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MINUTES OF SEPTEMBER 10, 1962, BOARD OF TRUSTEES MEETING CONTINUED
Section 3. It is hereby determined that the acceptance of the bid of the United States of America for the remaining blocks of said bonds, being the only bid offering to purchase said remaining blocks, and the award of said remaining blocks of bonds to the United States of America in accordance with said bid are for the best interests of the Board. Said bid for said remaining blocks of bonds bearing interest at the rate of 3 1/2% per annum is hereby accepted and said remaining blocks of bonds are hereby awarded to the United States of America at the price of par and accrued interest offered for said bonds bearing interest at said rate, and said bonds maturing in the years 1982 through 2001, aggregating $1,361,000, shall bear interest at the rate of 3 1/2% per annum.
Section 4. There shall be executed and delivered to the United States of America under the provisions of Section 205 of the resolution of the Board authorizing the issuance of said bonds, in lieu of definitive coupon bonds, a single non-negotiable temporary bond without coupons in a denomination equal to the aggregate principal amount of the bonds hereby awarded to the United States of America, numbered T-1.
Section 5. All steps necessary to carry into effect this resolution shall be taken by the proper officers and agents of the Board of Trustees of The University of North Carolina.
Section 6. Said single temporary Bond No. T-1 shall be substantially in the following form: $ 1,361,000 No. T-1
TEMPORARY BOND WITHOUT COUPONS (Registered as to both principal and interest)
Exchangeable for definitive coupon bonds
United States of America State of North Carolina
BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA
NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BOND - SERIES 1961
The Board of Trustees of The University of North Carolina, a body politic and corporate under the name of the "University of North Carolina" (herein sometimes called the "Board"), for value received, hereby promises
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to pay, solely from the special fund provided therefor as hereinafter set forth, to the UNITED STATES OF AMERICA, HOUSING AND HOME FINANCE ADMINISTRATOR, or his successor (herein called the "Payee"), or his registered assigns (herein sometimes called the "Alternate Payee"), the principal sum of ONE MILLION THREE-HUNDRED SIXTY-ONE THOUSAND DOLLARS in annual instalments on the 1st day of September in the following years and in the following amounts, corresponding to the definitive coupon bonds herein after mentioned numbered as follows:
Year of Maturity | Principal Amount | Coupon Bond Numbers | Year of Maturity | Principal Amount | Coupon Bond Numbers |
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1982 | $48,000 | 640 to 687 | 1992 | $68,000 | 1,206 to 1,273 |
1983 | 50,000 | 688 to 737 | 1993 | 70,000 | 1,274 to 1,343 |
1984 | 52,000 | 738 to 789 | 1994 | 73,000 | 1,344 to 1,416 |
1985 | 53,000 | 790 to 842 | 1995 | 76,000 | 1,417 to 1,492 |
1986 | 55,000 | 843 to 897 | 1996 | 78,000 | 1,493 to 1,570 |
1987 | 57,000 | 898 to 954 | 1997 | 80,000 | 1,571 to 1,650 |
1988 | 59,000 | 955 to 1,013 | 1998 | 83,000 | 1,651 to 1,733 |
1989 | 62,000 | 1,014 to 1,075 | 1999 | 86,000 | 1,734 to 1,819 |
1990 | 64,000 | 1,076 to 1,139 | 2000 | 89,000 | 1,820 to 1,908 |
1991 | 66,000 | 1,140 to 1,205 | 2001 | 92,000 | 1,909 to 2,000 |
During the time the Payee is the registered owner of this bond payment of the instalments of principal and interest then due and payable shall be made at the Federal Reserve Bank of Richmond, Richmond, Virginia, or at such other fiscal agent as the Payee shall designate (said Federal Reserve Bank or other fiscal agent being herein called the "Payee's Fiscal Agent"), and during any such time as the Alternate Payee shall be the registered owner of this bond payment of the instalments of principal and interest then due and payable shall be made at the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, or, at the option of the Alternate Payee, at First National City Bank, in the Borough of Manhattan, City and State of New York. Payments of principal and interest, including any prepayments of instalments of principal, shall be noted on the Payment Record made a part of this bond and written notice of the notation of such payment on the Payment Record shall be given promptly to the Treasurer of the Board without
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presentation or surrender hereof, and the Board shall be fully discharged of its obligation on this bond to the extent of the payment so made. Upon final payment this bond shall be surrendered to the Board for cancellation.
