Volume 09: June 17, 1964–February 28, 1966

498

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 to pay, solely from the special fund provided therefor as hereinafter set forth, to the bearer or, if this bond be registered, to the registered owner hereof, on the 1st day of July, 19. . . , upon the presentation and surrender hereof, the principal sum of

ONE THOUSAND DOLLARS

AND TO PAY, SOLELY LROM SAID SPECIAL FUND, INTEREST THEREON FROM the date hereof at the rate of . . . . . . . . . . . . . . . . . . . . . per centum ( . . . . . . %) per annum until payment of such principal sum, such interest to the maturity hereof being payable semi-annually on the 1st days of January and July in each year upon the presentation and surrender of the attached coupons representing such interest as the same respectively become due. Both the principal of and the interest on this bond are payable in any coin or currency which on the respective dates of payment thereof is legal tender for the payment of debts due the United States of America. The principal of this bond and the interest hereon are payable at Wachovia Bank and Trust Company, in the City of Charlotte, North Carolina, or, at the option of the holder or registered owner, at First National City Bank, in the Borough of Manhattan, City and State of New York.

This bond shall not be deemed to constitute a debt or liability of the State of North Carolina or of any political subdivision thereof, and neither the faith and credit nor the taxing power of the State or of any political subdivision or instrumentality thereof is pledged for the payment of the principal of or the interest on this bond. Neither the State nor the Board shall be obligated to pay this bond or the interest thereon except from the special fund provided therefor from revenues as hereinafter set forth.

This bond is one of a duly authorized issue of $552,000 bonds of the Board (herein called the "bonds"), all of like date, known as "Charlotte College Student Center Improvement Bonds of 1964", consisting of Series A bonds maturing in annual instalments in the years 1967 to 1994, inclusive, and Series B bonds maturing in annual instalments in the years 1995 and 1996, issued for the purpose of providing funds for paying the cost of an addition to the existing student union-cafeteria building known as the College Union Building and herein called the "Existing Student Center", with necessary appurtenant facilities including but not limited to a snack bar, student meeting and committee rooms, and game and recreation area (herein called the "Project"), at The University of North Carolina at Charlotte (formerly Charlotte College and herein sometimes called the "Charlotte campus").

All of the bonds are issued under and pursuant to a resolution duly adopted by the Board on February 28, 1966 (said resolution of the Board with all resolutions amendatory thereof or supplemental thereto as therein permitted being herein collectively called the "Resolution"). Reference is hereby 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 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 116-187 to 116-198, inclusive, of the General Statues of North Carolina. The Resolution provides for fixing, charging and collecting from each enrolled student at The University of North Carolina at Charlotte a Student Center Fee to the extent provided in the Resolution, which Student Center Fee, together with the fees, rents and charges for the use of and for the services furnished or to be furnished by the Existing Student Center as enlarged by the Project (the Existing Student Center as so enlarged being herein called the "Enlarged Student Center"), shall be sufficient, with any other available funds, to pay the cost of maintaining, repairing and operating the Enlarged Student Center, including reserves for such purpose, and to pay the principal of and the interest on the bonds as the same shall become due and to provide reserves therefor. The Resolution provides for the creation of a special fund designated "Charlotte College Student Center Improvement Revenue Bonds of

499

1964 and Interest Sinking Fund Account" (herein called the "Bond and Interest Sinking Fund Account") and for the deposit to the credit of said special fund of a sufficient amount of the revenues of the Enlarged Student Center, including said Student Center Fee, over and above the cost of such maintenance, repair and operation thereof, 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.

Series A bonds numbered 112 to 512, inclusive, maturing July 1, 1975 to July 1, 1994, inclusive, maybe redeemed 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, on any interest payment date after July 1, 1974, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to July 1, 1977, 2-1/2% if redeemed thereafter and on or prior to July 1, 1980, 2% if redeemed thereafter and on or prior to July 1, 1983, 1-1/2% if redeemed thereafter and on or prior to July 1, 1986, 1% if redeemed thereafter and on or prior to July 1, 1989, and without premium if redeemed thereafter. Series A bonds numbered 1 to 111, inclusive, maturing July 1, 1967 to July 1, 1974, inclusive, shall not be subject to redemption.

Series B bonds numbered 1 to 40, inclusive, maturing July 1, 1995 and July 1, 1996, may be redeemed 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, on any interest payment date after July 1, 1974, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to July 1, 1977, 2-1/2% if redeemed thereafter and on or prior to July 1, 1980, 2% if redeemed thereafter and on or prior to July 1, 1983, 1-1/2% if redeemed thereafter and on or prior to July 1, 1986, 1% if redeemed thereafter and on or prior to July 1, 1989, and without premium if redeemed thereafter.

Notwithstanding any of the foregoing provisions, if the United States of America or any agency thereof is the holder of any Series A or Series B bonds, all such bonds so held may be redeemed in the inverse order of their numbers on any interest payment date prior to their respective maturities and without the payment of any redemption premium.

No purchase or redemption of Series A bonds shall be made unless all of the Series B bonds shall have theretofore been retired or shall simultaneously therewith be called for redemption.

Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in the Resolution and shall be made in the manner and under the terms and conditions provided in the Resolution; provided, however, that notice by publication shall not be required for the redemption of any bonds held by the United States of America or any agency thereof. On the date designated for redemption, notice having been given and moneys for payment of the redemption price being held in trust for such purpose, all as provided in the Resolution, the bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such bonds on such date, interest on the bonds so called for redemption shall cease to accrue, coupons for any such interest after such date shall be void, such bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the holders of such bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof.

This bond may be registered as to principal alone in accordance with the provisions endorsed hereon and subject to the terms and conditions set forth in the Resolution.

Under the authority of said Sections 116-187 to 116-198 of the General Statutes of North Carolina, this bond shall have all the qualities and incidents of and shall be deemed to be a negotiable instrument under the laws of the State of North Carolina, subject to the provisions for registration endorsed hereon and contained in the Resolution, and, subject to such provisions, nothing contained in this bond or in the Resolution shall affect or impair the negotiability of this Bond.