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RUS loan application to be submitted to officials Melodie Phelps News Editor The RUS loan application is complete and will be submitted to officials in Washington, D.C. later this week. Thatıs the news that members of the Telecommunications Board received during a recent meeting. Michael Stidham, with Ladd Engineering, met with the board to review the project, which includes rebuilding 86 percent of the existing cable system with fiber. Stidham met with an RUS field representative on July 22 to review the loan application. The Telecommunications Board is seeking $7.6 million in loan funds for the project. This project has been scaled back slightly from the 100 percent rebuild that was discussed several weeks ago. City Clerk-Treasurer Greg Latham told board members that the cash flow projections put together for the project are even better than originally anticipated. "This cash flows itself very well and that is based on the market survey we did," stated Latham. Latham said that financial projections show the project will have a positive cash flow from day one. Telecommunications Board chairman Wade Upchurch questioned Stidham about the timeline for the project. Stidham said he expected to hear from RUS by the end of September regarding the loan application, since that is when their fiscal year ends. While it could take some time to actually receive approved loan funds, Stidham said the board could opt to seek interim financing to begin construction. Stidham said that if the board opts for interim financing, it is possible that construction on the project could begin by spring. He indicated that construction would likely continue through much of the summer. The Telecommunications Board has also been awarded $1 million in state grant funds for this project. Donna Diaz, with the Lake Cumberland Area Development District, attended last weekıs board meeting and noted that official letters regarding the grants should be sent out in the next few weeks. Also during the meeting, the board elected a new vice-chairman. Phillip Duncan, a member of Monticello City Council, replaces Bob Hayden as vice-chairman of the Telecommuni-cations Board. Add a comment |
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