By Freedom Foundation of Minnesota
MONTICELLO, MN — The news just keeps getting worse for the troubled Monticello publicly financed telecom system.
Recent news reports and events continue to confirm that Mayor Clint Herbst was right when he admitted “we shouldn’t be in the telecommunications business at all.”
Following on the heels of FiberNet’s 2011 loss of $2.6 million — in spite of receiving a one-time $1.5 million legal settlement — the city notified bondholders that it needs to renegotiate the terms of $26 million in bonds used to construct the telecom network.
Soon after notifying bondholders, the Minnesota city reported first quarter 2012 results that showed a stagnating customer base and a projected annual loss of $2.1 million in 2012.
Read the complete story at www.freedomfoundationmn.com
