63

OverviewVersionsHelp

Facsimile

Transcription

Status: Complete

57

(1) All funds and/or Investments then on deposit, or on hand to be
deposited, in the "North Carolina State College Dormitory System
Bond and Interest Sinking Fund Account of 1956", provided for by
Section 503 of the Resolution under which the "North Carolina State
College of Agriculture and Engineering of the University of North
Carolina Dormitory Revenue Bonds - Series 1956," dated November
1, 1956, being refunded hereby, were issued.

(2) All funds and/or investments then on deposit in the "State College
Student Apartments Revenue Bonds, Series 1958, Bond and Interest
Sinking Fund," provided for by Section 503 of the Resolution under
which the "North Carolina State College Student Apartments Revenue
Bonds, Series 1958," dated September 1, 1958, being refunded
hereby, were issued.

(3) All funds and/or investments then on deposit in the "North Carolina
State College Student Housing Bond and Interest Sinking Fund
Account of 1961," provided for by Section 503 of the Resolution
under which the "North Carolina State College Student Housing
Revenue Bond, Series 1961," dated February 1, 1961, being
refunded hereby, were issued.

(4) All funds and/or investments then on deposit in the "North Carolina
State College Dormitory Revenue Bond and Interest Sinking Fund
Account of 1961," provided for by Section 503 of the Resolution
under which the "North Carolina State College of Agriculture and
Engineering of the University of North Carolina Dormitory Revenue
Bonds - Series 1961," dated September 1, 1961, being refunded
hereby, were issued.

(5) All of the accrued interest received from the sale of the "North
Carolina State of the University of North Carolina at Raleigh
Housing System Revenue Bonds of 1964," which sum shall be
credited against the amount to be deposited into said "Housing
System of 1964 Bond and Interest Sinking Fund Account" on the
next payment date.

Thereafter, and after providing for the payment current expenses, the
Borrower shall transfer from the "Housing System of 1964 Revenue Fund
Account" and deposit to the credit of the "Housing System of 1964 Bond
and Interest Sinking Fund Account" on or before each February 15 and
August 15 a sum equal to one-half (l/2) of one and thirty hundredths (1. 30)
times the average annual debt service requirements for principal of and
interest on the outstanding Series A, B, C, D and E Bonds, until the
funds and/or investments therein are sufficient to meet the interest
due on the next interest payment date and one-half of the principal due
within the succeeding twelve (12) months, plus a Debt Service Reserve in
an amount sufficient to pay interest and principal due within the next
succeeding two (2) years on the outstanding Series A, B, C, D and E Bonds,
and thereafter on or before each February 15 and August 15, such sums
from said source as shall be sufficient to meet the interest on the
outstanding Series A, B, C, D and E Bonds due on the next interest
payment date and one-half of the principal due within the succeeding
twelve (lZ) months and maintain the IDebt Service Reserve in an amount
sufficient to pay interest and principal due within the next succeeding
two (2) fiscal years on the outstanding Series A, B, C, D and E Bonds.

Provided, however, that: the combined amounts of semi-annual transfers,
beginning on the February 15 or August 15, as the case may be, next
following the issuance of the Series F Bonds, and any additional Series
of parity bonds issued in accordance with the provisions of Special
Conditions (i) and (j) hereof, shall be increased annually by an amount
equal to one and thirty-hundredths (1. 30) times (or such portion thereof
as is available, but in any case not less than an amount equal to the
current year's debt service requirements) the average annual debt service
requirements for principal of and interest on said Series F Bonds and
any such additional Series of parity bonds. Provided, however, that
beginning not later than twenty-nine and one-half (29-1/2) months after
the date of said Series F Bonds and any additional Series of parity
bonds, the combined amounts of such semi-annual transfers shall be
equal to one and thirty-hundredths (1. 30) times the average annual
debt service requirements for principal of and interest on said
Series F Bonds and any such additional Series of parity bonds
until the funds and/or investments in the "Housing System of 1964

Notes and Questions

Nobody has written a note for this page yet

Please sign in to write a note for this page