UNC System Board of Trustees

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of the Board, who was present for the meeting.

The meeting then adjourned to luncheon in the Morehead Building.

[?] T. Allen Secretary

500

Bid of J. Lee Peeler Company, Inc. , offering to pay $236, 000 and accrued interest for the block of said bonds maturing in the years 1964 through 1971 bearing interest as follows: $ 81, 000 of bonds maturing in the years 1964 through 1966 at 4-1/2% per annum; and $155, 000 of bonds maturing in the years 1967 through 1971 at 3% per annum;

and offering to pay $403, 000 and accrued interest for the block of said bonds maturing in the years 1972 through 1981 bearing nterest as follows: $ 70, 000 of bonds maturing in the years 1972 and 1973 at 4-1/4% per annum; $155, 000 of bonds maturing in the years 1974 through 1977 at 3-1/4% per annum; $178, 000 of bonds maturing in the years 1978 through 1981 at 3.40% per annum;

The bid of the United States of America requested that as to all bonds awarded to the United States of America there be issued a single non-negotiable temporary bond in the amount of the bonds so awarded and registered as to principal and interest, exchangeable within 90 days after notice for definitive coupon bonds in the denomination of $1, 000.

Section 2. It is hereby determined that the bid of J. Lee Peeler & Company, Inc. , offering to pay $236, 000 and accrued interest for the block of said bonds maturing in the years 1964 through 1971 bearing interest as follows: $ 81,000 of bonds maturing in the years 1964 through 1966 at 4-1/2% per annum; and $155, 000 of bonds maturing in the years 1967 through 1971 at 3% per annum;

and offering to pay $403, 000 and accrued interest for the block of said bonds maturing in the years 1972 through 1981 bearing interest as follows: $ 70, 000 of bonds maturing in the years 1972 and 1973 at 4-1/4% per annum; $155, 000 of bonds maturing in the years 1974 through 1977 at 3-1/4% per annum; and $178, 000 of bonds maturing in the years 1978 through 1981 at 3.40% per annum,

offers to purchase said blocks of bonds at an interest cost to the Board lower than the interest cost bid by the United States of America and that the acceptance of said bid is for the best interests of the Board. Said bid therefore is hereby accepted and said bonds maturing in the years 1964 through 1971, aggregating $236, 000, and said bonds maturing in the years 1972 through 1981, aggregating $403, 000, and bearing interest at the rates set forth above in this Section, respectively, for said bonds, are hereby awarded to said J. Lee Peeler & Company, Inc. , at the respective prices set forth above in this Section, and said bonds shall bear interest at said rates.

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$155, 000 of bonds maturing in the years 1974 through 1977 at 3-1/4% per annum; and $178, 000 of bonds maturing in the years 1978 through 1981 at 3.40% per annum.

The bid of the United States of America requested that as to all bonds awarded to the United States of America there be issued a single non-negotiable temporary bond in the amount of the bonds so awarded and registered as to principal and interest, exchangeable within 90 days after notice for definitive coupon bonds in the denomination of $1, 000.

After due consideration of said bids a resolution entitled "RESOLUTION AWARDING $2, 000, 000 NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1961" was introduced, and Mr. Umstead moved that it be adopted. Mr. Taylor seconded the motion for adoption, and the resolution was adopted by the unanimous vote of all members present, as follows:

Voting "Aye": Mrs. Lathrop, Mrs. Parker, Messrs. Pearsall, Hill, Umstead, Barber, Taylor, Noble, Wicker, Maynard and Bryant.

Voting "Nay": None.

