River Ridge board ratifies $2.5 million term note at 5.32% and accepts May financials
The Board accepted unaudited financial statements for May and unanimously approved executing documents for a $2.5 million Series 2026 tax-exempt term note with Gulf Coast Business Bank at a final rate of 5.32%; staff indicated the Resolution will be assigned number 2026-05.
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Cleo Adams, District Manager, presented the unaudited financial statements as of May 31, 2026, and staff discussed balance sheet classifications and reclassification of administrative fees to the debt service line. Tony Pires recalled the Term Sheet rate was 5.17% and said the final rate after reset is 5.32%.
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