River Ridge board approves $2.5M Series 2026 term note at 5.32%
The board ratified execution of the revised Term Sheet, Loan Agreement and Note for a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final interest rate of 5.32% and expects the associated resolution to be numbered 2026-05.
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Cleo Adams, District Manager, presented the unaudited financial statements as of May 31, 2026, and distributed updated capital-improvement projections. The Board discussed balance-sheet “due to” and “due from” amounts and administrative fee recoding. Tony Pires recalled that the Term Sheet rate was 5.17% and said the final rate when the note reset was 5.32%.
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