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River Ridge CDD ratifies $2.5M term note at 5.32% and accepts May financials
Summary
The board accepted unaudited financial statements as of May 31, 2026, and ratified documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final rate of 5.32%; the board expects the motion to be assigned Resolution 2026‑05.
Mrs. Adams presented the unaudited financial statements as of May 31, 2026 and discussed balance sheet "due to" and "due from" amounts and administrative fee recoding. Chuck Adams noted the previously closed note with Gulf Coast Business Bank and Mr. Pires recalled the Term Sheet rate was 5.17% and when reset the interest rate was 5.32%.
On motion by Kurt Blumenthal and seconded by Robert Twombly, the board authorized executing all necessary documents, ratified the resolution, and approved the revised Term Sheet, Loan Agreement and Note at the final rate of 5.32% for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note. Mr. Adams said the approved motion will be assigned Resolution number 2026‑05. The unaudited financial statements were accepted.
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