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River Ridge CDD to move $700,000 to Insured Cash Sweep; construction loan term sheet forthcoming
Summary
The Board discussed the Unaudited Financial Statements and agreed in principle to transfer $700,000 to an Insured Cash Sweep (ICS) account; staff will also seek information on longer-term CDs and present a $2.5 million construction loan term sheet at the next meeting.
Cleo Adams, District Manager, presented the Unaudited Financial Statements as of March 31, 2026. Board member Kurt Blumenthal said the Insured Cash Sweep (ICS) account appeared beneficial; Mr. Chuck Adams (staff) responded that he would transfer $700,000 to the ICS account and would seek information about longer-term certificates of deposit for Board consideration at a future meeting.
Separately, Mr. Chuck Adams said he is meeting with a Gulf Coast Business Bank representative to obtain a term sheet for a construction loan with a principal amount of $2.5 million and Costs of Issuance of $50,000; the draft term sheet will be provided at the next meeting. The Board was reminded that a quorum of at least three supervisors must attend the August 25, 2026 meeting to hold the budget hearing and adopt the Fiscal Year 2027 budget.
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