Two top Burlington officials say the city is planning to notify a Burlington Telecom lender that the city won’t be making a $380,000 interest payment on its loan.
But City Council President Bill Keogh says that doesn’t necessarily mean the city will be held in default on the loan.
Keogh and city attorney Ken Shatz says the city and lender Citi Leasing are still negotiating, trying to work out a deal.
On Tuesday the Vermont Public Service Board refused to allow the city to use public funds to make the interest payment.
WCAX-TV quotes Mayor Bob Kiss and Keogh as saying they’re disappointed with the board decision they are committed to working through the issues.