Date of Purchase:
Five Oaks is raising capital through a Faith Bond issue for the purpose of providing seed money for the exciting new mission of interfaith and intercultural understanding. Faith Bonds allow Five Oaks to reduce the impact of fluctuations in the cash flow position while continuing to finance the mission. The controlling principles of this Bond Issue are as follows:
- Five Oaks Faith Bonds are sold with a three year term, a five year term and a seven year term. They are non-redeemable except as provided for in points 6, 7, and 8 below.
- Faith Bonds will be issued in multiples of $10,000.
- The interest rate for these Bonds has been set at 1.0%.
- Simple, annual, non-compounding interest will be calculated and paid on each anniversary date and at maturity. As required by the Income Tax Act, a T5 declaration will be issued annually by Five Oaks.
- The Board of Five Oaks reserves the right to retire these Bonds with interest prior to the maturity date at its discretion.
- Upon the death of a Bond Holder, the Bond will be paid out by Five Oaks with interest within thirty (30) days of receipt of a written request from the Executor or Administrator of the Estate.
- If a Bond Holder faces a financial emergency, Five Oaks may, at its discretion and subject to the availability of funds, agree to pay out the Bond with interest, within thirty (30) days of receipt of written request from the Bond Holder.
- Should a Bond Holder wish to donate part of a Bond to Five Oaks prior to maturity, such a donation, in multiples of $1,000, will be gratefully accepted on any of the annual interest payment dates and the face value of the Bond will be revised accordingly.
- Faith bonds are unsecured debentures, and as such, are not supported by specific assets but rather by the financial strength of the Five Oaks Centre as a whole.