66

60

All Dormitories: $200.00 per student for the regular term of two
semesters

$ 2.00 per student for the summer term

All Fraternity Houses Constructed
Under Project CH-NC-37 (D): $9,336.50 per house per year

All Married Students Apartments: Efficiency Apartments - $43.00
per month; One Bedroom Apartments -
$56.50 per month; Two Bedroom
Apartments - $68.00 per month

(i) The Borrower may issue additional Series of parity Bonds to finance
entirely, or in part, the construction or acquisition of additional
housing and related auxiliary facilities, additions or improvements to
the Housing System facilities, or to refund indebtedness previously
incurred to finance the construction or acquisition of such additional
housing and related auxiliary facilities, to be secured by a parity lien
on and ratably payable from the revenues and any other security pledged
to the System Bond, provided in each instance that:

(1) The additional housing and related auxiliary facilities and additions
or improvements to the Housing System facilities to be financed from
the proceeds of the additional parity System Bonds are made part of
the System and their revenues pledged as additional security for the
additional parity System Bonds and the outstanding Bonds;

(2) The Borrower is in full compliance with all covenants and undertaking
in connection with all Bonds then outstanding and payable from the
net revenues of the Housing System and any other revenues pledged
as security;

(3) The annual net revenues defined as gross revenues less current
expenses of the Housing System, for the fiscal year next preceding
the issuance of additional parity bonds, together with any other
revenues pledged as security, are certified by an independent
Certified Public Accountant employed by the Borrower, or the
North Carolina State Auditor, to have been equal to at least
one and thirty-five hundredths (1. 35) times the average annual
requirements for principal of and interest on all Bonds then
outstanding and payable from the net revenues of the Housing System
and any other revenues pledged as security;

(4) The estimated annual net revenues of the facility or facilities
to be constructed, acquired or improved with the proceeds of such
parity Bonds, entirely, or in part, when added to the estimated
annual net revenues of the then existing Housing System and any
other revenues pledged as security shall equal at least one and
thirty-five hundredths (1. 35) times the average annual requirements
for principal of and interest on all Bonds then outstanding and on
the additional Bonds authorized or to be issued, and payable from
the net revenues of the Housing System and any other revenues
pledged as security.

The calculation of future net revenues of the then existing Housing
System shall be based on actual net revenues for the fiscal year
next preceding the issuance of additional parity Bonds, as adjusted,
if necessary, to reflect the schedule or rates and charges to
become effective upon the addition thereto of the new facility or
facilities, and after giving recognition to any anticipated changes
in current expenses of the Housing System.

The calculation of the estimated net revenues of the facility or
facilities to be constructed, acquired or improved, shall be
predicated upon an assumed utilization rate of not more than 90
pei cent (95 percent for apartments) and upon the anticipated
rates and charges and current expenses upon completion.