The Chairman thereupon declared said resolution unanimously adopted and the Secretary was instructed to record it in the minutes of the Board. Said resolution is in the following words and figures, to-wit:

RESOLUTION AWARDING $2, 000, 000 NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA DORMITORY REVENUE BONDS - SERIES 1961

BE IT RESOLVED by the Executive Committee of the Board of Trustees of The University of North Carolina, as follows:

Section 1. Notice was duly published calling for sealed bids to be received by the Board of Trustees of The University of North Carolina, acting by its Executive Committee, at the Governor's Office, State Capitol Building, in Raleigh, North Carolina, until 10:30 o'clock A.M. , Eastern Standard Time, September 10, 1962, for $2, 000, 000 North Carolina State College of Agriculture and Engineering of the University of North Carolina Dormitory Revenue Bonds - Series 1961 of the Board of Trustees of The University of North Carolina, at which hour bidding was closed and the following bids were found to have been filed and to accord in all respects with the terms of said notice:

Bid of the United States of America, acting by and through the Housing and Home Finance Agency, offering to pay par value and accrued interest for all of the blocks of said bonds offered bearing interest at the rate of 3 1/2% per annum.

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above for the corresponding definitive coupon bonds, except that any redemption in part shall be in the inverse order of the maturity dates of the instalments of principal of this temporary bond.

Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in the Resolution and shall be made in the manner and under the terms and conditions provided in the Resolution; provided, however, that notice by publication shall not be required for the redemption of any bonds held by the United States of America or any agency thereof. On the date designated for redemption, notice having been given and moneys for payment of the redemption price being held in trust for such purpose, all as provided in the Resolution, the portion of this temporary bond so called for redemption shall become and be due and payable at the redemption price provided for redemption of such portion on such date, interest on such portion of this temporary bond shall cease to accrue, such portion of this temporary bond shall cease to be entitled to any lien, benefit or security under the Resolution, and the holder of such portion of this temporary bond shall have no rights in respect thereof except to receive payment of the redemption price thereof.

This bond is registered as to both principal and interest in the name of the Payee on books of the Board kept by the Treasurer of the Board as Bond Registrar, and it may hereafter be transferred by the registered owner hereof only upon execution of an assignment hereon duly executed by such registered owner or by his or its attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice this bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice.

All acts, conditions and things required by the Constitution and laws of the State of North Carolina and the rules and regulations of the Board to happen, exist and be performed precedent to and in the issuance of this bond have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, the Board of Trustees of The University of North Carolina has caused this bond to bear the facsimile signature of the Governor of the State of North Carolina as ex officio Chairman of said Board and to be signed by the Secretary of said Board, and the official seal of said Board to be impressed hereon, all as of the 1st day of February, 1961.

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sufficient, with any other available funds, to pay the cost of maintaining, repairing and operating the Project, including reserves for such purposes, and to pay the principal of and the interest on the bonds as the same shall become due and to provide reserves therefor. The Resolution provides for the creation of a special fund designated "North Carolina State College Student Housing Bond and Interest Sinking Fund Account of 1961" and for the deposit to the credit of said special fund of a sufficient amount of the revenues of the Project, over and above the cost of such maintenance, repair and operation thereof, to pay the principal of and the interest on the bonds then outstanding as the same shall become due and to provide a reserve for such purpose, and said special fund is pledged to and charged with the payment of such principal and interest.

Definitive coupon bonds numbered 1, 425 to 1, 800, inclusive, maturing February 1, 1997 to February 1, 2001, inclusive, maybe 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, definitive coupon bonds numbered 226 to 1, 424, inclusive, maturing February 1, 1972 to February 1, 1996, 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 February 1, 1971, 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 February 1, 1976, 2-1/2% if redeemed thereafter and on or prior to February 1, 1981, 2% if redeemed thereafter and on or prior to February 1, 1986, 1-1/2% if redeemed thereafter and on or prior to February 1, 1991, and 1% if redeemed thereafter. Definitive coupon bonds numbered 1 to 225, inclusive, maturing February 1, 1964 to February 1, 1971, inclusive, shall not be subject to redemption. Notwithstanding any of the foregoing provisions, if the United States of America or any agency thereof holds any of such bonds, all such bonds so held may be redeemed in the inverse order of their numbers on any interest payment date prior to their respective maturities without the payment of any redemption premium. This temporary bond is subject to redemption as provided

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definitive coupon bonds in an aggregate principal amount equal to the principal amount of this temporary bond then unpaid, having maturities corresponding to the maturities of the instalments of principal of this temporary bond then unpaid and bearing interest at the same rate, and upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled. Until so exchanged this temporary bond shall in all respects be entitled to the same benefit of the Resolution hereinafter mentioned as the definitive coupon bonds to be issued thereunder.

