October 19, 2008, Congregational Meeting

Chapel in the Pines Presbyterian Church
Congregational Meeting
October 19, 2008 – 11:40 a.m.
North Chatham School, Chapel Hill,

 

The meeting was called to order by the Reverend Mindy Douglas Adams just before the close of worship.  After declaring a quorum present, she stated the purpose of the meeting, which was to adopt the following resolution:

WHEREAS, the Congregation desires to borrow money from the Presbyterian Church (U.S.A.), a Corporation (“CLP”), in the amount of $92,000.00;

THEREFORE, BE IT RESOLVED THAT the congregation approves entering into a first Mortgage/Deed of Trust and Promissory Note with CLP in the amount of $92,000.00 for the purpose of purchasing property described as 12+/- acres on Great Ridge Parkway, Chatham County, North Carolina.

Reverend Adams then entertained a motion to elect Mary Donna Pond to serve as Clerk for the meeting.  The motion was made and seconded and was approved without dissent by a voice vote.

Reverend Adams described the parcel of land to be purchased as being situated at the northern entrance to the Briar Chapel development, off Manns Chapel Road.  The land is being bought from the Lindley family, members of Pittsboro Presbyterian Church, who are selling the parcel to Chapel in the Pines at a price of $16,000/acre for a total purchase of $192,000.  Salem Presbytery has provided $100,000 to be applied to the purchase.  The loan for the remaining $92,000 is being made by the Presbyterian Investment and Loan Program.  The loan carries a rate of 4% for the first 5 years, rising to 6% for the remaining 15 years of the loan.  Reverend Adams stated that we expect to repay the loan well before that twenty-year term is reached.  A question was raised about access to utilities.  We have an agreement with Brian Chapel to access their water system.  We will have our own septic system.  The land will be served by the Chatham Volunteer Fire Department.  Barbra Carson asked about funds that have already been raised by Chapel in the Pines for property.  Joan Zollinger explained that the approximately $100,000 currently in our property fund is being held to use in additional site work, engineering and architectural fees, and other costs associated with preparing to construct a building.

Hearing no other questions, Reverend Adams repeated the resolution and called for a voice vote.  The resolution was adopted without dissent.

The meeting was closed with prayer and a benediction.

Respectfully submitted,
Mary Donna Pond, Clerk

(APPROVED BY SESSION November 13, 2008)