The Bond

Municipalities frequently use a bond to borrow money for funding major projects such as new schools or bridges. This loan spreads out the tax impact on residents over many years. The recently passed NH Senate Bill 170 allows towns to borrow money to fund public-private partnerships for improving access to broadband.

Under the plan, Westmoreland would borrow $1.219 million to fund the construction of a 100% fiber optic network that can connect every home and business in town to super high-speed internet. This would be a 20-year bond, and the network will be built by Consolidate Communications, Inc. (CCI).

The bond will have no tax impact on Westmoreland residents because CCI has guaranteed payment of the bond by charging a monthly fee (not to exceed $11) to its subscribers*. Therefore, only those who choose to use the service will be paying for it. The subscriber fees plus any potential shortage during ramp up will be paid to the Town annually by CCI. The Town will then make the bond payment.

Bond items must be the first articles up for discussion at Town Meeting. To pass a bond, two-thirds of voters present must approve the article by paper ballot.

*NOTE: The not to exceed $11/month subscriber fee is added to your monthly service bill. The $11 fee is solely to help repay the bond and DOES NOT INCLUDE INTERNET SERVICE. See FAQ for an example.