# LCMS Convention Proceedings_St. Louis Missouri_1956_S696
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

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696 FINANCIAL MATTERS

Resolved, That this Synod hereby declares that all expenditures
authorized by it shall be subject to appropriations made by the
Fiscal Conference as provided for in the Bylaws to the Constitution
of The Lutheran Church — Missouri Synod.

Resolution 18
Subject: Authorization to Borrow

Wuereas, By resolution already adopted it is recommended to
the Fiscal Conference that there be included in Synod’s budgets
for the next triennium, 1957 to 1959, appropriations for capital
investments of over $6,000,000 in our educational properties; and

Wuereas, By another resolution future Fiscal Conferences are
urged to include capital-investment funds in subsequent budgets
for home and foreign missions; and

Wuereas, Budget funds are normally not received during
a fiscal year at the same rate at which disbursements must be
made for authorized capital-investment projects; and

Wuereas, The Board of Directors and the Treasurer of Synod
have demonstrated their very conservative approach to the use of
the authorization to borrow funds; therefore be it

Resolved, That the Board of Directors be authorized to borrow
up to $4,000,000 during the next triennium if and when necessary
to meet the cash needs for authorized capital-investment items.

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