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River Ridge CDD approves $2.5 million Series 2026 tax‑exempt term note at 5.32%
Summary
The board ratified the revised term sheet and authorized execution of loan documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final rate of 5.32%; Mr. Adams indicated the action will be Resolution 2026‑05.
The River Ridge board approved executing the revised Term Sheet, Loan Agreement and Note for a $2.5 million Series 2026 tax‑exempt term note with Gulf Coast Business Bank and ratified the associated resolution, with a final interest rate of 5.32%.
Tony Pires recalled that the Term Sheet rate was 5.17% and said that when the rate reset it became 5.32%. The motion to execute all necessary documents, ratify the Resolution and approve the final rate was made by Kurt Blumenthal and seconded by Robert Twombly; the motion passed "with all in favor." Mr. Adams said the approved motion will be assigned Resolution number 2026‑05 and distributed with updated capital improvement project projections.
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