Church Debt Update: In 2005 the parish borrowed almost three and one half million dollars to build our new church, and signed a thirty year note with the Archdiocese. Two years ago we were able to refinance our loan from the original 4.5% rate down to a 2% rate, but they would only allow a two year time frame, not knowing what the banking rates would be at that time. This spring we were able to negotiate maintaining the 2% rate if we were to make a balloon payment of $125,000. The Finance Committee agreed to use a portion of our long term savings, and lock that 2% rate.
Effective this July, our debt is now down to $448,302.00 and is scheduled to be paid in full by May 31, 2019. With your help, we have cut a thirty year note down in a fourteen year period and we are so grateful for your generosity. We are asking all families to dig a little deeper each week and contribute more to the Church Debt Collection, and maybe we can have it paid off even sooner. Thank you in advance for your support.
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