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Board awards time warrant loan; bid from Texas Regional Bank at 4.54%
Summary
The Board approved awarding a time warrant loan following a presentation by Specialized Finance; the winning bid from Texas Regional Bank carried a 4.54% interest rate and a conditional closing date of Feb. 19. Bond counsel described the legal support for the issuance.
Jennifer Ritter of Specialized Finance reviewed the competitive bid process and reported that Texas Regional Bank submitted a winning bid at 4.54% interest. Bond attorney Angela Avila of McCall, Parkhurst & Horton explained counsel's role in the issuance process and noted the loan could close on Feb. 19 pending final board action and customary closing steps.
Trustees voted to award the time warrant loan; the minutes record the motion passed with a 6–0 vote and one trustee absent. The minutes do not include loan principal amount or detailed closing conditions; those financial specifics were not recorded in the board minutes.
