The mayor of Vermont’s largest city says he thinks its municipal phone, Internet and cable TV service will get past its current troubles and be a key asset to the city in the future.
Burlington Mayor Bob Kiss’ comments followed revelations that Burlington Telecom’s main source of financing – an arm of Citibank – was terminating its lease for nonpayment and demanding the return of equipment worth millions of dollars.
BT also owes $17 million to a city pooled cash account – money that it was barred from using by state law but did so anyway.
Both state and federal authorities have begun criminal investigations.