Special Parish Meeting Called for Sunday, May 18
CRANBERRY TOWNSHIP — At its spring 2014 meeting here at the Chancery, the Diocesan Council unanimously approved a resolution authorizing a loan for the construction of a church building in Beavertown. According to the financing plan terms, the Archdiocese of Pittsburgh will offer the Chapel of the Holy Spirit $160,000 amortized over a 20-year term.
If approved by the May 18 special parish assembly called by the Parish Council, the financing agreement calls for a zero or negligible annual percentage rate during the first five years, calculated such that the Archdiocese breaks even on the loan servicing (but not to exceed 3%), making the Chapel’s monthly payments in the $600-800 range. After that time, a 2% and 4% surcharge will be added to the APR for years 5-10 and 10-20, respectively. The diocese can require full repayment only after the tenth or fif-teenth year, provided the council and diocesan bishop concur. The Archdiocese will have a lien on the already-purchased lot and any structure built upon it. The Chapel will make a down payment of $40,000 from reserves and fundraising to be determined, to meet the estimated project cost of $200,000.
The sole item on the assembly’s agenda will be to authorize this loan to the parish corporation. A super-majority of two-thirds of the parish’s members is required for quorum. Should the quorum not be met, the meeting will be postponed until the following Sunday, at which the members that attend shall con-stitute a quorum. Parishioners in good standing that were registered with the parish as members last year and who have fulfilled their Lenten 2014 obligations of Confession and Communion may attend and vote. Balloting will occur at both Holy Trinity and the Chapel immediately following Liturgy.