MONMOUTH/INDEPENDENCE — The Monmouth-Independence Network is looking at ways, which may include a line of credit, to speed up the replacement of its older technology.
Monmouth City Manger Scott McClure gave an update on Minet at the March 5 Monmouth city council meeting.
He said there were “kind of routine numbers as far as finances goes, customers, everything’s pretty stable there.”
He said the Minet board went into executive session at their last meeting to discuss a legal case.
“As you recall a while back, one of our lines was cut and we’re still working through the process with the contractor that did that,” he said. “They’re being less than generous with what they’re offering Minet for the damages.”
Regarding the XGPON conversion, Minet is “looking at the option of potentially getting a line of credit. It looks like they actually do have a pathway for that. So once we get that really figured out, really what the best options are, we’ll come back, probably at your next council meeting and walk through what way you want to go on that.”
Minet customers experienced outages in December because a portion of their BPON equipment, an older technology, failed.
Since then, the company has been converting to a newer XGPON technology.
Since then, the company released a statement saying, “The Board of Directors had authorized a plan for upgrades, but it proved to be less aggressive than needed. A significant portion of the BPON equipment failed.”
Looking forward, according the document, Minet will “be reaching for ways to speed up the conversion to XGPON to ensure system integrity.”
In November, McClure reported to the Monmouth city council that Minet “was exceeding all their targets. More revenue. Less expense.”
“That’s the core operation that is improving and getting better and better financially,” McClure said in November. “That’s not even adding all these new things with the new partnership.”
At the December Minet board meeting, McClure moved to pay bonuses to Minet staff, which totaled $68,530, according to Minet Board President Mike Lodge.
McClure, Jon Carey, David Ritchey and Lodge voted in favor. Bob Mason and Michael Hicks voted against.
Hicks is an Independence city councilor and at their Jan. 22 meeting, he said, a board member brought up “the idea of bonuses for Minet employees, related to the Dallas project.”
According to Minet meeting minutes and Lodge, management received 10 percent bonuses, for a total of $24,450; support staff received 7.5 percent, $7,810; and remaining staff received 5 percent, $35,269.