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Jupiter Inlet Colony staff say TD Bank will call a loan; commission asks for loan documents
Summary
Town manager Katie Siegel told commissioners TD Bank will call a smaller town loan due in 2026; staff said the town has about $120,000 at TD and is preparing options to cover a $224,000 annual payment timing gap, including moving funds to higher-yield accounts; commissioners asked for loan documents and a workshop.
Town manager Katie Siegel told the Jupiter Inlet Colony commission that TD Bank has signaled it will call one of the town's smaller loans, exposing a timing gap ahead of a final payment due in 2026. Siegel said the town's annual payment on that loan is about $224,000 and that roughly $120,000 of town funds currently sit at TD.
"It's about $224,000 that is our annual payment for the loan," Siegel said, explaining staff has been working with financial consultants to identify options to bridge a short timing gap until assessments are collected. She said staff will move some deposits to a new bank (Cenovus) with about a 3% rate and consider other higher-yield options previously authorized.
Commissioners asked staff to provide the loan documents and a short cover memo summarizing put/call options, outstanding balances and potential choices for the commission's review; one commissioner recommended a dedicated workshop so both new and returning commissioners understand reserve-account obligations and any embedded call/put clauses.
Siegel said she has already contacted TD Bank and pursued meetings after taking office; she said the town previously changed banks after review in consultation with counsel and a financial consultant. Commissioners directed staff to bring refined estimates and the loan documents and to determine whether to present a formal item at a future meeting for authorization of any contract or expenditure.
No formal vote was required; staff was directed to return with documents and refined cost/scope estimates for inclusion in upcoming budget discussions.
