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Board ratifies loan documents for $2.5 million term note at 5.32%
Summary
The Board accepted unaudited financial statements as of May 31, 2026, approved executing documents ratifying the Resolution and the revised Term Sheet, Loan Agreement and Note, and approved a final interest rate of 5.32% on a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note.
District Manager Chuck Adams presented the unaudited financial statements as of May 31, 2026 and discussed balance‑sheet items including amounts shown as "due to" and "due from." Mr. Adams said administrative fees on Page 2 will be recoded to the "Debt service (principal & int) 2022 note" line item and distributed updated Capital Improvement Project projections.
Tony Pires recalled that the Term Sheet rate was 5.17% and said that when reset the interest rate became 5.32%. The Board voted to execute all necessary documents, ratify the Resolution, and approve the revised Term Sheet, Loan Agreement and Note with a final rate of 5.32% of the $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note (motion by Kurt Blumenthal; second by Robert Twombly; approved unanimously). Mr. Adams said the approved motion will be assigned Resolution number 2026‑05. The Board accepted the financial statements as presented.
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