Congregants seek redemption, but not in way one might think
Is anyone out there holding bonds issued in 1971 by Grace Brethren Church of Washington?
If so, your last chance to redeem them with interest will be 10 a.m. March 21 in Washington County Courtroom No. 1.
The congregation, which had an address of 4 Waynesburg Road, issued $109,000 worth of bonds in April 1971 to construct and renovate its building. The bonds were scheduled to mature no later than Oct. 1, 1985.
The church established a sinking fund with First National Bank and Trust Co. of Washington, and members made regular payments so a sufficient amount of money would be available to redeem the bonds.
Despite paying the amounts due to all bond holders who requested redemption, there is still $11,529 in the fund that has been unclaimed 31 years after the bonds matured.
Timothy Berggren, attorney for the congregation, wrote in court documents “after a due and diligent search … no records could be located as to the owners of any bonds, and, in particular, the owners of any outstanding bonds.”
In September 2015, the church and its members decided to sell the church’s property because of declining enrollment. Despite the sale, the governing members have not dissolved the congregation. They hope to someday reopen the church in a new facility, and in the meantime, they retain a financial account, receiving payments from the purchaser of the Waynesburg Road property, now the home of Life Point Church, and as a repository for other available funds.
Berggren asked the court to hold a hearing in which holders of outstanding bonds can come forward and show why their investment should not be terminated and voided. He also asked that Washington Financial Bank be directed to release to representatives of Grace Brethren all funds related to the bond issue not claimed by the March 21 court date scheduled by order of President Judge Katherine B. Emery.