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Lenoir City Council authorizes supplemental revenue bonds to cover LCUB fiber costs amid concerns over overruns
Summary
The council approved two supplemental resolutions authorizing revenue bond sales to support the LCUB fiber-optic project and pay outstanding invoices, while some members voiced concern about cost overruns and lower-than-expected subscriber uptake. Staff said remaining invoices total roughly $26–27 million.
The Lenoir City Council on March 23 approved supplemental resolutions authorizing additional electrical system revenue bond sales to provide final funding for the LCUB fiber-optic project and to pay outstanding invoices.
Leon Shields, identified in the meeting as the LCUB general manager, told council members the measures were the "last step for the original funds approved in 2022" and said roughly "$26 to $27,000,000 will be owed out of the funds" remaining to be paid. Shields said the actions would primarily pay invoices owed to contractors and help close out warehouse and installation costs tied to the project.
Council members…
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