Roanoke County supervisors formally approved plans Tuesday to fund expansion of a government-subsidized broadband network by agreeing to pay off $3.4 million in bonds over 10 years.
While the vote was mostly a formality as county representatives already have agreed to fund the expansion, Supervisor Al Bedrosian used the meeting as another chance to criticize the broadband network already in use in Roanoke and Salem.
In a 4-1 vote, supervisors agreed to repay bonds issued by the Virginia Resources Authority for the design, engineering and construction of the 25-mile expansion of the Roanoke Valley Broadband Authority’s fiber network into Roanoke County. Project costs come in at about $3 million with debt issuance adding $400,000 to the expansion.
Roanoke County’s debt ratios will not change because the bonds are issued to the broadband authority and not the county, said Rebecca Owens, county director of finance. Owens has previously said the county has strong bond ratings among several credit-rating agencies. Those agencies evaluate county debt, finances, economic development and more.
