hour bidding was closed and the followiig bids were found to have been filed and to accord in all respects with the terms of said notice: