PROVIDENCE – The Rhode Island Infrastructure Bank recently announced $30 million in low-interest financing to four municipalities for drinking-water projects, according to a news release.
The loans, provided through the bank’s Drinking Water State Revolving Fund, are estimated to save the borrowers a combined $10.9 million in debt service compared with what they would have owed through standard bank or bond market loans.
Recipients and loan amounts are:
- $19.1 million to Providence Water Supply Board to retrofit old water main pipes and clean and line additional system pipes as part of ongoing modernization efforts.
- $4.1 million to the city of Newport to upgrade water mains on Annandale Road, Narragansett Avenue, Thames Street, Spring Street and Roseneath Avenue.
- $4 million to the town of Cumberland and the Cumberland Water Department to rehabilitate and replace water mains.
- $2.7 million to the Smithfield Water Supply Board to rehabilitate and recoat three water storage tanks.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.