Search the Resolves of the Executive Council

Title: Conditions of the Executive Council Loan Fund
ID: EXC111983.06
Committee: Finance/Administration
Citation: Executive Council Minutes, Nov. 16-18, 1983, New York, p. 19.
Text:

Whereas, Since the establishment of the Executive Council Loan Fund in October 1950 with $1,500,000 from the balance remaining in the Reconstruction and Advance Fund, this Fund has been increased over the period of years by additional appropriations from the budget of Executive Council and from direct contributions as well as interest on loans to the degree that the General Loan Fund of the Society exceeds $3,000,000; and

Whereas, Since 1950 there has been added to the Fund a United Thank Offering Loan Fund of $1,000,000 plus interest of over $90,000; and

Whereas, The terms of the loan, interest rates and limiting loans to only dioceses has since been expanded to include Anglican dioceses as well as agencies of the Episcopal Church; therefore be it

Resolved, That the resolution adopted by Executive Council on October 12, 1950 be rescinded; and be it further

Resolved, That the Executive Council Loan Fund, known as the General Loan Fund, be loaned with interest, to dioceses and agencies of the Episcopal Church and Anglican Communion, upon the following conditions:

To finance projects, including purchase of land, when normal credit facilities are unfavorable. Priority consideration is given to projects which represent new developments in the Church's work including:

  1. work in communities
  2. new work in areas where the Church has done little in the past
  3. new forms of mission

All such loans must be paid to and guaranteed by the dioceses and/or a proper authority within the Anglican Communion as determined by the Loan Fund Committee.

Interest rate, period of the loan to be determined by the Loan Fund Committee after receiving from the diocese or institution the loan fund application duly approved by the appropriate authority.

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