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A RESOIUTION AUTHORIZING THE ISSUANCE OF $178,000 DORMITORY
BUILDING REV1NUE BONDS OF THE UNIVERSITY OF NORTH CAROLINA, AND
PROVIDING FOR THE PAYMENT THEREOF.

WHEREAS, The Executive Committee of the Board of Trustees of
the University of North Carolina deems it necessary and expedient
to construct two doimitory buildings on the campus of North Carolina
State College, at Raleigh; and

WHEREAS, the United States of America, acting through the
Federal Emergency Administrator of Public Works, has offered to
aid the University of North Carolina in financing the construction
of doimitory buildings, by means of a grant in the amount of 45%
of the cost of said buildings, upon completion, but not to exceed
in any event the sum of $145,636; and

WHEREAS, it is necessary for the University of North Carolina
to borrow money and issue Revenue Bonds to supplement said grant,
for the purpose of constructing said dormitories: NOW, THEREFORE:

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

Section 1. Pursuant to Chapter 479 of the Public Laws of 1935
of North Carolina, as amended by Chapter 2 of the Public Laws of
1936 and by Chapter 323 of the Public Laws of 1937, there shall be
issued bonds of the University of North Carolina in the aggregate
principal amount of $178,000, the proceeds of which bonds shall
be used for the purpose of constructing two dormitory buildings on
the campus of North Carolina State College, at Raleigh, North
Carolina, together with appurtenances and equipment therefor, for
the use of the University of North Carolina. The said bonds shall
be dated August 1, 1938, and shall mature in annual installments,
as follows, viz.: $6,000 of bonds on August 1st in each of the
years 1940 to 1942, inclusive, $7,000 of bonds on August 1st
in each of the years 1943 and 1944, $8,000 of bonds on August 1st
in each of the years 1945 to 1948, inclusive, $9,000 of bonds on
August 1st in each of the years 1949 to 1952, inclusive, $10,000
of bonds on August 1st in each of the years 1953 and 1954, $11,000
of bonds on August 1st in each of the years 1955 and 1956, and
$12,000 of bonds on August 1st in each of the years 1957 to 1959, inclusive.