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date of the bonds to the date of their maturity.

6. That there is hereby created and established a special fund
to be known as the Athletic Stadium Fund, which fund is to be used
solely for the purpose of paying the principal and interest of
said bonds. Not less than ten days before the date on which any
interest or principal of said bonds falls due, there shall be
paid into said special fund a sum sufficient to meet such interest
or principal. The StateTreasurer of North Carolina shall be
custodian of such special fund. The gross athletic revenues of
State College, including gate receipts of the stadium and stu-
dents' athletic fees, are hereby pledged for the purpose of making
the said payments to said special fund.

The following resolution, carrying out the conditions of the
Bond Purchase Contract, was also adopted, on motion of Mr. Whedbee,
duly seconded, by the affirmative vote of all members present:

"BE IT RESOLVED, that to the extent permitted by law, the
Board of Trustees of the University of North Carolina hereby
undertakes and agrees with the Reconstruction Finance Corporation,
as an inducement to said Corporation to loan $40,000 to the Uni-
versity of North Carolina upon bonds this day authorized, that, so
long as any of said bonds are outstanding, the students' fees charged
for athletic purposes by the North Carolina State College of Agri-
culture and Engineering shall be so fixed in each year by the North
Carolina State College of Agriculture and Engineering as to produce
revenue at least equal to twice the bond service charges for each
year, and also that no other stadium shall be constructed in Raleigh,
North Carolina by the the University of North Carolina or by the
North Carolina State. College of Agriculture and Engineering."

Mr. Murphy moved that the Vice-President of the State College
branch be authorized, in connection with the Secretary of the Board
of Trustees to sign the contract with the Southeastern Construction
Company, of Charlotte, N. C., for the construction of the stadium,
on the basis of bids as received, when the contract has been approved
by the Attorney General of North Carolina. This motion was seconded
by Mr. Whedbee and carried, all members present voting affirmatively.