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Board ratifies $2.5M tax-exempt term note at 5.32% and accepts May financials
Summary
The Board accepted unaudited financial statements as of May 31, 2026 and approved executing documents to ratify a revised term sheet, loan agreement and the $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final rate of 5.32%.
District Manager Cleo Adams presented the unaudited financial statements as of May 31, 2026 and reviewed balance sheet items and administrative fee recoding. The Board discussed a closed note with Gulf Coast Business Bank and the revised loan terms prior to taking action.
Mr. Pires and staff reviewed the loan terms and Mr. Adams told the Board that the Term Sheet rate had been 5.17% and, when reset, the interest rate became 5.32%. The Board approved a motion to execute necessary documents, ratify the Resolution, and approve the revised Term Sheet and the loan. The minutes record that the Board approved "the final rate of 5.32% of the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note." The approval is expected to be assigned Resolution number 2026-05 and staff distributed updated Capital Improvement Project projections for title updates.
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