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Vestry Minutes August 8 2013

MINUTES OF THE MEETING OF THE ST. JOHN’S VESTRY 

August 18, 2013

In attendance: Father Troy, Daniel Alston, Reuben Bostic, Karen Davis, Carl Franzman, Frank Harrell, Ed Pierce, Pat Roberts

Father Troy opened the meeting with prayer at 12:05 p.m.

NEW BUSINESS:

Discussion regarding the loan that the Diocese made to Father Troy related to his house. The Diocese made a loan to Father Troy at the time he purchased his house to assist him with his financing. The current balance on this loan is believed to be $12,500.00. Father Troy cannot sell his house without having this debt taken care of. Pat and Frank discussed this issue with the Diocese and a suggestion was made to have St. John’s pay off this debt. Further discussion on this question included a reminder that St. John’s did not make Father Troy’s SECA payment during his first three years of employment as required under his contract. It was estimated that the amount unpaid totaled approximately $16,000.00.

Discussion continued concerning the terms that St. John’s might assume this loan. It was suggested that a term could be as long as 15 years at an interest rate of 3%. Discussion also included a suggestion that Father Troy make a contribution toward the outstanding balance on his loan with the Diocese. Father Troy agreed to do so.

The following motion was made: St. John’s will assume the Diocesan Foundation loan that was originally made to Father Troy with a current balance of approximately $12,500.00. Father Troy shall make a payment equal to 5% of the current balance on this loan. St. John’s will thereafter assume the remaining balance of this loan with a new term of 15 years at an interest rate of 3%.

Motion was seconded and passed.

Motion to adjourn the meeting. Motion seconded and passed. The meeting adjourned at 1:00 p.m.
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