From Deseret News archives:
4 cities OK UTOPIA refinance; Payson shoots it down
6 others cities still undecided
Midvale, Lindon and Tremonton council members voted in favor of the proposal despite protests from many citizens and representatives from Comcast, Qwest and the Utah Taxpayers Association. Other residents, including UTOPIA subscribers and business people, were in favor of the plan.
West Valley City narrowly voted in favor, 4-3 after a lengthy discussion. Representatives from Qwest and Comcast attended the meeting and a handful of residents commented during the public hearing. Hours later, council members Corey Rushton, Mike Winder and Carolynn Burt voted against committing the funds to UTOPIA.
Orem will meet May 2 to discuss UTOPIA further. The council there postponed a decision Tuesday.
Centerville council members discussed the issue extensively then tabled a decision until April 29.
"I'm definitely against this UTOPIA farce," Walter Reynolds told the Midvale City Council. "There are so many things that you could be using this money for, for the good of the community, but you're gambling it away."
The other six cities that met Tuesday had a similar choice, with each city's pledge amount being determined by population count.
The refinance would trade $121 million in 20-year bonds for $189 million in 33-year bonds. UTOPIA hopes to garner at least $11 million in new capital, which it will use to build the second phase of its municipal fiber-optic network.
It also hopes to repay the federal government and pay contractors for work already completed.
Before the Midvale City Council meeting and public hearing on the refinance, city manager Kane Loader said the refinance was the only good option. If it fails, UTOPIA will be forced to sell its partial network for pennies on the dollar, he said.
Opponents of the refinance have said UTOPIA should cut its losses now rather than "throwing good money after bad."
Loader, like representatives from each of the other cities, is a member of the UTOPIA board of directors, which voted earlier this month to implement the plan.
Recent comments
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Murray Business | April 24, 2008 at 10:15 a.m.
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Jesse Harris | April 24, 2008 at 9:26 a.m.
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Orem Guy | April 23, 2008 at 3:40 p.m.
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