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Essex County Improvement Authority

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Agency Approves $120M In Borrowing To Replace Newark Water Lines Agency Approves $120M In Borrowing To Replace Newark Water Lines
Agency Approves $120M In Borrowing To Replace Newark Water Lines A plan to replace all lead service lines delivering water to 18,000 Newark homes cleared another hurdle Wednesday, when a state financial oversight agency approved a plan to issue $120 million in bonds to finance the project.  “The permanent solution is to replace our lead service lines and expedite this process,” Mayor Ras Baraka said. “The Local Finance Board’s adoption of the bond provides us with the financial backing to do so, and significantly increase the pace of our work."  A county agency, the Essex County Improvement Authority, would issue the bonds to pay for the projec…

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by Paul Milo
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Newark Plans To Replace Thousands Of Water Lines In Response To Lead Crisis Newark Plans To Replace Thousands Of Water Lines In Response To Lead Crisis
Newark Plans To Replace Thousands Of Water Lines In Response To Lead Crisis The Essex County Improvement Authority is expected to issue $120 million in bonds to replace lead water lines serving most of the homes in Newark, sending an existing replacement program into overdrive in response to the city's ongoing water-quality crisis, officials said Monday in Newark.  "We are going to do this as swiftly as possible," Mayor Ras Baraka said at a press conference alongside Essex County Executive Joseph DiVincenzo and Gov. Phil Murphy.  The deal is subject to approval by the Essex County Board of Chosen Freeholders, the ECIA and Newark's city council, all of whi…

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by Paul Milo