Board authorizes $2.5M tax-exempt term note amid higher monument bids
The Board approved a Gulf Coast Business Bank tax-exempt term note financing $2,500,000 to support district projects after hearing that monument bids rose verbally from $250,000 to $631,000; approval was subject to adjusting an acceleration clause and finalizing documents.
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Board members voted May 26 to approve the Gulf Coast Business Bank Tax Exempt Term Note financing $2,500,000, subject to amending the acceleration clause, finalizing documentation and authorizing the chair to execute. Eric Long reported a verbal increase in the bid for four monuments from $250,000 to $631,000 that is not itemized and excludes landscaping, which raised concerns about the sufficiency of the previously discussed term note.
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