From:††††††††††††††††††††††††††††† Joe Reinert [JReinert@ci.burlington.vt.us]

Sent:†††††††††††††††††††††††††††††† Tuesday, February 16, 2010 5:42 PM

To:†††††††††††††††††††††††††††††††††† Joe Reinert

Subject:††††††††††††††††††††††††† Mayor Kiss's Statement in Response to PSB Decision on Burlington Telecom

 

 

 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

 

February 16, 2010

 

Contact:

 

Joe Reinert

Assistant to the Mayor

865-7275

 

Mayor Kissís Statement in Response to PSB Decision on Burlington Telecom

 

ďIn light of the City of Burlingtonís readiness to make its scheduled interest payment to CitiCapital, I am extremely disappointed with the Public Service Board decision today.  The work of the City and the Blue Ribbon Committee on Burlington Telecom over the last several weeks has been aimed at preserving and strengthening the tremendous asset we have in Burlington Telecom.  This decision jeopardizes these efforts. Allowing BT to make its February payment using pooled cash would have given the City the time it needs to arrive at a more lasting and sustainable solution to addressing the issues it currently faces.  Without the ability to use pooled cash for the February payment, taxpayers and BT operations are placed at a greater risk. 

 

The City is currently discussing this situation with our financial advisors.  Our financial advisors will have further discussions with CitiCapital about potential ways to resolve the situation. While this decision limits the Cityís options, we will consider every alternative to meet BTís immediate needs and move forward to establish a stronger telecom enterprise for the City and BTís 4600 plus customers.Ē

 

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