CHESTERFIELD — In honor of its work to fund the town’s broadband project, Chesterfield has been awarded the Excellence in Finance Award by the Council of Development Finance Agencies.

Chesterfield teamed with Consolidated Communications to install a fiber-based data network in the town to deliver fiber-optic Internet services for every resident and business, according to a news release.

Broadband is an umbrella term typically used for Internet service faster than dial-up and is often described in terms of download and upload speeds. These speeds measure the amount of data transmitted per second, typically reported in kilobits, megabits and gigabits.

Approximately 40 percent of the cost was financed by bonding, and Consolidated Communications has guaranteed the payment of interest and principal of the bond for the duration of the bond, the release states.

The release added the funds for the payment of interest and principal will be collected by a maximum $10 per month subscriber fee, leading to no cost to taxpayers.

“This year’s recipients are model examples of what is currently taking place in the development finance industry,” said Toby Rittner, CDFA president and CEO, in the release.

Recipients of the award will be honored in Tampa, Fla., at CDFA’s National Summit, to be held Wednesday through Friday.

Olivia Belanger can be reached at 352-1234, extension 1439, or Follow her on Twitter