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B. On the south campus and the Brooks Avenue parking area, motorcycles, motorbikes and motor scooters are to be parked only in designated areas.

C. Bicycles may be parked only in the racks provided in certain designsted areas.

Article VI. "PARKING REGULATIONS" is amended to read as follows:

ARTICLE VI. VIOLATIONS AND PENALTIES

Sec. 1. For those violations listed below which violate City or State laws, the offender (students, faculty, staff, or visitors) shall be cited by the Raleigh City Police or the campus traffic officers.

A. Speeding.

B. Reckless driving.

C. Violation of one-way street.

D. Failure to stop at stop sign.

E. Blocking streets, fire hydrants, and other violations of City and State laws.

F. All other violations of City ordinances and State laws.

Sec. 2. For those violations listed below the offender shall be charged as follows:

A. (1) Failure to register vehicle or obtaining or displaying of a traffic parking permit to which the individual is not entitled ($10.00).

(2) Failure of any individual having a registered vehicle to obtain a temporary permit when it is necessary to park an unregistered vehicle on the campus ($5.00).

(3) Failure to display sticker or improper display of same ($5.00).

(4) Failure to remove out-of-date sticker ($2.00).

B. Parking in restricted area ($5.00).

(1) Facuity and staff. Facuity and staff may park in any area established for their use except in restricted spaces which shall be clearly designated by signs or other markings.

(2) Students. All areas on the north campus, except those specifically assigned to student parking, are forbidden for student parking and violators will be fined under this rule whether spaces are marked by signs or not.

(3) A student violation of the parking privileges of sticker A or B shall be subject to the parking in restricted area violation.

C. Parking in a reserved area ($5.00). It shall be a violation of these regulations to park any vehicle in a space or area which has been reserved for a "special event" and so designated by the erection of appropriate signs or supervised by traffic enforcement personnel.

Any violation listed below committed in an area unauthorized for the type of sticker displayed shall result in a violation fee of $5.00. Any violation listed below committed in an area authorized for the type sticker displayed shall result in a violation charge of $2.00.

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which bonds may be refunded at any time with the consent of the owners and holders of said coupon bonds and the Payee of said bond No. T-1, and it is anticipated that said owners and holders and said Payee will agree with the Board that said 1961 dormitory bonds may be refunded as hereinafter provided in the respective principal amounts thereof now outstanding; and

WHEREAS, the Board is authorized by the Act, subject to the approval of the Advisory Budget Commission, to issue from time to time revenue refunding bonds for the purpose of refunding any revenue bonds issued by the Board under Chapter 1289 of the 1955 Session Laws of North Carolina or under Sections 116-175 to 116-185, inclusive, of the General Statutes of North Carolina under the Act, and the Board is further authorized, subject to the approval of the Advisory Budget Commission, to issue from time to time revenue refunding bonds for the combined purpose of

(1) refunding any revenue bonds or revenue refunding bonds issued by the Board under Chapter 1289 of the 1955 Session Laws of North Carolina or under Sections 116-175 to 116185, inclusive, of the General Statutes of North Carolina or under the Act, and

(2) paying all or any part of the cost of acquiring or constructing any additional student housing facilities;

and

WHEREAS, there is a serious shortage of student housing facilities at the Raleigh campus and there is an urgent and immediate need for the construction at said institution of a new dormitory, with appurtenant facilities, to house approximately 800 new students (said dormitory being hereinafter sometimes called the "Project"), and the Board has determined to proceed with the construction of the Project with all practicable dispatch; and

WHEREAS, the Board has heretofore constructed, in addition to the dormitories and other housing facilities heretofore mentioned, and is now maintaining and operating at the Raleigh campus certain dormitories known as Alexander, Bagwell, Bectan, Berry, Fourth, Gold, Owen, Stadium, Syme, Tucker, Turlington, Watauga and Welch Halls (said dormitories being hereinafter sometimes collectively called the "Existing Dormitories"); and

