Loan to Diocese of Panama
Resolution text
Resolved, That the Executive Council authorize a loan of $515,000 to the Iglesia Episcopal de Panama for support of its continuing operations based on the terms and conditions that have been developed by the Society’s Treasurer in collaboration with the Iglesia Episcopal de Panama.
Explanation
Iglesia de Panama wishes to borrow funds to fund severance payments as it closes a school; make past due Social Security and other past due payments; and to refinance the remaining $92K balance due on a $500K loan received from the DFMS in 2014.
The loan, with a 4.0% annual interest rate will be repaid in 84 months (7 years) by deductions from the covenant payments to the Iglesia Anglicana de la Region Central de America (IARCA). These terms are consistent with the $500K loan extended in 2014.