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Newport Utilities to hold public hearing on fiber-optic Broadband
The Newport Utilities Board meeting Thursday approved a plan to hold a public hearing on a proposal to offer fiber broadband services to the utility's customers. The Office of the State Comptroller has reviewed the plan for the fiber-optic Smart Grid Fiber network, including video,Internet and related services, as required by state law. It is to be funded with a start-up interdivision loan from the Electric System of $3.5 million from cash reserves, to be paid back at an interest rate of 4.5 percent. The plan developed by Magellan-Advisors,LLC, proposes a multi-year rollout, with a positive net income expected in year 3. The Phase 1 build-out will offer services to 6,977 residential and 1,191 business customers. Lichty said the state office is required to review the business plan to assess the reasonableness of the plan’s assumptions, in order to determine it's feasibility. After a review of the plan, the Comptroller’s written analysis said: - They could not determine the reasonableness of the projected uptake rate of 45% by Year Six. - The office pointed out that the plan did not consider market competition from current service providers. The Comptroller prefaced the written analysis in the report by saying his office had not attempted to compare the information from the Plan to Industry Standards; is not aware of any such industry standard for governmental entities providing these types of services, and the feasibility analysis is based on a “limited review” of the Plan. Lichty said the latest statistics on "uptake rates" from five other Tennessee municipal systems which have been in place eight or more years show: Bristol, TN 54%, Morristown 46%, Chattanooga 50%, Jackson 55%, Pulaski 49%. The board agreed to hold a public hearing on the plan in the utility's community room on June 1 from 5 pm-7 pm. Or written comments may be submitted to Mr. Roland A, (Trey) Dykes,III,Chairman, Newport Utilities Board, PO Box 519, Newport, TN. 37822 or via email at NUFiberStudy@newportutilities.com. Written comments will be accepted through June 15th. In other action, Finance Manager Sherrie Frisbee reported that the Electric Department shows a profitability of $1 million for the year, the Water Department is $1.8 million above budget, however the Sewer Department shows a loss of $266,000 for the year.
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Return to Today's News Stories - Front PageThursday, April 29, 2021
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Mill Creek Wildfire Update
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