WHEREAS, the Board has determined to issue its revenue bonds, payable as hereinafter provided solely from and secured by a pledge of the revenues of the Project, the 1956 Facilities, the 1958 Facilities, the 1961 Student Housing Facilities, the 1961 Dormitory Facilities and the Existing Dormitories, in the aggregate principal amount of $9,818,000 for the combined purpose of refunding the 1956 bonds, the 1958 bonds, the 1961 student housing bonds and the 1961 dormitory bonds in the amounts thereof now outstanding and paying all or part of the cost of constructing the Project, said bonds to be designated "North Carolina State of the University of North Carolina at Raleigh Housing System Revenue Bonds of 1964" (hereinafter sometimes called the "1964 bonds"), and to be issued in Series as follows:

(i) $1,804,000 Series A bonds (hereinafter sometimes called the "1964 Series A bonds"), for the purpose of refunding the outstanding 1956 bonds;

(ii) $2,066,000 Series B bonds (hereinafter sometimes called the "1964 Series B bonds"), for the purpose of refunding the 1958 bond in the amount thereof now outstanding;

(iii) $1,744,000 Series C bonds (hereinafter sometimes called the "1964 Series C bonds"), for the purpose of refunding the 1961 student housing bond in the amount thereof now outstanding;

(iv) $613,000 Series D bonds (hereinafter sometimes called the "1964 Series D bonds"), for the purpose of refunding the outstanding $613,000 coupon 1961 dormitory bonds mentioned above;

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The word "Depositary" shall mean any bank or trust company selected by the Board or the Executive Committee as a depositary of moneys under the provisions of this Resolution, each such depositary to be a member of the Federal Deposit Insurance Corporation.

The term "Executive Committee" shall mean the executive committee of the Board appointed pursuant to the authority granted by Section 116-11 of the General Statutes of North Carolina.

The term "fiscal year" shall mean the period commencing on the first day of July and ending on the last day of June of the following year.

The term "Housing System" or the term "North Carolina State of the University of North Carolina at Raleigh Housing System" shall mean collectively the 1956 Facilities, the 1958 Facilities, the 1961 Student Housing Facilities, the 1961 Dormitory Facilities, the Existing Dormitories, the Project and any Additional Facilities.

The term "Net Revenues of the Housing System" for any particular period shall mean the amount of the excess of Revenues of the Housing System over the Current Expenses thereof during such period.

The term "Paying Agents" shall mean the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, and First National City Bank, in the Borough of Manhattan, City and State of New York, or any successor of either thereof, and, with respect to temporary bonds without coupons, the place or places of payment stated in the resolution of the Board or the Executive Committee awarding and selling such bonds to the purchaser thereof.

The term "Principal and Interest Requirements", as applied to the bonds of any Series, shall mean the respective amounts which are required in each fiscal year to provide

(a) for paying the interest on all such bonds then outstanding which is payable on September 1 and March 1 in such fiscal year, and

(b) for paying the principal of all such bonds then outstanding which is payable on September 1 in such fiscal year.

The word "Project" shall mean the new dormitory, with necessary appurtenant facilities, to house approximately 800 men students at the Raleigh campus, the construction and financing of which are authorized by this Resolution; the term "1956 Facilities" shall mean the dormitory known as Bragaw Dormitory financed by the issuance of the 1956 bonds; the term "1958 Facilities" shall mean the apartment buildings known collectively as McKimmon Village financed by the issuance of the 1958 bonds; the term "1961 Student Housing Facilities" shall mean the buildings financed by the issuance of the 1961 student housing bond; the term "1961 Dormitory Facilities" shall mean the dormitory financed by the issuance of the 1961 dormitory bonds; and the term "Existing Dormitories" shall mean the dormitories known as Alexander, Bagwell, Bectan, Berry, Fourth, Gold, Owen, Stadium, Syme, Tucker, Turlington, Watauga and Welch Halls.

The term "Revenues of the Housing System" shall mean all moneys received by the Board from or as a result of its ownership and operation of the Housing System.

The term "this Resolution" shall mean and shall include this Resolution of the Board and any resolution or resolutions adopted by the Board or by the Executive Committee as authorized herein amending or supplementing this resolution.

The word "Series" shall mean either (i) the bonds issued under the provisions of Section 207 of Article II of this Resolution as Series A bonds or (ii) the bonds issued under the provisions of said Section 207 as Series B bonds or (iii) the bonds issued under the provisions of said Section 207 as Series C bonds or (iv) the bonds issued under the provisions of said Section 207 as Series D bonds or (v) the bonds issued under the provisions of said Section 207 as Series E bonds or (vi) the bonds issued under the provisions of said Section 207 or under the provisions of Section 212 of

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Payment of the principal of the bonds shall be made upon the presentation and surrender of such bonds as the same shall become due and payable. Payment of the interest on the definitive coupon bonds shall be made upon the presentation and surrender of the coupons representing such interest as the same respectively become due and payable.

