BugTussle asks Waushara County to back $14–16 million bond to match BEAD award

Jesse Lane of BugTussle asked the Waushara County executive committee to join a 2026 bond issuance in the $14–16 million range to provide matching funds for federal/state BEAD infrastructure awards aimed at expanding broadband service in the county.

The request matters because BugTussle said the county’s BEAD award of about $2.2 million for fiber would not cover the densification work needed to bring fiber from main lines into homes; company officials said the bond would supply roughly $10 million of project funds and that the financing is structured to support debt service across participating counties. BugTussle presented maps, subscriber projections and a 10-year financial model they described as conservative.

BugTussle representatives led the presentation. Jesse Lane summarized the firm’s statewide footprint and benefits to counties, noting Waushara County currently has 20 fixed wireless sites and about 181 live fiber miles. Avery (company network lead) and finance staff said BugTussle’s statewide BEAD awards total roughly $84 million; the company reported Waushara’s BEAD allocation as about $2.2 million for fiber, plus smaller fixed-wireless funding. Mark (finance lead) and banker Chris Melvin said detailed cash-flow modeling supports the financing plan and emphasized conservative assumptions for debt coverage.

Supervisors pressed the company on several points. One supervisor said competing providers are aggressively building fiber in some areas and asked how BugTussle accounts for competition; company speakers said they map competitors’ build plans, expect some overlap, and plan to differentiate on in-ground fiber (not aerial) and a lower, nonpromotional price point. BugTussle told the committee it aims for a roughly 40% take rate to support bond debt service and said that figure is achievable statewide with continued marketing.

County officials also asked about current local subscription numbers and timing. BugTussle said Waushara has about 3,489 passings (locations passed by their network) and roughly 354 current subscribers, which the company acknowledged is about a 10% take rate to date. Company staff attributed slower early adoption to pandemic-era construction delays and cost overruns, and they pledged a statewide Q3–Q4 marketing push and more local engagement to increase awareness and sign-ups.

On risk and liability, county members asked who would bear costs if revenue projections fall short. BugTussle’s financial adviser said bond documents can be structured to limit county exposure and that their models aim to minimize the likelihood of a shortfall; he also warned that any county participation carries contingent obligations and urged follow-up meetings with county finance staff to review covenants, pledge structures and contingency plans.

BugTussle asked the committee to consider participating in the bond and to advise whether Waushara might serve as an issuer (the presenting team said an issuer county could receive a payment that might be on the order of $500,000 annually in the scenario they described). Company representatives said they are targeting an end-of-October timeline to complete financing to align with BEAD requirements and offered to provide the county with the full slide deck, project maps and deeper finance sessions.

The committee did not take a vote on the bond request at the meeting; supervisors asked for more detailed materials, for one-on-one finance meetings with county staff, and for the company to share its full presentation and timelines. Several supervisors said they would also contact competing providers to verify independent build plans.

BugTussle offered to return for a focused financial session and to provide a detailed build schedule showing where drops (home connections) would be installed and expected timing. The committee set no immediate deadline but acknowledged the company’s stated BEAD timing pressures.

Next steps: BugTussle will provide the presentation and project maps to county staff and is available for follow-up finance briefings; supervisors will review the materials, seek additional information about competitor activity, and consider the county’s appetite for a bonding commitment before any formal resolution is introduced.