FiberNet Bond Default

FiberNet’s continuing on its present course represents poor governance and is a waste of taxpayer’s dollars. Change is needed. The city should take two more years to work on the operational and associated issues surrounding FiberNet, then make a decision to fish or cut what’s become an ever-dangling broadband bait.

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The city of Monticello will use a general obligation bond to pay a $5.75 million settlement with FiberNet bondholders who filed a class action suit against the city. A final settlement hearing in the FiberNet bondholder lawsuit saga was held Friday, Sept. 12, in U.S. District Court in Minneapolis.

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