Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Board ratifies $2.5M tax-exempt term note at 5.32%
Summary
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%.
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.
Tony Pires recalled that the Term Sheet rate was 5.17% and that, when reset, the interest rate was 5.32%. The Board approved executing all necessary documents, ratifying the Resolution, and approving the revised Term Sheet, Loan Agreement, Note, and the final rate of 5.32% for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note. The motion was made by Kurt Blumenthal, seconded by Robert Twombly, and approved with all in favor. Mr. Adams indicated the approved motion will be assigned Resolution number 2026‑05.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
