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| | Wednesday, December 28, 2016
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Newport Utilities planning to offer Internet service
Members of the Newport Utilities Board voted Tuesday to move ahead on a plan to offer Internet service to it's customers. A feasibility study by Magellan Advisors resulted in a recommendation that the service be offered with a multi-phase implementation. Phase One of the implementation was approved by the board, along with a business plan. General Manager Glenn Ray said there are several other regulatory steps that must be taken before the Utility has the green light to move ahead. The State Comptroller's Office, TVA and the Newport City Council must approve the plan. As a result the target date for completion of Phase One is the latter part of March, 2017, and construction of the project is to begin by the end of June. A total of 8,168 business and residential customers will be offered the service in the initial phase, including 47 percent of the homes in Cocke County. Magellan Advisors is currently conducting engineering studies for the remainder of the County. It expects to have the "Road Map and Timeline" for the remaining phases ready to share with the board by the end of March. During the meeting General Manager Ray asked for approval of the business plan, and the plan to borrow needed capital as well as to apply for any grant that is available. "I'm asking for authority to apply for interim financing of $8.5 million plus interest. This is a callable bond, or another type of financing vehicle that meets our requirement to bridge the gap until our USDA (Rural Utilities Service) loan becomes available in approximately nine to twelve months," Ray told the board. Ray said some customers think the utility should have reached an implementation point more quickly however, "as General Manager of the utility, it is my obligation to insure we do not put our electric, water and sewer rate paying customers at risk. The due diligence to insure a sound business plan was absolutely necessary and I am confident that we achieved that objective." The board was told a recent customer satisfaction survey showed local customers have a higher satisfaction level of the utility than the industry average. Clint Hammonds reported that a community forum recently was held to obtain input from residents with regard to water needs. He said about 50 individuals from all areas of the community attended. The utility will apply for a $500,000 Community Development Block Grant which will be matched with 12 percent in local funding, providing nearly $600,000 for the project. The utility will work with the East Tennessee Development District to determine which community should be served if the grant is approved. Auditors also reported that the utility has seen it's equity increase since last year in the electric, water and wastewater departments.
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