Newark Moves to Arrest Water Crisis by Borrowing for New Pipes
- $120 million in financing will come from county authority
- Move will cut years off timeframe for replacing water pipes
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Newark, New Jersey, seeking to address widespread concern about tainted drinking water, will raise $120 million to ensure that all of its 282,000 residents have lead-free pipes within the next 30 months.
The work will be financed with a debt issued through the Essex County Improvement Authority, which will drive down the cost to the city, Essex County Executive Joseph DiVincenzo said at a press conference in Newark Monday.