PINEVILLE, Ky. (AP) - Republican Gov. Matt Bevin wants to downsize a proposed 3,400-mile fiber optic network meant to make high-speed Internet possible throughout the state.
Bevin told the Saving Our Appalachian Region meeting Friday the project is off track. He said he still supports installing the network in eastern Kentucky.
A group of private businesses borrowed $289 million last year to begin constructing the network. Kentucky government officials promised to pay the companies about $28 million a year for Internet service, which the companies would then use to pay off the loan.
But a key piece of how Kentucky planned to pay back the loan has fallen apart. Bevin said Friday he wants to try and renegotiate with Macquarie Capital, the Australian-based investment company that is leading the project.