Resolution for a Loan

Resolution for a Loan

RESOLUTION FOR A LOAN

This resolution should be used for authorization to enter into a loanwith Diocese through the CDLPand should be formulated and submitted to the Vicar General’s office for approval of the language of the resolution BEFORE the signatures of the pastor and trustees are obtained.

  • To alleviate delays, please submit a draft of the resolution by email or fax two weeks before neededto the vicar general.
  • Once the vicar general approves the draft, he will direct that the resolution be signed by the pastor and trustees.
  • After the resolution is signed at the local level, it is to be forwarded to the vicar general who approved the draft; he will prepare it for the Bishop’s signature and his own. It will then be returned to the pastor or principal and a copy placed in the archives.

RESOLUTION

Excerpt of the minutes of the meeting of the Board of Directors of insert legal name of the Church corporation as appears exactlyon the corporate charterChurch, of insert name of Louisiana parishParish, held atname of City or town,Louisiana, on the ______day of ______, 20_____.

A special meeting of the Board of Directors of the insert legal title of Church corporationwas held at insert name of city or town, in civil Parish, Louisiana, at _____ (o’clock) a.m./p.m., on the ______day of ______, 20__. Present were: the Reverend insert name of pastor or administrator, Secretary-Treasurer, insert name of trustee, Trustee and insert name of the other trustee, Trustee. Absent were: The Most Reverend J. Douglas Deshotel, Bishop of Lafayette and President and the Very Reverend Monsignor W. Curtis Mallet, Vicar General and Vice-President. A quorum was present.

The following resolutions were introduced, duly seconded and adopted:

WHEREAS … (in narrative form)

1.A brief description of the building, construction or repair/renovation project OR a brief description of the purchase that includes the legal description of the property and the names of the other party(ies) to the purchase and the amount of money involved.

2.A clear description of the manner in which the project will serve the needs of the parish or be advantageous to the parish as discussed by the local parish council and finance council;(Copies of minutes of pastoral council and finance council meetings are not attached to the resolution but should be referenced in the resolution and provided in the letter requesting permission to the Bishop)

3.A clear statement of the amount of money involved in the total project as well as the specific amount to be borrowed or an amount not to be exceeded in this transaction

4.A plan outlining the manner in which the debt will be amortized and the source of funding (i.e. capital campaign funds), for repayment of the loan.

5.The Corporation desires to establish a line of creditor borrow the amount of $______(amount) (or an amount not to exceed) $______through the Cooperative Deposit and Loan Program with the Dioceseto complete the project.

BE IT RESOLVED by the Board of Directors of said Corporation that the Reverend (name of pastor or administrator),Secretary-Treasurer, be and he is hereby authorized and empowered to execute a promissory note and subsequent renewals to borrow funds in the amount of $ ______or to establish a line of credit in an amount not to exceed $______through the Cooperative Deposit and Loan Program at the Diocese of Lafayettefor give a brief description or the name of the project.

The said loan or line of creditis to be for such considerations, amounts, terms, and conditions within the terms of the Cooperative Deposit and Loan Program and as the Reverend name of pastor or administrator, Secretary-Treasurer, in his sole discretion deems most advantageous to the corporation and within the scope of his authority therein.

BE IT FURTHER RESOLVED by the Board of said Corporation that the Reverend name of pastor or administrator, Secretary-Treasurer, be and he is hereby authorized to appear before a Notary Public and to sign instruments for and on behalf of the Corporation to do any and all things necessary for the purpose of carrying out this resolution.

There being no further business to come before the Board, on motion duly made and seconded, the meeting was adjourned. (Signature spaces below are to be adapted for co-owned schools according to the charter for the corporation. Call the vicar general’s office if this information is not known to you.)

APPROVED:

______

+Most Reverend J. Douglas DeshotelPastor’s name typed

President/BishopSecretary-Treasurer /Pastor

______

Very Rev. Msgr. W. Curtis MalletTrustee’s name typed

Vice-President/Vicar General

______

Trustee’s name typed

Church Seal

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