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Considering Local Banks for Funding Your Broadband Network? Why Not!?

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[Due tech difficuties, there is a 5-min audio blackout. You can fast-foward when this happens.]

Sometimes the obvious solution to a broadband challenge is right there in front of a community. Like money. Waverly, IA realized that not just one but THREE local banks held the key to the city's fundraising success. While some communities are stressing out over funding sources, financial institutions could be the linchpin that get many public networks off the ground.

Who better than local banks and credit unions are served by the economic impact of broadband? New employers moving in, existing companies hiring, increasing property values, people staying in town - when economies thrive, banks prosper. Darrel Wenzel, General Manager of Waverly Utilities, explains how their financial institutions came to be partners in the city's broadband development. He also gives tips to communities that see this strategy potentially playing out well for their constituents.

Iowa is a hub of excitement these days, with Waverly being the third gigabit city in the state to move forward. The city is hot on the trail of high-speed Internet, cable and phone services for both residents and businesses. Waverly Utilities and city officials are pleased that general taxpayers and ratepayers are not at risk as revenue bonds have been secured and will be paid back by broadband subscribers.

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