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Revenues of the State", ratified April 21, 1933.
It is hereby certified and recited that all conditions, acts and things required by the Constitution or Statutes of the State of North Carolina to exist, be performed or happen precedent to or in the issuance of this bond, exist, have been performed and have happened.
IN WITNESS WHEREOF, The University of North Carolina has caused this bond to besigned by its Chairman and its corporate seal to be hereunto affixed and attested by, and the annexed interest coupons to be executed and the facsimile signature of said secretary, and this bond to be dated June 1, 1933.
____________________________ Governor of North Carolina and ex-officio Chairman of the Board of Trustees of the University of North Carolina
Attest:
_____________________ Secretary
(Form of Coupon)
No..... $27.50
June
On the first day of December, 19...The University of North Carolina will pay to the bearer, solely from the special fund known as the Athletic Stadium Fund,
TWENTY-SEVEN AND 50/100 DOLLARS ($27/50)
at the Bankers Trust Company, in New York City, or, at the State Treasurer's office, in Raleigh, at the option of the holder, said sum being six months' interest then due on its Athletic S Stadium Bond No...dated June 1, 1933.
______________________ Secretary
5. That the Chairman and Secretary of the Board of Trustees of the University are hereby authorized to execute said bonds and to deliver them to the Reconstruction Finance Corporation, either all at one time, or from time to time upon payment of the par value of the bonds so delivered, plus accrued interest from, the
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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 students' 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 University 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 Agriculture 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.
