Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure topic
No spam. Unsubscribe anytime.
Committee approves resolution authorizing up to $20 million in water revenue bonds for main replacements
Summary
The finance committee approved a resolution authorizing Providence Water to issue water revenue bonds and notes not to exceed $20 million to finance two water-main replacement projects, including one roughly 11.38 miles in scope and another 5.3-mile project in South Providence.
The Providence City Committee on Finance voted Jan. 23 to approve a resolution authorizing Providence Water (the city’s water enterprise) to finance up to $20 million in water revenue bonds for two major water-main replacement projects.
A city representative described two principal projects: an approximately 11.38-mile replacement using cement-lined pipe at an estimated cost of about $16.2 million, and a second roughly 5.3-mile replacement of aging cast-iron lines in South Providence estimated near $4.2 million. The speaker said the authority expects to use infrastructure financing (the transcript references an infrastructure bank) to obtain favorable terms for the work.
Councilors asked whether the total of recent borrowing requests would affect Providence Water’s ability to access infrastructure-bank financing; Providence staff said they were evaluating financing capacity and that previous infrastructure-bank requests had been brought to the committee in earlier meetings.
Councilor Taylor moved the resolution and Councilor Sanchez seconded. The committee recorded the vote in favor and the resolution will proceed as an authorization for Providence Water to seek issuance and financing under the terms discussed.
Committee members said they wanted continued updates on the financing plan and the timing of work as designs and procurement advance.
