Greeneville Energy Authority Secures $53 Million Bond for Utility Projects
The Greeneville Energy Authority Board has approved a $53 million bond to fund broadband and infrastructure projects, significantly enhancing local utility services. This initiative aims to extend fiber internet access throughout Greene County, ensuring connectivity for all households and businesses.
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The Greeneville Energy Authority (GEA) has authorized a $53 million bond issuance to finance various projects, primarily targeting broadband expansion. The bond will contribute to the GEA Connect fiber internet network, which currently serves parts of Greene County, with an additional $20 million aimed at filling service gaps.
The project will install approximately 291 miles of cable, enhancing broadband access across the county. Furthermore, $12 million from the bond is designated for rebuilding the Tusculum substation and $6 million for a new warehouse expansion.
The bond resolution will be submitted to the State Comptroller's Office for review, with market issuance planned for July. GEA's financial metrics indicate a healthy debt coverage ratio, suggesting sustainable management of new debt obligations.
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