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Board ratifies $2.5 million tax-exempt note at 5.32%
Summary
The Board approved executing documents and ratified a resolution to finalize a $2.5 million Series 2026 Gulf Coast Business Bank Tax-Exempt Term Note with a final interest rate of 5.32%; Mr. Adams indicated the approved motion will be assigned Resolution No. 2026-05.
District Manager Chuck Adams presented the unaudited financial statements as of May 31, 2026 and discussed balance-sheet items. The Board voted to execute all necessary documents, ratify the related resolution and approve the revised term sheet, loan agreement and note for a $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a final rate of 5.32%.
Mr. Adams said he believes the approved motion will be assigned Resolution number 2026-05 and distributed updated Capital Improvement Project projections. The financial statements were accepted by the Board; Mr. Blumenthal noted the rate change would have a minimal effect.
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