Board approves execution of $2.5M Gulf Coast Business Bank term note at 5.32%
The Board approved executing documents, ratifying a resolution and accepting a revised Term Sheet, Loan Agreement and Note at a final rate of 5.32% for the $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note; Mr. Adams indicated the resolution will likely be numbered 2026-05.
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Cleo Adams, district manager, presented the unaudited financial statements as of May 31, 2026 and reviewed related budget items. The Board discussed a note with Gulf Coast Business Bank that was closed and funded the prior week; Mr. Pires recalled the Term Sheet rate of 5.17% and said the rate, when reset, became 5.32%.
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