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District to transfer $700,000 to Insured Cash Sweep; construction-loan term sheet expected
Summary
Cleo Adams presented unaudited financials; Chuck Adams said he will transfer $700,000 to an Insured Cash Sweep account and will pursue long-term CDs for investment. Staff will present a construction loan term sheet for approximately $2.5 million (Costs of Issuance $50,000) at the next meeting.
Cleo Adams presented the unaudited financial statements as of March 31, 2026. Chuck Adams said the Insured Cash Sweep (ICS) account is advantageous based on figures in the report and said he will transfer $700,000 to the ICS account and investigate long-term certificates of deposit for future consideration.
Separately, Chuck Adams told the board he will meet with a Gulf Coast Business Bank representative and provide a term sheet for a construction loan at the next meeting. The principal amount discussed is approximately $2.5 million and Costs of Issuance are $50,000; staff will return with a formal term sheet for board consideration.
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