River Ridge manager to transfer $700,000 to ICS account; term sheet for $2.5M construction loan expected
The board reviewed Unaudited Financial Statements and agreed to transfer $700,000 into an Insured Cash Sweep account; District Manager said he will provide a term sheet for a potential $2.5 million construction loan (Costs of Issuance $50,000) at the next meeting.
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District Manager Chuck Adams presented the Unaudited Financial Statements as of March 31, 2026. Assistant Secretary Kurt Blumenthal described the Insured Cash Sweep (ICS) account as beneficial given the figures in the report; Mr. Adams agreed and said he "will transfer $700,000 to the ICS account, and look into obtaining information about long-term Certificates of Deposit (CDs) to consider at the next meeting."
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