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ratified April 21, 1933, and entitled "An Act to Authorize the
Trustees of the University to construct and finance an athletic
stadium for North Carolina State College, out of funds other than
general revenue of the State," The University of North Carolina
(hereafter referred to as the "University") was authorized to bor-
row a sum not exceeding $50,000, for the purpose of enlarging and
improving the athletic stadium facilities on the grounds of the
North Carolina State College of Agriculture and Engineering of
The University of North Carolina (hereinafter referred to as "State
College"), and was also authorized to pledge, appropriate and pay
such sums , out of the athletic receipts of State College, as may
be required to repay the money so borrowed, with interest thereon,
it being expressly provided in said act that no part of the payments
for the principal or interest charges on said loan shall be met
out of the general revenues of the State of North Carolina, and

WHEREAS, by resolution adopted on June 3, 1933, the Board of
Trustees of the University approved an application to the Recon-
struction Finance Corporation for a loan of $40,000, pursuant to
the said act, and it is deemed advisable to make furtner provision
with respect to said loan: NOW THEREFORE,

BE IT RESOLVED, by the Board of Trustees of the University of
North Carolina :

1. That, pursuant to the said act ratified April 21,1933,
there shall be borrowed by the University, from the Reconstruction
Finance Corporation, the sum of $40,000, for the purpose of building
an athletic stadium on the campus of State College, at Raleigh.

2. That bonds of the University of North Carolina, payable
exclusively from the special fund hereinafter referred to, shall be
issued for the money so borrowed, in order to evidence the in-
debtedness so incurred.

3. That the said bonds shall be coupon bonds of the denom-
ination of $1,000 each, dated June 1, 1933, and payable serially,
as follows, vix.: One bond on December 1st in each of the years
1933 to 1937, inclusive, two bonds on December 1st in each of
the years 1938 to 1947, inclusive, and three bonds on December
1st in each of the years 1948 to 1953, inclusive. The bonds
shall bear interest from their date at the rate of five and one-
half per centum (5½%) per annum, payable semi-annually on