Section 204. The bonds shall bear the facsimile signature of the Governor of the State of North Carolina as ex officio Chairman of the Board of Trustees of The University of North Carolina and shall be signed by the Secretary of the Board, and the official seal of the Board shall be impressed on the bonds. The interest coupons to be attached to the definitive bonds shall be executed with the facsimile signature of the Secretary of the Board. In case any officer whose signature or a facsimile of whose signature shall appear on any bond or coupon shall cease to be such officer before the delivery of the bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery.

Section 205. Any purchaser of any of the bonds may request the execution and delivery of a single temporary bond without coupons in lieu of any definitive coupon bonds purchased by such purchaser. Upon receipt of such request by the Board or the Executive Committee, the Board or the Executive Committee shall cause to be executed and delivered a temporary printed, engraved or lithographed bond without coupons, substantially in the form provided by the resolution or resolutions of the Board or the Executive Committee awarding and selling such bonds to such purchaser, in a denomination equal to the aggregate principal amount of such definitive coupon bonds and payable in instalments corresponding to the maturities of such definitive coupon bonds. Such temporary bond without coupons shall bear interest at the same rate or rates as such definitive coupon bonds, shall be registered as to both principal and interest, shall be non-negotiable and shall be payable to the purchaser or the registered assigns there of as to both principal and interest at such place or places as shall be provided in the resolution or resolutions above mentioned awarding such bonds. At the request of the holder of any temporary bond without coupons, the Board or the Executive Committee shall, within ninety (90) days after its receipt of such request, cause to be prepared and executed and delivered to the holder in exchange for such temporary bond without coupons, at the place designated by the holder and without expense to the holder, definitive coupon bonds, having text of type composition printed on paper of customary weight and strength, in an aggregate principal amount equal to the principal amount of such temporary bond without coupons then unpaid and having maturities corresponding to the maturities of the instalments of principal of such temporary bond without coupons then unpaid and bearing interest at the same rate or rates as provided in such temporary bond without coupons. Upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled and such temporary bond without coupons shall be cancelled. Until so exchanged such temporary bond without coupons shall in all respects be entitled to the same benefit of this Resolution as the definitive coupon bonds to be issued hereunder.

Section 206. Title to any definitive coupon bond, unless such bond is registered in the manner hereinafter provided, and to any interest coupon shall pass by delivery in the same manner as a negotiable instrument payable to bearer, and such bond shall have all the qualities and incidents of and shall be deemed to be a negotiable instrument under the laws of the State of North Carolina and, subject to the provisions for registration as herein provided nothing contained in this Resolution shall affect or impair the negotiability of such bond.

The Board shall cause books for the registration and for the transfer of the bonds as provided in this Resolution to be kept by the Treasurer of the Board, as Bond Registrar. At the option of the bearer, any definitive coupon bond may be registered as to principal alone on such books upon presentation thereof to the Bond Registrar who shall make notation of such registration thereon. Any definitive coupon bond so registered may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed on the bond by the Bond Registrar. Such transfer may be to bearer and thereby transferability by delivery shall be restored, subject,

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(iii) the student housing buildings financed by the issuance of the 1961 student housing bond, (iv) the men's dormitory financed by the issuance of the 1961 dormitory bonds, (v) certain dormitories heretofore constructed at the Raleigh campus and referred to in the Resolution as "Existing Dormitories", (vi) the Project, and (vii) any additional housing and related auxiliary facilities or other additions or improvements to the Housing System financed by the issuance of bonds under the provisions of the Resolution or any part of the revenues of which shall be pledged to the payment of bonds issued under the provisions of the Resolution, which fees, rents and charges shall be sufficient, with other available funds, to pay the cost of maintaining, repairing and operating the Housing System, including reserves for such purpose, 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 of the University of North Carolina at Raleigh Housing System Revenue Bonds of 1964 Bond and interest Sinking Fund Account" (hereinafter called the "Housing System of 1964 Bond and Interest Sinking Fund Account") and for the deposit to the credit of said special fund of a sufficient amount of the revenues of the Housing System, over and above the cost of such maintenance, repair and operation thereof, to pay the principal of and the interest on the bonds then oustandmg 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.

