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municipal bonds

September 28, 2012 By Annette Meeks

Gaylord Overlooks “Substantial Risks” to City in Approving Taxpayer-Backed Telecom Bonds

FFM Follow Up: City Council votes to publicly release previously withheld analysis of financial risks-- Despite a memo from the city’s bond counsel warning of “substantial risks”, the Gaylord City Council has voted to guarantee to pay up to 16.5 percent of the debt service on $77 million of revenue bonds should the proposed RS Fiber telecom network fail to pay for itself. The bond risk analysis …

[Read more...] about Gaylord Overlooks “Substantial Risks” to City in Approving Taxpayer-Backed Telecom Bonds

September 19, 2012 By Annette Meeks

Gaylord Officials Keep Report Secret on Risk to Taxpayers with $70 Million Telecom Network

  --Officials in the city of Gaylord have informed the Freedom Foundation of Minnesota (FFM) they will not make public a key analysis of the potential financial risks posed by a plan to invest $70 million in bonding for the RS Fiber telecom network.  Proponents of the municipal broadband project expect RS Fiber to start paying for itself after three or four years. If not, …

[Read more...] about Gaylord Officials Keep Report Secret on Risk to Taxpayers with $70 Million Telecom Network

June 7, 2012 By Annette Meeks

Monticello Stops Bond Payments on Troubled Municipal Telecom

      Is city headed toward default of $26 million in bonds?     The City of Monticello has notified bondholders that it plans to stop repayment of $26 million in bonds for the troubled FiberNet Monticello telecom system, due to a shortfall in operating revenue from telecom subscribers. This development marks the most dramatic step yet in the downturn for what was once a …

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