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470

The bonds of said issue of $7,029,000 will be special obligations of the Board of Trustees of The University of North Carolina, secured by a first lien on and pledge of the net revenues of The University of North Carolina at Chapel Hill Dormitory System, comprising the following, exclusive of any snack bars, coin operated machines, recreational facilities, dining halls or cafeterias therein: (i) the dormitories known as Avery Hall, Parker Hall and Teague Hall and the additions to the existing dormitory known as Spencer Hall financed by the issuance of the 1956 bonds, (ii) the dormitories known as Craige Hall and Ehringhaus Hall and the addition to the existing dormitory known as the Nurses' Dormitory financed by the issuance of the 1960 bonds, (iii) certain dormitories heretofore constructed at the University of North Carolina at Chapel Hill and referred to in the resolution of February 24, 1964 authorizing the bonds of said issue as "Existing Dormitories", (iv) the Project, and (v) any additions or improvements to the Dormitory System financed by the issuance of bonds under the provisions of said resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of said resolution.

Said resolution of February 24, 1964 authorizing the bonds of said issue of $7,029,000 provides for the issuance from time to time of bonds additional to said issue of $7,029,000, under the conditions, limitations and restrictions set forth in said resolution, for the purpose of paying all or any part of the cost of acquiring or constructing additions or improvements to the Dormitory System at The University of North Carolina at Chapel Hill.

The definitive coupon Series A bonds maturing November 1, 1992 to November 1, 1994, inclusive, may be redeemed on any interest payment date prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, without the payment of any redemption premium. Subject to the prior redemption of such bonds, the definitive coupon Series A bonds maturing November 1, 1967 to November 1, 1991, inclusive, may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1966 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1971, 2 1/2% if redeemed thereafter and on or prior to November 1, 1976, 2% if redeemed thereafter and on or prior to November 1, 1981, 1-1/2% if redeemed thereafter and on or prior to November 1, 1986, and 1% if redeemed thereafter. The definitive coupon Series A bonds maturing November 1, 1964 to November 1, 1966, inclusive, are not subject to redemption.

The definitive coupon Series C bonds may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1970 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1975, and 2 1/2% if redeemed thereafter.

The definitive coupon Series D bonds may be redeemed prior to their respective maturities, at the option of the Board, from any moneys that may be made available for such purpose, either in whole or in part in the inverse order of their numbers, on any interest payment date after November 1, 1970 at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3% of such principal amount if redeemed on or prior to November 1, 1975, 2 1/2% if redeemed thereafter and on or prior to November 1, 1980, 2% if redeemed thereafter and on or prior to November 1, 1985, 1-1/2% if redeemed thereafter and on or prior to November 1, 1990, and 1% if redeemed thereafter.

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