Yesterday morning (July 16, 2014) I took a check to Lubbock National Bank for the outstanding balance on our construction loan. Even though the loan had been arranged much earlier, we didn't activate it until May of 2012. Prior to that date we paid cash.
We arranged for a 15 year loan with a 7 year fixed rate. Due to your faithful giving, and the sale of our South Campus, we are DEBT FREE IN LESS THAN THREE years. Actually, it was about 26 months that we were in debt. Oh, what a joy to be debt free.
We need to celebrate that we were able to do a $2.7 million project and have any debt totally paid in 26 months. The sale of the land pushed us over the top, AND, we will be able to bank a little over a half-million dollars for Phase 2 of our long-term plan, which is a second floor over the preschool area.
THANK YOU to everyone who contributed to our construction fund. Your faithful giving provided for about $2.4 million of the money used in construction. The land had been paid for by the faithful giving of our BHBC family about 13 years ago. In reality all of the construction costs were paid by the sacrifices of our members, past and present. To God be the glory for providing through His people.
We will celebrate being debt free this Sunday night, following the ordination of Jeffrey Smith. Last Sunday I announced we'd have a note burning ceremony but I think a note shredding ceremony might be safer and just as effective. Hope you will be here for the ordination, brief (very brief) business meeting and the note shredding ceremony. Bring food and we'll party.
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