Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Finance committee backs $26.2 million Providence Water financing for lead service replacements
Summary
The Providence Finance Committee voted to recommend city council approval of an ordinance authorizing up to $26.2 million in financing to support an accelerated program to replace lead water service lines, using a federal/state funding tranche that includes favorable loan terms and principal forgiveness.
The Providence Finance Committee voted to recommend that the full City Council approve an ordinance authorizing up to $26,200,000 in financing to support Providence Water's accelerated replacement of lead service lines.
The ordinance, read into the record by the clerk, would allow the utility to issue water revenue bonds to cover public and private side lead service line replacement and related project costs. Providence Water representatives told the committee they are seeking authorization for a third tranche of funding and said the likely funding package includes 20-year financing with a 0% interest component and…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
