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Council presses for best-and-final bank offers after RFP errors; prepayment penalty emerges as key concern
Summary
After two responsive bank proposals contained calculation errors, councilors asked staff to seek best-and-final offers and emphasized preference for a 20-year loan with no prepayment penalty; staff will forward documentation to the Local Government Commission ahead of the work session award.
Council received an update on loan RFP responses for planned town financing and directed staff to seek final, corrected offers before making a selection.
Town Manager Parsons summarized that the town issued an RFP per Local Government Commission (LGC) guidance; staff received two substantive replies and one non-committal response. Parsons said both substantive proposals contained omissions or…
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