Board approves $2.5 million tax-exempt term note at 5.32%
The Board ratified documents and approved a revised Term Sheet, Loan Agreement and Note for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note, with a final rate of 5.32%; the action was unanimous and may be recorded as Resolution 2026‑05.
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Cleo Adams presented the unaudited financial statements as of May 31, 2026, and the Board discussed balance-sheet 'due to' and 'due from' amounts. District Counsel Tony Pires recalled the Term Sheet rate was 5.17% and that when reset the interest rate was 5.32%.
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