Board ratifies $2.5 million tax‑exempt term note at 5.32% and accepts May financials
The board accepted unaudited financial statements as of May 31, 2026, and authorized execution and ratification of documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note with a final rate of 5.32%; Mr. Adams noted the resolution will likely be numbered 2026‑05.
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Cleo Adams presented the unaudited financial statements as of May 31, 2026 and reviewed proposed reclassifications, including administrative fees recoded to the debt service line. The Board discussed balance sheet "due to" and "due from" amounts and the recently closed note with Gulf Coast Business Bank.
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