This bond shall not be deemed to constitute a debt of the State of North Carolina or a pledge of the faith and credit of the State, but shall be payable as to both principal and interest solely from the special fund provided therefor as hereinafter set forth.

This temporary bond is one of a duly authorized issue of $1, 800, 000 bonds of the Board (herein called the "bonds"), known as "North Carolina State College Student Housing Revenue Bonds, Series 1961", maturing in annual instalments in the years 1964 to 2001, inclusive, issued for the purpose of providing funds for paying the cost of buildings to house approximately 480 students, including dining facilities, with appurtenant facilities (herein collectively called the "Project"), at North Carolina State College of Agriculture and Engineering of the University of North Carolina (herein called the "State College"), at Raleigh, North Carolina.

All of the bonds are issued under and pursuant to a resolution duly adopted by the Board on May 22, 1961 (herein called the "Resolution"). Reference is made to the Resolution for the provisions, among others, with respect to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the fund charged with and pledged to the payment of the interest on and the principal of the bonds, the nature and extent of the security, the rights, duties and obligations of the Board and the rights of the holders of the bonds, and, by the acceptance of this bond, the holder hereof assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution and laws of the State of North Carolina, including Sections 116-175 to 116-185 of the General Statutes of North Carolina. The Resolution provides for fixing, charging and collecting rentals and other charges for the facilities furnished by or for the right to use the facilities of the Project, or for the right to receive any such services, which will be

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1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

31, 000 33, 000 33, 000 34, 000 35, 000 36, 000 38, 000 39, 000 40, 000 41, 000 43, 000 44, 000

195 to 225 226 to 258 259 to 291 292 to 325 326 to 360 361 to 396 397 to 434 435 to 473 474 to 513 514 to 554 555 to 597 598 to 641

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

56, 000 58, 000 60, 000 62, 000 64, 000 66, 000 68, 000 71, 000 73, 000 75, 000 78, 000 79, 000

991 to 1, 046 1, 047 to 1, 104 1, 105 to 1, 164 1, 165 to 1, 226 1, 227 to 1, 290 1, 291 to 1, 356 1, 357 to 1, 424 1, 425 to 1, 495 1, 496 to 1, 568 1, 569 to 1, 643 1, 644 to 1, 721 1, 722 to 1, 800

and to pay, solely from said special fund, interest from the date hereof on the unpaid portion of such principal sum at the rate of 3 1/8% per annum until payment thereof, such interest until the final maturity of this bond being payable semi-annually on the 1st days of February and August in each year. Both the principal of and the interest on this bond are payable in any coin or currency which on the respective dates of payment thereof is legal tender for the payment of debts due the United States of America.

During the time the Payee is the registered owner of this bond payment of the instalments of principal and interest then due and payable shall be made at the Federal Reserve Bank of Richmond, Richmond, Virginia, or at such other fiscal agent as the Payee shall designate (said Federal Reserve Bank or other fiscal agent being herein called the "Payee's Fiscal Agent"), and during any such time as the Alternate Payee shall be the registered owner of this bond payment of the instalments of principal and interest then due and payable shall be made at the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, or, at the option of the Alternate Payee, at First National City Bank, in the Borough of Manhattan, City and State of New York. Payments of principal and interest, including any prepayments of instalments of principal, shall be noted on the Payment Record made a part of this bond and written notice of the notation of such payment on the Payment Record shall be given promptly to the Treasurer of the Board without presentation or surrender hereof, and the Board shall be fully discharged of its obligation on this bond to the extent of the payment so made. Upon final payment this bond shall be surrendered to the Board for cancellation.

This bond is a temporary bond issued in lieu of definitive coupon bonds of the denomination of $1, 000 each and aggregating in principal amount the amount of this temporary bond. At the request of the registered owner the Board will, within ninety (90) days after its receipt of such request, cause to be prepared and delivered in exchange for this temporary bond, at the place designated by the registered owner and without expense to the registered owner,

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Voting "Aye": All members present.

