River Ridge board approves $2.5 million tax‑exempt term note at 5.32%
Summary
The River Ridge CDD board ratified documents and approved a $2.5 million Series 2026 tax‑exempt term note at a final rate of 5.32%, accepted unaudited May financials, and directed updates to capital projection titles. Resolution assignment was expected as Resolution 2026‑05.
The River Ridge Community Development District on June 23 approved execution of documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final interest rate of 5.32%. District Manager Chuck Adams presented the unaudited financial statements as of May 31, 2026, and the Board ratified the related resolution and paperwork.
Board members discussed the balance sheet and a closed note with Gulf Coast Business Bank. Mr. Pires recalled the Term Sheet rate was 5.17% and noted the rate reset to 5.32% when the note closed. The Board approved executing all necessary documents, ratifying the resolution, and approving the revised term sheet, loan agreement and note (motion by Mr. Blumenthal; seconded by Mr. Twombly; vote: all in favor). Mr. Adams said the approved motion will be assigned Resolution 2026‑05 and distributed updated capital improvement project projections for title updates.
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.
