Loans Committee Approves Funds For Projects
Episcopal News Service. May 3, 1979 [79142]
NEW YORK -- The Loans Committee of the Episcopal Church Center staff at its meeting here April 10 approved loans to six projects and referred to the Executive Council another with recommendation for endorsement.
The committee also decided not to approve three proposals, deferred action on another, and extended one to the Diocese of Costa Rica.
The approved loans -- totaling $275,000 -- came from the General Loan Fund and from the United Thank Offering Loan Fund.
Two of the approved loans, both from the general fund, were for projects in the Diocese of Southwest Florida. A loan for $35,000 at 4 percent interest per annum was made to the diocese for St. Andrew's Church, Spring Hill, Fla., which will supplement two other loans: $25,000 from the Episcopal Church Foundation and $35,000 from the Episcopal Church Building Fund.
The Southwest Florida diocese was also granted a $20,000 loan at 4 percent interest per year, for St. John's Church, Naples, Fla., subject to the approval of an additional $20,000 loan by the Episcopal Church Foundation.
Another loan from the general fund was approved for the Diocese of the Virgin Islands, for St. Mary's, Virgin Gorda, for $20,000 at 4 percent annual interest, subject to the approval of a grant from the United Thank Offering in the amount of $50,000.
A fourth general fund loan was awarded to CORAT in Africa for the purchase of property. This loan, totaling $40,000 at 4 percent interest per annum, was approved, provided the Archbishop of the Province of Kenya guarantees repayment of the loan.
The Sisters of Charity in the Diocese of Nevada were the recipients of a loan in the amount of $20,000 at 4 percent per year, to be drawn from the United Thank Offering Loan Fund.
In the Diocese of Ecuador, Chimbacalle was approved for a loan of $60,000 at 4 percent interest per annum, of which $35,000 will be taken from the United Thank Offering fund and $25,000 from the General Loan Fund, pending the receipt of a written verification of the financial feasibility of the income from commercial property in the building from the Rt. Rev. Adrian Caceres, Bishop of Ecuador.
Loan requests which were not approved were for the purchase of property by the Diocese of Paraguay, $20,,000, because the purchase of property for investment income and personal housing does not meet the loan fund criteria; $15,000 for St. Thomas, Grand Turk, Diocese of Nassau and the Bahamas, because of the lack of Partners in Mission Consultation endorsement through the West Indies province; and $50,000 for Brent Hospital in the Diocese of Southern Philippines, pending an evaluation by the Church's treasurer in January, 1980.
Action on a requested loan of $20,000 for a multi-purpose diocesan center for Southern Philippines was postponed until the next loan committee meeting so that more information may be secured.
The committee voted to defer principle payments until Jan. 1, 1980, on the present outstanding loans for the Diocese of Costa Rica, totaling $97,820, but providing that interest for 1979 be paid on schedule. While this has the effect of extending the loan payment date, it does not change the repayment schedule based on one tenth of the original amount repaid in 10 installments.
The committee recommended to Executive Council a loan to the Episcopal Church in Micronesia in the amount of $98,000. 37 at an annual interest rate of 4 percent. Subsequently the Council at its April 19-20 meeting approved the loan.
The United Thank Offering Loan Fund was set up by four grants of $200,000 each, beginning in 1958, from the UTO. The General Loan Fund is composed of several consolidated funds set aside for approved projects.
The General and UTO Funds are designed to help dioceses to finance church building projects when normal credit facilities are unfavorable. Priority is given to church development in new communities or in areas where the Church has done little in the past, or new forms of ministry.
In addition to the General and the United Thank Offering Loan Funds, the Episcopal Church Foundation, through its Revolving Loan Fund, and the Episcopal Church Building Fund make similar loans to dioceses and congregations to assist in the financing of building programs.
Members of the Loans Committee are: Matthew Costigan, Executive Council Treasurer; Van Bowen, Episcopal Church Foundation; Mrs. Alice Emery, Executive for Church in Society; Miss Judy Gillespie, United Thank Offering Coordinator; the Rt. Rev. Milton Wood, Executive for Administration; the Rev. Sherrill Scales, Episcopal Church Building Fund; and the Rev. Samuel Van Culin, Executive for National and World Mission.