At the recommendation of the staff and finance team, the board has authorized an end-of-year bond issue to deal with the high-interest rate second mortgage that burdens us right now. Between November 1 and December 18, 2020, you can purchase 1–5 year bonds at interest rates that greatly surpass what you will currently get from the banks and credit unions.
Our goal is to sell $735,000 worth of bonds to pay out our second mortgage and free up needed cashflow for the 2021 budget.
The bonds are being offered for 1-5 years with increasing interest rates over the five years. They will have a starting rate of 2.5% in the first year and growing to 3.5% in year five. The longer you leave the bond with us, the more interest you earn. Interest is paid to you annually on the anniversary date or compounded into calculations in subsequent years. Bonds are available in $1,000, $5,000, $10,000, $25,000, and $50,000 denominations, and there is no maximum for the number of bonds a person may purchase. Bonds are also available to businesses that may want a return on their reserve.
- Regular Interest is accumulated monthly and is paid to the registered owner on each annual anniversary date.
- Bonds are available in $1,000, $5,000, $10,000, $25,000, and $50,000 denominations.
- The interest rates posted reflect the guaranteed rate per year for the term of bond purchased. (e.g. purchasing a 3 year bond guarantees 2.5% the first year, 2.75% for the second year, and 3% for the third year.)
- There is no maximum for the number of bonds purchased per purchaser.
- By completing this request, the purchaser agrees to all the rates and terms as defined by Harvest Bible Chapel Barrie.
To get started, send a request to the church office using the online form or by calling 705.739.8613.