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Board ratifies documents and finalizes $2.5 million tax‑exempt note at 5.32%
Summary
The Board accepted unaudited financial statements and ratified documents for a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note; the final interest rate when reset was reported as 5.32% and the Board approved executing the necessary documents and ratifying the resolution (motion passed unanimously).
Cleo Adams presented the unaudited financial statements as of May 31, 2026 and the Board discussed reclassifications on the balance sheet. The Board then considered items related to the recently closed note with Gulf Coast Business Bank; Tony Pires recalled that the Term Sheet rate was 5.17% and that the rate when reset was 5.32%. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board approved executing all necessary documents, ratified the Resolution, and approved the revised Term Sheet, Loan Agreement and Note for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a final rate of 5.32%.
Mr. Adams (Chuck Adams, District Manager) noted that Mr. Blumenthal had been informed about the interest rate before the note closed. Mr. Adams believes the approved motion will be assigned Resolution No. 2026‑05. The financial statements were accepted by the Board as presented.
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