Board ratifies loan documents for $2.5 million term note at 5.32%
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.
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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.
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