58

Governor's Office
Raleigh, N. C.
July 10, 1933.

The Executive Committee of the Board of Trustees of the Uni-
versity of North Carolina met at 10:30 a. m. on the above date,
Governor Edringhaus presiding, the following members being present:
Messrs Whedbee, Foe, Weil, Alexander, Murphy, John Sprunt Hill,
and Miss Easdale Shaw. Vice-Presidents Brooks and Foust, Execu-
tive Secretary R. B . House and Comptroller C. T. Woollen were also
present.

At the request of Dr. Brooks, Prof. T. S. Johnson explained the
details of financial and contract matters in connection with the
erection of a stadium at State College, with funds to be borrowed
from the Reconstruction Finance Corporation.

The Bond Purchase Contract between the University of North
Carolina and the Reconstruction Finance Corporation was read and
explained to the Executive Committee by Prof. Johnson, after which
Mr. Whedbee moved the adoption of the following resolution:

WHEREAS, there has been presented by the Reconstruction Finance
Corporation to the Board of Erustees of the University of North Caro-
lina a certain Bond Purchase Contract, dated July 2, 1933, providing
for the purchase by the R. F. C. of, not to exceed Forty Thousand
($40,000), aggregate of Principal amount of the bonds of the Univer-
sity of North Carolina and the said Bond Purchase Contract is in
agreement with the loan application of the Board of Trustees;

THEREFORE, be it resolved that the terms of this contract are
hereby approved and the Governor, Chairman Ex-officio, and the Sec-
retary of the Board of Trustees are hereby authorized and directed
to execute the same, for and in behalf of the Board of Trustees and
are further authorized to deliver the same when executed in proper
form to the proper authorities of the Reconstruction Finance Corpo-
ration.

The motion to adopt the resolution was seconded and carried,
all members voting in the affirmative, none in the negative.
The following resolution authorizing the issuance of bonds for financing
of the stadium, was read and upon motion by Mr. Whedbee, duly seconded,
was adopted by the affirmative vote of all members present.

WHEREAS, by an act of the General Assembly of North Carolina,