(here insert in the bonds of each Series the terms of redemption applicaple to such Series and the following:

"The moneys in the Housing System of 1964 Bond and Interest Sinking Fund Account available for the purchase or redemption of bonds shall be allocated to all series of bonds outstanding under the Resolution in the manner provided in the Resolution.

"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 bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such bonds on such date, interest on the bonds so called for redemption shall cease to accrue, coupons for any such interest after such date shall be void, such bonds shall cause to be entitled to any lien, benefit or security under the Resolution, and the holders of such bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof. "

Modifications or amendments of the Resolution or of any resolution supplemental thereto may be made by the Board only to the extent and in the circumstances permitted by the Resolution.

This bond may be registered as to principal alone in accordance with the provisions endorsed hereon and subject to the terms and conditions set forth in the Resolution.

Under the authority of said Sections 116-187 to 116-198, inclusive, of the General Statutes of North Carolina, this bond shall have all the qualities and incidents of and shall be deemed to be a negotiable instrument under the laws of the State of North Carolina, subject to the provisions for registration endorsed hereon and contained in the Resolution, and, subject to such provisions, nothing contained in this bond or in the Resolution shall affect or impair the negotiability of this bond.

This bond is issued with the intent that the laws of the State of North Carolina shall govern its construction. All acts, conditions and things required by the Constitution and laws of the State of North Carolina and by the by-laws, 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.

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Section 209. The Executive Committee is hereby authorized to sell the 1964 Series A bonds, the 1964 Series B bonds, the 1964 Series C bonds and the 1964 Series E bonds in the manner and subject to the conditions prescribed in this Resolution and in the Loan Agreement, dated as of August 1, 1964, by and between North Carolina State of the University of North Carolina at Raleigh and the United States of America, including any amendments thereof or supplements thereto or any waiver or waivers of any of the provisions thereof (said Loan Agreement and any such amendments, supplements and waivers being hereinafter sometimes collectively called the "Loan Agreement"), The proceeds (excluding accrued interest) of any of said bonds shall be applied to the extent required to the redemption of the corresponding 1956 bonds, the 1958 bond, the 1961 student housing bond and the 1961 dormitory bond No. T-1 mentioned above at the par value thereof. Payment of the interest accrued on the 1956 bonds, the 1958 bond, the 1961 student housing bond and the 1961 dormitory bond No. T-1 to the date of such redemption shall be made for the respective bond and interest sinking fund accounts for said bonds. The proceeds of the bonds sold to bidders other than the United States of America not required for such redemption and the amount received as accrued interest on said bonds shall be deposited to the credit of the Housing System of 1964 Bond and Interest Sinking Fund Account. Any of the 1964 Series A bonds, the 1964 Series B bonds, the 1964 Series G Bonds and the 1964 Series E bonds sold to the United States of America shall be exchanged for the corresponding 1956 bonds, the 1958 bond, the 1961 student housing bond and the 1961 dormitory bond No. T-1 or portion or portions thereof held by the United States of America in conformity with the provisions of this Resolution and the Loan Agreement, and such adjustments as to interest as shall be necessary shall be made in such manner as the Treasurer of the Board shall determine, including payment of any such interest from the appropriate bond and interest sinking fund account for the bond or bonds being redeemed.

The Executive Committee shall provide for the exchange of the 1964 Series D bonds for the outstanding coupon 1961 dormitory bonds.

When the outstanding 1956 bonds, the 1958 bond, the 1961 student housing bond and the 1961 dormitory bonds shall have been refunded by redemption and exchange as above provided, said outstanding bonds shall be cancelled and discharged as obligations of the Board.

Section 210. The Executive Committee is hereby authorized to sell the 1964 Series F bonds in the manner and subject to the conditions prescribed in this Resolution and in the Loan Agreement. The proceeds (excluding accrued interest) of the 1964 Series F bonds shall be deposited with a Depositary to the credit of the Construction Account hereinafter created. The amount paid as accrued interest on the Series F bonds shall be deposited to the credit of the Housing System of 1964 Bond and Interest Sinking Fund Account.

