Treasurer Authorized to Renew Line of Credit
Resolution text
Resolved, That the Executive Council authorizes the Treasurer of the Domestic & Foreign Missionary Society (DFMS) to renew the current line of credit with U. S. Bank (Bank).
Explanation
The $15 million LOC is renewable annually. It carries a floating interest rate based on daily SOFR+82 basis points (an average of 5.32% during September 2023). The cost of the unused amount is 25 bps.
Zero is outstanding. Nothing has been drawn since the sale of the Austin parking lot in 2019.
It is prudent to maintain a Line of Credit.
La LOC de 15 millones de dólares es renovable anualmente. Conlleva un tipo de interés variable basado en el SOFR diario+82 puntos básicos (una media del 5,32% durante septiembre de 2023). El coste del importe no utilizado es de 25 puntos básicos.
El saldo vivo es cero. No se ha dispuesto nada desde la venta del aparcamiento de Austin en 2019.
Es prudente mantener una Línea de Crédito.