Debt Retirement (approximately $1.7 million)
The retirement of our debt will only occur after funding for the Worship Center Renovation, Capital Projects at HFBC and Mission Projects has been received. Upon the debt being completely retired, $950,000 in the annual operating budget monies will be opened up for ministry and operational areas. |
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Our current debt outstanding as of September 2007 is slightly over $4 million and is reduced each year through the normal operating budget. The actual amount of the debt to be paid off will be contingent upon how much funds are raised through the capital campaign, and the timing of the receipt of those proceeds.