Section 211. In addition to the bonds issued under the provisions of Section 207 of this Article, revenue bonds of the Board may be issued under and secured by this Resolution, subject to the conditions hereinafter provided in this Section, at any time or times for the purpose of paying all or any part of the cost of any Additional Facilities.

Before any bonds shall be issued under the provisions of this Section, the Board shall adopt a resolution authorizing the issuance of such bonds, fixing the amount and the details thereof, and describing in brief and general terms the Additional Facilities to be acquired or constructed. The bonds of each Series issued under the provisions of this Section shall be designated "North Carolina State of the University of North Carolina at Raleigh Housing System Revenue Bonds of . . . . . . . . , Series . . . . " (inserting the year of issuance and a lette r to identify the particular Series), shall be dated, shall bear interest at a rate or rates not exceeding the maximum rate permitted by law, payable on March 1 and September 1 in each year, shall be stated to mature serially on November 1 in such years not later than fifty (50) years from their date, the maturities of such bonds to begin not earlier than one year from the date of delivery of such bonds, and shall be entitled to the same benefits and security under this Resolution as all other bonds issued under this Resolution, all as may be provided by the resolution authorizing the issuance of such Series of bonds; provided, however, that the Principal and Interest Requirements for each succeeding fiscal year on account of such bonds and on account of all bonds theretofore issued under the provisions of this Resolution and then outstanding shall be as nearly equal as the Board shall deem to be practicable. Such Series of bonds may be redeemable at such times and prices (subject to the provisions of Article III of this Resolution) as shall be provided by resolution adopted by the Board or the Executive

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Committee prior to the issuance of such bonds. Such bonds shall be issued and executed in form and manner as provided in this Resolution.

Before any bonds issued pursuant to this Section shall be delivered by the Treasurer of the Board, there shall be filed or deposited with such Treasurer the following:

(a) a copy, certified by the Secretary of the Board, of each of the resolutions mentioned above;

(b) a copy, certified by the Secretary of the Board, of the resolution adopted by the Board or the Executive Committee awarding such bonds, specifying the interest rate of each of such bonds and directing the delivery of such bonds to or upon the order of the purchasers therein named upon payment of the purchase price therein set forth;

(c) a statement, signed by the Business Manager of North Carolina State of the University of North Carolina at Raleigh, (1) certifying that the Additional Facilities described in the resolution authorizing the issuance of such bonds will, in his opinion, preserve, develop, extend or improve the Housing System, (2) giving his estimates of

(i) the total cost of such Additional Facilities (including a reserve for contingencies), and

(ii) the date on which such Additional Facilities will be placed in operation, and (3) stating the amount, if any, which is then available or will be made available for paying the cost of such Additional Facilities and the source or sources from which such amount has been or will be received;

(d) a duly certified copy of a resolution adopted by the Advisory Budget Commission approving the Additional Facilities and the issuance by the Board of its bonds therefor, if such approvals are then required by law;

(e) a certificate, signed by the Treasurer of the Board and the Chancellor or North Carolina State of the University of North Carolina at Raleigh, stating that the Board is not then in default in the performance of any of the covenants, conditions, agreements or provisions contained in this Resolution;

(f) a certificate, signed by an independent Certified Public Accountant employed by the Board or signed by the State Auditor of North Carolina, setting forth the Net Revenues of the Housing System for the fiscal year next preceding the issuance of such bonds;

(g) a certificate, signed by the Treasurer of the Board and approved by the Chancellor of North Carolina of North Carolina State of the University of North Carolina at Raleigh and the Executive Committee, giving his estimates of

(i) the amount of the annual net revenues of the Additional Facilities for which such bonds are to be issued, based on the schedule of rates and charges to become effective upon the Additional Facilities becoming part of the Housing System and the then anticipated Current Expenses thereof,

(ii) any other revenues pledged as security for the bonds,

(iii) the amount of the annual Net Revenues of the Housing System thereafter to be received, calculated on the basis of such Net Revenues as shown by the Certificate mentioned in clause (f) above adjusted, if necessary, to reflect the schedule of rates and charges to become effective in the Housing System upon the addition thereto of the Additional Facilities and the then anticipated Current Expenses thereof,

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The Executive Committee is hereby authorized to sell any bonds authorized under the provisions of this Section in such manner, either at public or private sale, and subject to such conditions as the Board or the Executive Committee shall determine. The proceeds (excluding accrued interest) of all bonds issued under the provisions of this Section shall be deposited with a Depositary to the credit of a special construction account appropriately designated and applied to the payment of the cost of such Additional Facilities. All of the provisions of Article IV of this Resolution which relate to the Project and the Construction Account shall apply to such Additional Facilities and such special construction account in so far as such provisions may be appropriate; provided, however, that there may be included in the cost of such Additional Facilities interest accruing on such bonds prior to and during construction of such Additional Facilities and for one year after completion of such construction if and to the extent provided in the resolution authorizing the issuance of such bonds.