This bond is a temporary bond issued in lieu of definitive coupon bonds of the denomination of $1,000 each and aggregating in principal amount the amount of this temporary bond. At the request of the registered owner the Board will, within ninety (90) days after its receipt of such request, cause to be prepared and delivered in exchange for this temporary bond, at the place designated by the registered owner and without expense to the registered owner, definitive coupon bonds in an aggregate principal amount equal to the principal amount of this temporary bond then unpaid, having maturities corresponding to the maturities of the instalments of principal of this temporary bond then unpaid and bearing interest at the same rate, and upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled. Until so exchanged this temporary bond shall in all respects be entitled to the same benefit of the Resolution hereinafter mentioned as the definitive coupon bonds to be issued thereunder.
This bond shall not be deemed to constitute a debt of the State of North Carolina or a pledge of the faith and credit of the State, but shall be payable as to both principal and interest solely from the special fund provided therefor as hereinafter set forth.
This temporary bond is one of a duly authorized issue of $2,000,000 bonds of the Board (herein called the "bonds"), known as "North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds - Series 1961", maturing in annual instalments in the years 1964 to 2001, inclusive, issued for the purpose of providing funds for paying (with other funds) the cost of construction of a new dormitory, with appurtenant facilities, to house approximately 808 men students, two counsellors and two managers (herein called the "Project"), at North Carolina State College of Agriculture and Engineering of the University of North Carolina (herein called the "College") at Raleigh, North Carolina. All of the bonds are issued under and pursuant to a resolution duly adopted by the Board on May 28, 1962 (herein called the "Resolution"). Reference is made to the Resolution for the provisions, among others, with respect to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the fund charged with and pledged to the payment
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of the interest on and the principal of the bonds, the nature and extent of the security, the rights, duties and obligations of the Board and the rights of the holders of the bonds, and, by the acceptance of this bond, the holder hereof assents to all of the provisions of the Resolution.
This bond is issued and the Resolution was adopted under and pursuant to the Constitution and laws of the State of North Carolina, including Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina. The Resolution provides for fixing, charging and collecting rentals and other charges for the facilities furnished by or for the right to use the facilities of the Project, or for the right to receive any services therefrom, which will be sufficient, with any other available funds, to pay the cost of maintaining, repairing and operating the Project, including reserves for such purposes, and to pay, when added to certain increased rentals from other dormitory buildings at the College to the extent provided in the Resolution, the principal of and the interest on the bonds as the same shall become due and payable and to provide reserves therefor. The Resolution provides for the creation of a special fund designated "North Carolina State College Dormitory Revenue Bond and Interest Sinking Fund Account of 1961" and for the deposit to the credit of said special fund of a sufficient amount of the revenues of the Project, over and above the cost of such maintenance, repair and operation thereof, and of said certain increased rentals from said other dormitory buildings (such rentals being subject as to each of said other dormitory buildings to the prior payment of the expenses of maintenance, repair and operation thereof to the extent provided in the Resolution) to pay the principal of and the interest on the bonds then outstanding as the same shall become due and to provide a reserve for such purpose, and said special fund is pledged to and charged with the payment of such principal and interest.
Definitive coupon bonds numbered 1,571 to 2,000, inclusive, maturing September 1, 1997 to September 1, 2001, inclusive, maybe 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, definitive coupon bonds numbered 237 to 1,570, inclusive, maturing September 1, 1972