Town advised to hire financial adviser to study refinancing of assessment loans

Laurie Smith (speaker 6), a bond counsel present by phone, told the commission the town received a notice from Truist regarding an option on assessment‑backed bonds and recommended the first step should be to engage an independent financial adviser to evaluate refinancing options.

"The first thing that I suggest that you do is to engage a financial adviser that will assist you with getting proposals from banks," Laurie Smith said, and named PFM Financial Advisors as a recommended adviser familiar with the area. She explained the work would include reviewing loan documents, underlying assessments, and whether separate loans can be combined into a single financing. Smith said a financial‑adviser minimum fee quoted to her was about $18,500 and cautioned that underwriting costs and interest rates will determine whether a refinance produces savings.

Town Manager Heidi and staff clarified that there are multiple loans in the assessment district—some labeled for stormwater and others for roads—but they appear to be a single assessment area. Commissioners asked staff to place a formal proposal on the March 9 agenda so the commission can consider engaging a financial adviser and outline estimated costs and timeframes.

Smith and other advisers agreed the town has time to complete refinancing by December, but that staff should first collect documents, solicit proposals, and confirm assessment coverage for any refinance. No binding financing decision was made at the meeting; the commission directed staff to return with a formal agenda item.