All moneys received as accrued interest on bonds issued under the provisions of this Section shall be deposited to the credit of the Housing System of 1964 Bond and Interest Sinking Fund Account.

Section 212. If for any reason the 1964 Series F bonds shall not be issued and sold as authorized in Sections 207 and 210 hereof to pay, with other available funds, the cost of the Project, the Board may issue 1964 Series F bonds in such amount as the Board shall determine to be necessary to provide, with other available funds, for payment of the cost of the Project, under the same conditions as are provided in Section 211 hereof for the issuance of one or more Series of bonds to pay all or part of the cost of Additional Facilities to house a total of approximately 1, 190 students notwithstanding the requirements of clauses (II) and (III) of said Section 211 and without complying with said requirements. The proceeds (excluding accrued interest) of all 1964 Series F bonds issued under the provisions of this Section shall be deposited with a Depositary to the credit of the Construction Account. The amount paid as accrued interest on all such 1964 Series F bonds shall be deposited to the credit of the Housing System of 1964 Bond and Interest Sinking Fund Account.

Section 213. Revenue refunding bonds may be issued under and secured by this Resolution, subject to the conditions hereinafter provided in this Section, at any time or times for the purpose of refunding all of the outstanding bonds of any Series issued under the provisions of this Resolution, including the payment of any redemption premium thereon and, if deemed necessary by the Board, the payment of interest thereon to the date of redemption.

Before any bonds shall be issued under the provisions of this Section, the Board shall adopt a resolution authorizing the issuance of such bonds, fixing the amount of the details thereof, and describing the bonds to be refunded. Such revenue refunding bonds shall be designated, shall be dated, shall bear interest at a rate or rates not exceeding the maximum rate permitted by law, payable on March 1 and September 1 in each year, shall be stated to mature serially on November 1 in such years not later than fifty (50) years from their date, the maturities of such bonds to begin not more than two years after the date of such bonds, and shall be entitled to the same benefits and security under this Resolution as all other bonds issued under this Resolution, all as may be provided by the resolution authorizing the issuance of such Series of bonds; provided, however, that the Principal and Interest Requirements for each succeeding fiscal year on account of all bonds to be outstanding under the provisions of this Resolution after the redemption of the bonds to be refunded shall be as nearly equal as the Board shall deem to be practicable. Such Series of revenue refunding bonds may be redeemable at such times and prices (subject to the provisions of Article III of this Resolution) as shall be provided by resolution adopted by this Board or the Executive Committee prior to the issuance of such bonds. Such bonds shall be issued and executed in form and manner as provided in this resolution.

Before any revenue refunding bonds issued pursuant to this Section shall be delivered by the Treasurer of the Board, there shall be filed or deposited with such Treasurer the following:

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(a) a copy, certified by the Secretary of the Board, of each of the resolutions mentioned above;

(b) a copy, certified by the Secretary of the Board, of the resolution adopted by the Board or by the Executive Committee awarding such bonds, specifying the interest rate of each of such bonds and directing the delivery of such bonds to or upon the order of the purchasers therein named upon payment of the purchase price therein set forth;

(c) a duly certified copy of a resolution adopted by the Advisory Budget Commission approving the issuance by the Board of such revenue refunding bonds, if such approval is then required by law;

(d) such documents as shall be necessary to show that provision has been duly made in accordance with the provisions of this Resolution for the redemption of all of the bonds to be refunded;

(e) a certificate, signed by an independent Certified Public Accountant employed by the Board or signed by the State Auditor of North Carolina, setting forth the Net Revenues of the Housing System for the fiscal year next preceding the issuance of such revenue refunding bonds;

(f) a certificate, signed by the Treasurer of the Board and approved by the Chancellor of North Carolina State of the University of North Carolina at Raleigh and the Executive Committee stating the amount of the average annual Principal and Interest Requirements on account of the bonds of all Series to be outstanding under the provisions of this Resolution after the redemption of the bonds to be refunded; and

(g) an opinion of the Attorney General of the State of North Carolina stating that the signer is of the opinion that the issuance of such revenue refunding bonds has been duly authorized and that all conditions precedent to the delivery of such Series of revenue refunding bonds have been fulfilled.

