Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
River Ridge board accepts May financials, approves $2.5M tax‑exempt note at 5.32%
Summary
The board accepted unaudited May 31 financial statements and approved executing documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note; the interest rate after reset was finalized at 5.32%.
Cleo Adams, District Manager, presented the unaudited financial statements as of May 31, 2026 and summarized budget variances and line‑item assignments. The Board discussed balance-sheet ‘due to’ and ‘due from’ amounts and agreed to recode administrative fees to the Debt Service (principal & interest) 2022 note line item.
District Counsel Tony Pires recalled that “the Term Sheet rate was 5.17% and, when reset, the interest rate was 5.32%.” On a motion by Mr. Kurt Blumenthal and seconded by Mr. Robert Twombly, the Board approved executing all necessary documents, ratifying the resolution, and approving the revised Term Sheet, Loan Agreement and Note reflecting a final interest rate of 5.32% for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note; 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.
