LCMS Commission on Constitutional Matters — Minutes St. Louis, Missouri — February 7, 1964, Page 9

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107. Adjournment for lunch.

Saturday Afternoon Session

108. It was agreed that the next meeting would be on Friday, March 13, at

2:30 P.i.

109. The discussion of the Board of Directors section in the Synodical Hand-
book continued. It was agreed to recommend the following wording for Sections

2.85 and 2.87:

"2.85 Financial Duties
"a. Budget

“1. The Board of Directors shall review and evaluate the budgets of the
various divisions and departments.

"2. The Board of Directors, on the basis of this review, shall annually
prepare a challenging program of current work and capital projects for presen-
tation to the Work Program Conference for its consideration and review. The
budget setting procedure specified in Section 9.05 shall then be followed.

"3. The Board of Directors shall, within a budget period, direct the
Council of Administrators, through the Executive Director, to modify pre-
viously approved plans where a necessary balancing of income and expenditure
requires such budget modification. Such a directive should specify the amount
of adjustment, but the manner in which such adjustments will be made shall be
determined by the agencies affected.

"b. Capital Fund Borrowing Authority

"1. The Board of Directors shall be empowered to authorize the synodical
treasurer to borrow capital funds after the Board has determined the amounts
and the conditions under which these capital funds shall be borrowed, for
capital-fund outlay, for site acquisition, and for construction projects which
are already authorized and for additional construction projects that may be
authorized by synodical conventions.

"2. If and when required, the Board of Directors and the responsible
officers of the Synod are empowered to do all things necessary to effect
such capital fund borrowings, including the pledging of real and other
property belonging to the Synod in order to secure loans to obtain the necessary
funds.

"3. The borrowed capital funds are to be unavailable to meet any cur-
rent expenditures and shall be subject to provision for amortization as spe-
cified by the Synod."