Posted: 10/17/03
Missouri asks to borrow $1 million
JEFFERSON CITY, Mo.–The Missouri Baptist Convention's Executive Board has proposed borrowing up to $1 million to fund its lawsuits against five former convention agencies that declared self-perpetuating boards.
Messengers to the Missouri convention's annual session in St. Louis Nov. 3-5 will be asked to affirm creation of an Agency Restoration Fund, which will be backed by a $1 million line of credit from a bank at prime rate.
The Oct. 9 action was reported in the Pathway, the state convention's new news journal, launched after the Word & Way amended its charter to remove the convention's authority to name trustees.
Similar action was taken by the Missouri Baptist Foundation, the Baptist Home, Windermere Conference Center and Missouri Baptist College.
The Pathway story said principal and interest payments on the line of credit would be paid by “authorized gifts from churches and individuals and from any award of costs recovered from defendants or their insurers.”
It said at least four churches have pledged financial support for the legal fund.
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