Board ratifies $2.5 million tax-exempt term note at 5.32%
The Board approved executing documents and ratified a resolution to accept a revised term sheet and a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a final interest rate of 5.32%; the action is expected to be assigned Resolution No. 2026-05.
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Chuck Adams, District Manager, reviewed the unaudited financial statements as of May 31, 2026 and discussed the recently closed note with Gulf Coast Business Bank. He recalled that 'the Term Sheet rate was 5.17% and, when reset, the interest rate was 5.32%.'
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