Board ratifies $2.5M tax-exempt term note at 5.32%
The Board accepted unaudited financial statements as of May 31, 2026 and approved executing documents ratifying the revised Term Sheet, Loan Agreement and a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a final interest rate of 5.32%.
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Mrs. Adams presented the unaudited financial statements as of May 31, 2026 and distributed updated Capital Improvement Project projections for informational purposes. The Board discussed balance‑sheet "due to" and "due from" amounts and administrative fee recoding for the debt service line item.
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