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Finance update: short‑term notes, UniBank advisory and progress toward audit and credit rating
Summary
Staff reported one MWPAT bond paid off in FY26 and described short‑term note arrangements handled through UniBank; they also reported progress on audits (closing FY24) as a precondition to seeking a credit rating and noted plans to go out to bid on some short‑term notes.
Finance staff updated the Select Board on the town’s debt and audit status at the Feb. 25 session. They said the town paid off one MWPAT bond in FY2026 (principal on that line dropped substantially in the latest schedule) and that short‑term notes are being managed through UniBank, which solicits bids to local and larger banks. Staff identified Oppenheimer as the current purchaser for one note and said bidding for replacement short‑term financing was imminent.
Staff explained that UniBank attempts to include a modest premium to cover issuance costs and that the town asks for bids from both regional banks and larger purchasers. Interest on the current short‑term note was described as about 3.25% in discussion; staff emphasized the difference between private placement and obtaining a market credit rating for a large long‑term borrowing, estimating privately placed debt might cost ~15–25 basis points more than a rated issue.
On audits, staff said they are working to complete the FY24 audit and free‑cash certification; completing those filings is a necessary step before the town can reasonably seek to restore a credit rating. The presentation described a months‑long effort to gather documents, and staff said progress is closer than before but that a rating would follow completion of FY24 audit materials.
No new debt authorizations were approved at the meeting; staff said they will return with bid results and updated interest estimates in coming weeks.
