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Danville council agrees to seek financial-advisor proposals to analyze bonding options
Summary
Council gave consensus to seek proposals for a financial advisor to evaluate the town’s bonding capacity and tax-rate scenarios after discussion that prior capital-planning work did not include binding debt-analysis; members suggested firms familiar with town finances could be used.
The Danville Town Council agreed to seek proposals or quotes from financial-advisor firms to determine the town’s bonding capacity and options for funding planned capital projects.
Mr. Morgan said he wanted to assess what the town could bond — for example, how much could be raised under illustrative tax-rate scenarios such as an additional 20-cent or 40-cent debt rate — and that financial advisors he had contacted would require a letter of engagement and are not willing to provide the analysis for free. Members noted that a prior engagement for capital planning did not include the detailed bonding analysis and that obtaining a separate engagement for financial-advisor services appears to be necessary under current regulations.
Council members discussed using firms already familiar with town finances (names mentioned in the transcript include Rey, Baker Tilly, and Monovia Crow as firms used on past town business) and agreed it was reasonable for Mr. Morgan to solicit quotes and return with recommendations. The transcript records consensus to seek proposals rather than a final award; no firm was selected and no contract was signed at the meeting.
