CNS NEWS BRIEFS
Knights of Columbus makes loan to Boston Archdiocese
BOSTON (CNS) -- The Archdiocese of Boston received a mortgage loan from the Knights of Columbus Sept. 27 to pay off part of its debt and help finance some archdiocesan-sponsored charity programs. The initial advance of $12.5 million will pay off the $9 million the archdiocese currently has outstanding under the Fleet Bank line of credit, and will enable the archdiocese to provide interim financing to Catholic Charities to complete the new Shaughnessy Family Center at Laboure, a children's day-care center in South Boston. The loan is part of the Knights of Columbus Church Loan Program which makes funds available, on a secured basis, to assist the church. The agreement provides for additional advances, as needed, over a three-year period in amounts not to exceed $25.45 million, which, in combination with the initial advance, is 75 percent of the appraised value of the 16-acre chancery grounds. All advances will be repaid over a 20-year period from the date of the initial advance. It is anticipated that any additional advances will be used to fund the ongoing works of the archdiocese.
At what point does Cardinal Law say, "OK, I'm hurting the diocese, it's time to step down"? I guess it's not so easy. Hey, if it were me Ono Cardinal Ekeh, I'd stay in power until they dragged me kicking and screaming (just kidding).