Board ratifies $2.5M tax-exempt term note at a final 5.32% rate
The Board accepted unaudited financials and approved executing documents to ratify a $2.5 million Series 2026 tax-exempt term note with Gulf Coast Business Bank at a final rate of 5.32%.
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Cleo Adams presented the unaudited financial statements as of May 31, 2026, and discussed balance-sheet reclassifications. The Board reviewed a recently closed note with Gulf Coast Business Bank and discussed the term-sheet rate and reset: Tony Pires recalled a Term Sheet rate of 5.17% and stated that, when reset, the interest rate was 5.32%.
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