Board approves $2.5 million tax‑exempt term note, asks for acceleration‑clause edits
The Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause, finalizing documents and authorizing the Chair to execute. The decision followed discussion of a verbal increase in monument bid costs.
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Eric Long told the Board that the bid for four monuments had verbally increased from $250,000 to $631,000 and that the figure was not itemized or inclusive of landscaping. Mr. Adams said the proposed term note would be insufficient to cover that verbal increase; the Board discussed phasing the monument work, obtaining value‑engineering numbers and the note's interest rate and acceleration provision.
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