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Those voting "Nay": None.
The Chairman thereupon declared and resolution carried and the Secretary was ordered to record it in the minutes of the Committee. The said resolution referred to is in the following words and figures, to-wit:
A RESOLUTION AUTHORIZING THE ISSUANCE OF $287,000 DINING HALL AND DORMITORY BUILDING REVENUE BONDS OF THE UNIVERSITY OF NORTH CAROLINA, AND THE PROVIDING FOR THE PAYMENT THEREOF.
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WHEREAS, The Executive Committee of the Board of Trustees of the University of North Carolina deems it necessary and expedient to construct a dining hall and two dormitory buildings on the campus of the University at Chapel Hill; and
WHEREAS, the United States of America, acting through the Federal Emergency Administrator of Public Works, had offered to aid the University of North Carolina in financing the construction of a dining hall and two dormitory 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 in the sume of $234,405; 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 $287,000, the proceeds of which bonds shall be used for the purpose of constructing a dining hall and two dormitory buildings on the campus of the University of Chapel Hill, North Carolina, together with appurtenances and equipment therefor, for the use of the University of North Carolina. The said bonds shall be dated September 1, 1938, and shall mature in annual installments, as follows, viz.; $9,000 of bonds on September 1st in each of the years 1940 to 1943 inclusive, $11,000 dollars of bonds on September 1st in the year 1944;
