Here’s a reminder, plus some information to read ahead of time:

Special
Church Conference
St. John’s United Methodist Church
Dover, NH
May 26, 2015 – 7:30 PM

Opening Prayer

Election of a Secretary

Motion:  The Trustees move that the Church Conference approve the application for a $32,500 loan from the United Methodist Foundation of New England, at an interest rate of 5%, to be repaid through the Current Expense budget for up to 6 years.

Closing Prayer

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Original Bid for replacement of boiler and related expenses 33,945.00

Eventual expense for the work 31,626.69
There were a couple of items from the original bid that the Trustees decided not to include in the work at this time.

Finance Charges since completion of the work 752.79
March 46.69
April 401.84
May 304.26

TOTAL DEBT $32,379.48
Church Council/Trustees seeking approval for loan of $32,500.00

The loan would come from the United Methodist Foundation of New England, taken against our invested funds, at an interest rate of 5%.

How will this loan be paid off?
Heating Oil bill in 2014 was $16, 481.87

The Trustees were told to expect at least a 40% savings per year, which would amount to $6,592 per year.  With $16,000 budgeted for heating expenses in 2015 (and for the next few years as well), anticipating a 40% savings, would enable the loan to be paid off in less than six (6) years (Note: monthly payments would be approximately $523.41).

Financial gifts given specifically toward the cost of the boiler can be applied toward the principal at any time, thereby paying the loan off early, and saving interest costs.