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River Ridge CDD ratifies $2.5 million Series 2026 tax‑exempt term note at 5.32%
Summary
The board approved execution of documents to ratify the resolution and finalize a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a 5.32% interest rate; the board recorded that the Term Sheet had initially shown 5.17% before reset.
The River Ridge Board approved executing all necessary documents to ratify a resolution and finalize a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a 5.32% interest rate.
District Counsel Tony Pires recalled that the Term Sheet rate was 5.17% and said the rate, when reset, became 5.32%. The board voted unanimously to approve the revised Term Sheet, Loan Agreement and Note. District Manager Mr. Adams said Supervisor Blumenthal had been informed about the interest rate before the note closed, and Mr. Blumenthal indicated the change would have minimal effect.
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