SYOSSET, NY [OCA Communications] — In a memorandum dated July 6, 2006, the Very Rev. Paul Kucynda, acting treasurer of The Orthodox Church in America, updated the members of the Holy Synod of Bishops and the Metropolitan Council and the Church’s elected auditors on the status of the loan offered to the OCA by the Honesdale National Bank, Honesdale, PA.
The text of the memorandum reads as follows.
“As you are aware, the Honesdale National Bank, located in Honesdale, PA, offered a Commitment Letter to The Orthodox Church in America in the amount of $1,700,000.00 on May 3, 2006, with a termination/closing date of July 3, 2006.
“The Board of Directors of the Honesdale National Bank offered an Extension of Commitment Letter dated June 28, 2006, with a termination/closing date of August 3, 2006.
“Since The Orthodox Church in America is an institution located in the State of New York, while the Honesdale National Bank is a banking association in the State of Pennsylvania, all relevant Pennsylvania, New York, and federal banking and civil-law requirements were researched and will be met.
“Since the loan will be secured by the two properties owned by The Orthodox Church in America in the State of New York, County of Nassau, it was necessary to affirm that The Orthodox Church in America complies with a checklist of 14 items. The following are a few of the primary requirements:
Have the existing land surveys verified for accuracy; clear titles to both properties searched and affirmed as belonging to The Orthodox Church in America without mortgages or taxes due; and appraise the properties in regard to current real estate values in Syosset, NY.
“At this time, application is being made to the Superior Court of Nassau County as well as the New York State Attorney General’s Office to go forward with the loan as approved by the Metropolitan Council of The Orthodox Church in America on June 14, 2006, during the Council’s meeting at the Church’s national headquarters for its regular spring 2006 session. Since these filings require a minimum of 15 days’ notice, it is anticipated that approval from Nassau County and the state of New York will be received near the end of this month of July.
“The Honesdale National Bank is represented by Attorney Richard B. Henry, Honesdale, PA. The Orthodox Church in America is represented by Attorney Michael Sahn, Uniondale, NY.”