Special Congregation Meeting
Sunday, July 14, 10:30am
In order to pay for the unexpected expense of replacing the sanctuary’s air conditioner, the Council recommends borrowing $20,000 from the Memorial Fund and seeking an additional $18,270 in borrowing authority in the event of a future major maintenance catastrophe.
The total cost of the new air conditioner is $24,981 with the remaining cost of $4,981 coming from the designated Major Maintenance fund.
The additional borrowing capacity is requested to give the Council the flexibility to act more quickly in the event of a future problem without the necessity of calling a special congregational meeting. The total of $38,270 ($20,000 + $18,270) is 10% of the principal of the Memorial Fund, which is allowed under its bylaws with congregational approval. As required by the same bylaws, any amount borrowed from the principal is repaid with interest at the Prime Rate (presently 3.25% per annum).
NOTE: This decision needs approval by a simple majority of the voting members present at a “properly called” congregational meeting. Thus, we will announce the meeting for 2 Sundays at worship, and in addition (which is not required), also send an email to the congregation.
View photos of the new air conditioner installation →