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Utopia to tell its member cities: Get ready to pay 7 years ago – Those making pledges in 2002 did not expect they’d have to kick in.

Despite promises by its early promoters that it would never happen, the Utopia fiber-optic communications system is preparing to call upon its 11 member cities to pony up millions in taxpayer funds to help pay the network’s debts.

Todd Marriott, Utopia’s chief executive, said the network likely will need its member cities to begin contributing so the system can make its bond payments by late this year or early next.

"All the cities know it is coming," Marriott said. "We hired the best financial minds that money could buy, but unfortunately, things didn’t turn out the way the experts thought they would."

By Steven Oberbeck

The Salt Lake Tribune

Full Story: http://www.sltrib.com/business/ci_12623847?source=email

(Thanks to Geoff Badenoch for passing this along. Russ)

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