Bevin says funding issue resolved for broadband network

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FRANKFORT, Ky. (AP) – Republican Gov. Matt Bevin says the state has resolved a funding issue for a project to build a statewide broadband network despite not having all the details worked out.

A group of private companies has borrowed $289 million to build the network. Kentucky officials had promised to pay the companies about $28 million a year for internet service, including $13 million from the state’s public school districts. But state officials soon found they could not use the money from public school districts, creating a $13 million gap.

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Finance Secretary William Landrum said the state has signed several agreements with private telecom companies that will save the state more than $10 million in construction costs. He also said the state plans to sell excess capacity from the network to private companies.

 

Copyright 2016 The Associated Press.