When the documents mentioned above shall have been filed or deposited with the Treasurer of the Board and when the bonds described in the resolutions mentioned in clauses (a) and (b) of this Section shall have been executed as required by this Resolution, the Treasurer of the Board shall deliver such bonds at one time to or upon the order of the purchasers named in the resolution mentioned in said clause (b), but only upon payment to the said Treasurer of the purchase price of such bonds. The Treasurer of the Board, however, shall not deliver such bonds unless:

(1) the proceeds (excluding accrued interest but including any premium) of such revenue refunding bonds shall be not less than an amount sufficient to pay the principal of and the redemption premium, if any, on the bonds to be refunded and interest thereon to date of redemption if such interest is to be paid from the proceeds of such revenue refunding bonds, and

(2) the percentage derived by dividing the amount shown in the certificate mentioned in clause (e) above by the amount shown in the certificate mentioned in clause (f) above is not less than one hundred thirty-five per centum (135%).

The Executive Committee is hereby authorized to sell any revenue refunding bonds authorized under the provisions of this Section in such manner, either at public or private sale, and subject to such conditions as the Board or the Executive Committee shall determine. Simultaneously with the delivery of such revenue refunding bonds the Treasurer of the Board shall withdraw from the Reserve Account an amount sufficient, together with any excess of the proceeds (excluding accrued interest but including any premium) of such revenue refunding bonds over the amount required for paying the principal of and the redemption premium, if any, on the bonds to be refunded and any interest accrued to the redemption date on the bonds to be refunded to be paid from the proceeds of such revenue refunding bonds, to pay the interest on the bonds to be refunded which will become payable on or prior to

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to September 1, 1968, inclusive, shall not be subject to redemption.

Definitive coupon 1964 Series C bonds numbered 1,399-C to 1,774-C, inclusive, maturing September 1, 1997 to September 1, Z001, 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, definitive coupon 1964 Series C bonds numbered 200-C to 1,398-C, inclusive, maturing September 1, 1972 to September 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 September 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 September 1. 1976, 2-1/2% if redeemed thereafter and on or prior to September 1, 1981, 2% if redeemed thereafter and on or prior to September 1, 1986, 1-1/2% if redeemed thereafter and on or prior to September 1, 1991, and 1% if redeemed thereafter. Definitive coupon 1964 Series C bonds numbered 1-C to 199-C, inclusive, maturing September 1, 1965 to September 1, 1971, inclusive, shall not be subject to redemption.

Definitive coupon 1964 Series D bonds numbered 1-D to 210-D, maturing September 1, 1965 to September 1, 1971, inclusive, shall not be subject to redemption. Definitive coupon 1964 Series D bonds numbered 211-D to 613-D, inclusive, maturing September 1, 1972 to September 1, 1981, inclusive, shall be subject to redemption 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 September 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 September 1, 1976, and 2-1/2% if redeemed thereafter.

Definitive coupon 1964 Series E bonds numbered 932-E to 1, 361-E inclusive, maturing September 1, 1997 to September 1, 2001, 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, definitive coupon 1964 Series E bonds numbered 1-E to 931-E, inclusive, maturing September 1, 1982 to September 1, 1996, inclusive, may be redeemed prior to their respective maturities, at the option o 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 September 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% if redeemed on or prior to September 1, 1976, 2-1/2% if redeemed thereafter and on or prior to September 1, 1981, 2% if redeemed thereafter and on or prior to September 1, 1986, 1-1/2% if redeemed thereafter and on or prior to September 1, 1991, and 1% if redeemed thereafter.

Definitive coupon 1964 Series F bonds numbered 1,719-F to 2,200-F, inclusive, maturing September 2000 to September 1, 2004, 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, definitive coupon 1964 Series F bonds numbered 254-F to 1,718-F, inclusive, maturing September 1, 1975 to September 1, 1999, 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