Voting "Nay": None.

The Chairman thereupon declared said resolution unanimously adopted and the Secretary was instructed to record it in the minutes of the Board. Said resolution is in the following words and figures, to-wit:

RESOLUTION AWARDING $1, 800, 000 NORTH CAROLINA STATE COLLEGE STUDENT HOUSING REVENUE BONDS, SERIES 1961

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

Section 1. That notice was duly published calling for sealed bids to be received by the Board of Trustees of The University of North Carolina, acting by its Executive Committee, at the Governor's Office, State Capitol Building, in Raleigh, North Carolina, until 10:30 o'clock A. M. , Eastern Standard Time, September 10, 1962, for $1, 800, 000 North Carolina State College Student Housing Revenue Bonds, Series 1961, of the Board of Trustees of The University of North Carolina, at which hour bidding was closed and one bid was found to have been filed and to accord in all respects with the terms of said notice, being the bid of the United States of America, acting by and through the Housing and Home Finance Agency, offering to pay par value and accrued interest for all of said bonds bearing interest at the rate of 3 1/8% per annum, and requesting that a single non-negotiable temporary bond in the amount of $1, 800, 000 and registered as to principal and interest be issued, exchangeable within 90 days after notice for definitive coupon bonds in the denomination of $1, 000 .

Section 2. That it is hereby determined that the acceptance of said bid, being the only bid offering to purchase all or any of said bonds bearing interest at a rate or rates which will result in an average annual net interest cost to the Board of Trustees of The University of North Carolina of not exceeding 3 1/8%, and the award of said bonds to the United States of America in accordance with said bid are for the best interests of the Board.

Section 3. That said bid is hereby accepted and said $1, 800, 000 North Carolina State College Student Housing Revenue Bonds, Series 1961, are hereby awarded to the United States of America at the price of $1, 800, 000 and accrued interest offered for said bonds bearing interest at the rate of 3 1/8% per annum, and said bonds shall bear interest at said rate.

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pledge of (i) the net revenues derived from the operation of the new dormitory, with appurtenant facilities, to house approximately 808 men students, two counsellors and two managers, at the North Carolina State College of Agriculture and Engineering of the University of North Carolina, in Raleigh, North Carolina, to be constructed with the proceeds of said bonds, and (ii) additional revenues resulting from certain increases in rental rates applicable to certain existing dormitories at said State College. Information with respect to the resolution, the redemption and sinking fund provisions and all other details concerning the bonds and the security therefor may be obtained from the undersigned, A. H. Shepard, Jr. , Business Officer and Treasurer, Board of Trustees of The University of North Carolina, Consolidated Office, Chapel Hill, North Carolina.

Bids will be considered, at not less than par and accrued interest, for the following blocks of bonds:

(1) All maturities in the years 1964 through 1971; (2) All maturities in the years 1972 through 1981; (3) All maturities in the years 1982 through 1991; (4) All maturities in the years 1992 through 2001; and (5) The entire issue.

The United States of America, through the Housing and Home Finance Administrator, has entered into a loan agreement and an amendment thereto with the Board of Trustees of The University of North Carolina, acting for and on behalf of the North Carolina State College of Agriculture and Engineering of the University of North Carolina, in which it is agreed that the United States of America will submit its bid for all of the bonds at their par value, plus accrued interest, at the rate of 3-1/2% per annum on all or any one or moreof the above blocks of bonds. In the event any other bidder or bidders offer to purchase all the bonds or any portion of the bonds in blocks as specified at an interest cost of not more than 3-1/2% per annum, the bonds or any such portion thereof will be sold to such other bidder or bidders.

Each bid, except any bid of the United States of America or the State of North Carolina or any agency thereof, must be accompanied by a certified or bank cashier's or treasurer's check upon an incorporated bank or trust company, payable unconditionally to the order of the Board of Trustees of The University of North Carolina, for $40, 000. Award or rejection of bids will be made on the date above stated for the receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as security for the performance of his bid, but in the event that such successful bidder shall fail to comply with the terms of his bid the check may then be cached and the proceeds thereof retained as and