Members of the Newport City Council meeting Tuesday gave their stamp of approval to the issuance of up to $22.5 million in revenue bond anticipation notes for Newport Utilities.
The bonds will be used to fund a project offering a fiber Internet and TV service to all of the utility’s customers.
Alderman Jeff Fancher said it is important residents understand the anticipation notes are not for additional borrowing.
“This is just the second draw of our bridge loan before we get the USDA Rural Development loan. Our first draw was $13.4 million, and that work must be done, and the money spent before we are able to get the second draw,” Fancher said.
He said the latest offering is part of an aggressive way to grow the city, county and area.
He also lauded partnership President Lucas Graham and City Planner Gary Carver for the work they have been doing to progress the community.
‘There is light at the end of the tunnel,” added Fancher.
Vice Mayor Mike Proffitt also took the opportunity to recognize the Parks and Recreation Department which has kept the town clean and garnered lots of positive comments from visitors.
He also applauded the Newport Utilities employees who are working to replace the water and wastewater piping on East Broadway.
“People don’t realize when it’s real hot, being down in those trenches, what they’ve done and gone through. They are really sacrificing to try to get that done,” Proffitt said.
City Manager James Finchum reported one of the loans for the transfer station on Cope Boulevard has been paid off, leaving just one outstanding loan.
He also reported paving has been completed at the Bryant Town Park up to the pavilion, making it ADA-compliant with a ramp.