Board approves $2.5 million tax-exempt term note at 5.32%
Summary
The board ratified a resolution and approved execution of documents for a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note, with the final interest rate set at 5.32%.
Cleo Adams presented the unaudited financial statements as of May 31, 2026 and reviewed balance sheet items and recoding of administrative fees. District Counsel Tony Pires noted that the Term Sheet rate had been 5.17% and that when reset the interest rate was 5.32%. "The Term Sheet rate was 5.17% and, when reset, the interest rate was 5.32%," Pires recalled.
On motion by Supervisor Kurt Blumenthal, seconded by Supervisor Robert Twombly, the Board voted to execute all necessary documents, ratify the Resolution, approve the revised Term Sheet, Loan Agreement and Note, and accept the final rate of 5.32% for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note; Mr. Adams indicated the motion will be assigned Resolution No. 2026-05. The motion passed with all in favor.
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