River Ridge board accepts May financials, approves $2.5M tax‑exempt note at 5.32%
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%.
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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.
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