Gulf Shores City Council Agenda 2026-06-01
$23 Million Bank Loan Approved with SouthState Bank
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Description
Gulf Shores City Council approved a $23 million, 20-year direct loan from SouthState Bank at 4.2% interest for city infrastructure funding and line of credit repayment. Loan closing scheduled for June 11, 2026.
Contract Details
Contract Amount
$23 million loan at 4.2% interest (approx. $1,737,390 annual debt service)
Vendor
SOUTHSTATE BANK
Agency
City of Gulf Shores, AL
Contract Type
FINANCIAL_SERVICES
Document Date
June 1, 2026
Contract Term
20 years
Renewal Date
2046-06-11
Renewal Info
20-year loan with annual debt service. No prepayment penalty as per loan terms; final maturity 2046.
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