Public hearings set on broadband bond sale for April 19

admin's picture

When Swift County agreed to aid Federated Telephone Company with the expansion of broadband services to the eastern half of the county, it committed to bonding for $7.5 million.

Overall, the project is expected to cost $12.5 million with a $4.95 million state Border-to-Border Broadband Grant covering part of the cost of the project, which is to start in the coming monthsl

The proposed tax abatement bond sale will actually be for $7.785 million, Swift County Administrator Mike Pogge-Weaver told the board of commissioners at their meeting March 15. The additional $285,000 is for the cost of issuing the bonds.

While the county will be conducting the bond sale, Federated Telephone has agreed to make the payments to retire the debt. The county and Federated Telephone are negotiating on how much of the bond sale costs will be covered by the county and how much by the company.

For more, subscribe to the Swift County Monitor-News print edition or our PDF internet edition. Call 320-843-4111 and you can get all the local news and sports delivered to you!
 

Rate this article: 
No votes yet