An overwhelming 81 percent of voters in Salisbury on Tuesday said the city should lease its Fibrant broadband service to Hotwire Communications. The unofficial vote was 2,602 to 590. As Carolina Journal reported, the proposed lease would go for 20 years beginning July 1, with Hotwire paying back the city a percentage of its revenue from...
RALEIGH – A North Carolina municipal broadband network has made the Taxpayers Protection Alliance’s “Dirty Dozen” — 12 high-profile taxpayer-funded internet projects that have cost the public more than $2 billion. The North Carolina network is MI-Connection, which provides broadband service to the Charlotte suburbs of Mooresville and Davidson. MI-Connection —$80 million in debt and has an annual...
SALISBURY — This spring, Moody’s downgraded Salisbury’s bond rating, citing debts by its Fibrant broadband service. Moody’s notes that Salisbury borrowed $7.6 million from its water and sewer fund to support the Fibrant fiberoptic network. The report also points out that while Salisbury is making 1 percent interest payments on the borrowed funds, it isn’t repaying the principal.
