# LCMS Convention Proceedings_St. Louis Missouri_1965_S92 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) 92 RESOLUTIONS — COMMITTEE 1 NEW b. This fund shall be increased — 1. through the synodical budget; 2. by special Synodwide offerings; . by gifts, bequests, and devises; 4, by commercial loans arranged by the Board of Di- rectors of the Synod; 5. by borrowing programs among the constituency of the Synod, conducted under the direction of the Church Extension Board of the Synod and author- ized by the Board of Directors. wo 8.117 Loans a. Loans may be made at the discretion of the board to synodical boards, Districts, and congregations in conformity with the objectives and functions of the Church Extension Department. b. The amount of the loan shall be determined by the needs of the applicant and the ability to repay. The needs shall be viewed in the light of the most promising and/or strategic mission fields. The Church Extension Board shall work in close cooperation with the Board for North Amer- ican Missions and seek its evaluation of loan applications. ec. No loan shall be made without mutual agreement on a repayment schedule. In the event of a default on a pay- ment, no further loan shall be made to a defaulting bor- rower until the default has been removed. d. Interest shall be charged the borrower at a rate de- termined by the board. e. Loans must be made in accordance with policies estab- lished by the board, and such policies shall be conformed to by those to whom the loans are made. f. Districts shall make financial reports available to the board annually or whenever requested by the board. They shall have these accounts audited by the Synod’s Auditor or submit an audit acceptable to him. 8.119 The District Church Extension Program The District church extension boards or committees shall administer the District’s church extension program in con- formity with policies established by the Synod’s Church Extension Board and in accordance with District regulations. 8.121 Division of Expansion and Division of Investment (Omit) “OLD property for new preaching places or congregations, and, if approved by the Board of Directors, to assist boards or agencies in other areas of the Synod’s work to acquire land or to purchase or erect improvements in conformity with the functions and regulations of the Church Extension Fund and in accord with synodical authorization. b. This fund shall be increased — 1. through the synodical budget when authorized by the Fiseal Conference; 2. by special Synodwide offerings; 3. by gifts, bequests, and devises; 4. by commercial loans aranged by the Board of Di- rectors of the Synod; 5. by borrowing programs among our constituency’ conducted under the direction of the Church Ex- tension Board of the Synod, authorized by the Board of Directors and in cooperation with our Dis- trict church extension committees. 8.117 Loans a. Loans shall be granted at the discretion of the board to incorporated Districts, whether subsidized or self-sup- porting, and to synodical boards and agencies for other areas of our church program approved by the Board of Directors, in conformity with the functions and regulations of the Church Extension Fund. b. The amount of the loan shall be determined by the needs of the applicant and the ability to repay. The needs shall be viewed in the light of the most promising and/or strategic mission fields. The Church Extension Board shall work in close cooperation with the Board for North Amer- ican Missions and seek its evaluation of loan applications. c. No loan shall be made without mutual agreement on a repayment schedule. In the event of a default on a payment, no further loan shall be made to a defaulting District until the default has been removed. d. Interest shall be charged the respective Districts at a rate determined by the Church Extension Board of the Synod. e. As security for loans, the borrowing District or board shall give its notes signed by its officers. f. Districts having loans shall make financial reports available to the Church Extension Board of the Synod an- nually or whenever such reports are requested by this board. They shall have these accounts audited by the Syn- od’s Auditor or submit an audit acceptable to him. 8.119 The District Church Extension Program The District church extension boards or committees shall administer the District’s church extension program in accordance with District regulations and policies and in close cooperation with the Church Extension Board of the Synod and in conformity with the Synod’s church exten- sion program. 8.121 Division of Expansion and Division of Investment The work of the Church: Extension Board of the Synod shall be separated into two divisions: Division of Expansion and Division of Investment. a. The Division of Expansion shall be charged with the responsibility of making loans available for a period of five years to District church extension boards or committees in behalf of new congregations at a low rate of interest and a graduated repayment program for the purpose of acquir- ing a site and/or constructing facilities. b. The Division of Investment shall be charged with the responsibility of financing parish building programs after the first five years if other means of financing are not avail- able. Terms and policies for this division shall be separated from policies of the Division of Expansion. This division would provide for longer periods of financing and at higher interest rates than those offered in the Division of Expan- sion. .