PROVIDENCE, R.I. (AP) — The mayor of Providence says he will again ask state legislators to allow the city to monetize its water supply to fund the pension system.
Rhode Island Town Seeks to Monetize City Water for Pension Solution
11/1/2017
Democratic Mayor Jorge Elorza says he believes the sale or lease of the city water system could generate over $300 million for the city. Elorza tells WPRI-TV that all of the funds raised could be deposited into the city’s pension fund.
According to a projection by the city actuary, Providence has just 25 percent of the money needed to cover future pension payments to retirees.
Earlier this year, Elorza asked the state General Assembly to create a regional water authority that could lease water systems. Lawmakers took no action on the proposal after Democratic House Speaker Nicholas Mattiello announced his opposition to the proposal.
Related News
From Archive
Sign up to Receive Our Newsletter
- Glenfarne Alaska LNG targets late-2026 construction start for 807-mile pipeline project
- U.S. water reuse boom to fuel $47 billion in infrastructure spending through 2035
- $2.3 billion approved to construct 236-mile Texas-to-Gulf gas pipeline
- Major water pipe break in Puerto Rico hits over 165,000 customers
- Potomac River Tunnel project enters construction phase beneath Washington, D.C.
- Pennsylvania American Water launches interactive map to identify, replace lead water service lines
- Trump's tariffs drive $33 million cost increase for Cincinnati sewer project
- Utah city launches historic $70 million tunnel project using box jacking under active rail line
- Tulsa residents warned after sewer lines damaged by boring work
- Fatal trench collapse halts sewer construction in Massachusetts; two workers hospitalized
Comments