60

107

June 1st and December 1st. The principal and interest shall be
payable at the Bankers Trust Company, in the City of New York, or,
at the office of the State Treasurer in Raleigh, at the option
of the holder, in such funds as are then legal tender.

4. That said bonds shall be Issued in substantially the
following form:

No..... UNITED STATES OF AMERICA $1,000

THE UNIVERSITY OF NORTH CAROLINA

ATHLETIC STADIUM BOND

The University of North Carolina, a body politic and corporate,
for value received, hereby promises to pay to the bearer, solely
from the special fund hereinafter referred to, the sum of

ONE THOUSAND DOLLARS ($1,000)

on the first day of December, 19..., with interest from the date

of this bond, at the rate of five and one-half per centum (5½%)
per annum, payable semi-annually on June 1st and December 1st in
each year, upon presentation and surrender of the annexed interest
coupons as they severally fall due. Both principal and interest
of this bond are payable at the Bankers Trust Company, in New
York City, or at the office of the State Treasurer, in Raleigh,
at the option of the holder thereof, solely out of a special fund,
known as the Athletic Stadium Fund, created by a resolution adopted
by the Board of Trustees of the University of North Carolina on
July 10, 1933, and derived exclusively from athletic receipts;
and the said bonds are not a debt of the State of North Carolina
or of the University of North Carolina, and neither the State nor
the University is liable thereon, except that the University agrees
to pay certain athletic receipts into said special fund, as pro-
vided in said resolution, and to apply the moneys in said fund to
the payment of said principal and interest.

This bond is one of an issue of not exceeding forty bonds of
like date and tenor, except as to maturity, numbered from 1 to 40,
inclusive, issued pursuant to an act of the General Assembly of Notth
Carolina entitled "An Act to Authorize the Trustees of the Univer-
sity of North Carolina to Construct and Finance an Athletic Stadium
for North Carolina State College out of funds other than General