Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, March 25, 1991 TAG: 9103250318
SECTION: VIRGINIA PAGE: A3 EDITION: EVENING
SOURCE: Associated Press
DATELINE: LYNCHBURG LENGTH: Medium
"Our people for the last 20 years have responded to factual fund-raising efforts when we need it and tell them we need it," Falwell said Sunday night.
"I told them in typical Jerry Falwell fashion, it's do or die," he said.
The fund-raising campaign, which began three weeks ago, already has raised more than half its goal, said Falwell, chancellor of the university.
While revenues have been up this year at Liberty, Falwell said a January state Supreme Court ruling that Liberty is ineligible for tax-free bonds because of its religious nature has hurt. That and the school's problems getting taxable bonds have strained the school's finances, Falwell said.
The school has had to delay paying off debts and has used short-term loans to meet financial requirements.
"Fortunately, everyone has been cooperative," Falwell said.
Liberty had planned to raise $76 million last November through the sale of bonds in an effort to consolidate short-term debt and to pay off a debt to sister ministry Old-Time Gospel Hour for the sale of the campus.
The bonds have yet to be issued. The bonding company has declined to comment on the delay.
"We haven't written them off yet," Falwell said of the bonds. "But we're seeking conventional financing through various sources."
Falwell said he anticipates that Liberty will secure traditional mortgage financing sometime this spring.
He told his congregation at the Thomas Road Baptist Church Sunday morning that a fund-raising letter had been sent to 193,000 donors asking for help to meet Liberty's operating needs.
"Our revenues are up for the last year - that's the good news," he said. "But we are still short of meeting our operational needs. We need $3 million above our regular revenue in the immediate future."
The money is not earmarked for any specific purpose, Falwell said.
by CNB