City of Gulf Shores AgendaPacket Regular Council Meeting 2026-06-08
Gulf Shores Secures $23M Infrastructure Loan from SouthState Bank
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Description
The City Council authorized a $23 million tax-exempt General Obligation Warrant with SouthState Bank to finance transportation projects and repay prior credit. The loan matures December 15, 2045, at a 4.20% interest rate.
Contract Details
Contract Amount
$23,000,000 (principal)
Vendor
SOUTHSTATE BANK
Agency
City of Gulf Shores, AL
Contract Type
FINANCIAL_SERVICES
Document Date
June 8, 2026
Contract Term
June 12, 2026 – December 15, 2045
Renewal Date
2045-12-15
Renewal Info
Principal/interest paid semiannually; prepayment allowed without penalty; matures December 2045.
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