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River Ridge board accepts May financials and authorizes $2.5M tax-exempt term note at 5.32%
Summary
The Board accepted unaudited financial statements as of May 31, 2026, and approved executing documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final rate of 5.32%.
District Manager Mr. Adams presented the unaudited financial statements as of May 31, 2026. Board discussion focused on balance-sheet "due to" and "due from" amounts and administrative-fee recoding; the financials were accepted for informational purposes.
District Counsel and staff reported that the note with Gulf Coast Business Bank closed and funded last week. Mr. Pires recalled the Term Sheet rate was 5.17% and, when reset, the interest rate became 5.32%; the Board approved executing all necessary documents, ratifying the Resolution, and approving the revised Term Sheet, Loan Agreement and Note for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note. Mr. Adams indicated the approved motion will be assigned Resolution number 2026-05.
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