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Finance Committee Meeting Minutes
11/2/15
11am
Present: Stanley Ross, Donald Clawson, Monica Webb, Larry Klein, Kenn Basler, Michael Storch and Jim Draw
The Finance Committee met with members of WiredWest to discuss the following:
- Options available with regards to financing the last mile program within the boundaries of Monterey.
- Monterey still needs to pass a 2 ½ debt exclusion vote.
- It is anticipated by WiredWest that they will not be coming to the towns for any money in FY16. In FY17 the make ready work will begin which is about 35% of the total project cost, they are anticipating to spend the states money first and then come to the towns. A town’s first payment on the borrowing should be in FY18. There will also be about 2-3% of the borrowed amount in required fees with the bond. Total cost of the project will not be known until FY20. It’s estimated that Monterey’s cost for a bond would be about $3.1 million.
- Residents will be able to sign up at any time.
- The current policy states that coverage will be 750 aerially to home at no cost to the customer. Underground may cost extra depending on the current circumstances.
- Otis’s decision to not go through WiredWest was discussed.
- Construction should start about 1 ½ years after the poles are surveyed and the make ready work is complete.
- Documents reviewed at this meeting are available with the Finance Committee.
Meeting adjourned at 12:30pm
Submitted by,
Melissa Noe, Administrative Assistant
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