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64

The Borrower shall have the right in all other circumstances
involving the damage or destruction of any said building to utilize
the insurance proceeds for the retirement of outstanding bonds in
lieu of repairing or reconstructing the damaged or destroyed building."

(5) Section 33, Sub-section (b) Boiler Insurance is revised to read:

"Immediately upon the acceptance of Project from the contractor,
or immediately upon the occupancy of any portion of the facilities
of the Housing System to be established pursuant to the Loan
Agreement, whichever occurs first, the Borrower shall, if such
insurance is not already in force, procure and maintain, so long as
any of the Bonds are outstanding, Boiler Insurance covering any
steam boilers servicing the System in a minimum amount of $50,000."

(6) Section 33, Sub-section (c) Liability Insurance is revised to read:

"Immediately upon the receipt of any funds acquired pursuant to the
Loan Agreement, or immediately upon the occupancy of any portion of
the Project, or any portion of the facilities of the Housing System to
be established pursuant to the Loan Agreement, whichever comes
first, the Borrower shall, if such insurance is not already in force,
procure and maintain, so long as any of the Bonds are outstanding,
Public Liability Insurance with limits of not less than $100,000
for one person and $300,000 for more than one person involved in
one accident to protect the Borrower from claims for bodily injury
and/or death which may arise from the Borrower's operations, including
any use or occupancy of its grounds, structures, and behicles, and
including any non-owned vehicles operated from the benefit of the
Borrower, to the extent permitted by law."

The Borrower shall also maintain Vehicle Property Damage Insurance
with limits of not less than $10,000.

(7) Section 33, Sub-section (d) Use and Occupancy Insurance is revised
to read:

"Immediately upon the receipt of any funds acquired pursuant to the
Loan Agreement, or immediately upon the occupancy of any portion of
the Project or of any portion of the facilities of the Housing
System to be established pursuant to the Loan Agreement, whichever
occurs first, and so long thereafter as the funds and/or investments
in the 'Housing System of 1964 Bond and Interest Sinking Fund
Account of 1964,' as provided in the Loan Agreement, are less than
the maximum Debt Service Reserve required by said provisions of
the Loan Agreement, the Borrower shall procure and maintain Use
and Occupancy Insurance on each building, the revenues of which
are pledged to payment of the Bonds, in an amount sufficient to
enable the Borrower to deposit in said Sinking Fund Account, out
of the proceeds of such insurance, an amount equal to the sum
that would normally have been available for deposit in such Account
from the revenues of the damaged building during the time the
damaged building is non-revenue-producing as a result of loss of
use caused by the perils covered by Fire and Extended Coverage
Insurance. Where a Trustee is to be or has been designated in
connection with the Bonds, each such insurance policy shall be
acceptable to the Trustee and shall contain a loss payable clause
making any loss thereunder payable to the Trustee as its interest
may appear."

Release of Property to Chapel Hill Senior High School

On motion of Mr. Hill, duly seconded, the following resolution
was unanimously adopted:

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