Transcript for Newark, N.J., announces pipe replacement plan
Officials in New York announcing a major step forward in the effort to solve the water crisis there the city. Will receive a 120 million dollar bond from Essex County to speed up the replacement of those pipes which are leaking lead in to drinking water. Eyewitness News reporter Della mauled miles is live in Newark with more. The Essex County improvement authority. Will land the city of nor a 120. Me. That this city can use only for their pipes every place that program. 24 to 36 months as the new time. Please let water line in 181000 Newark properties instead of ten years thanks to a loan from Essex County. We will use of these contracts and expanded. We going to bring more whose hits. Essex County will borrowed a 120 million dollars to loan the city. But because it has a triple A bond rating the interest rate will be significantly lower savings. Fifteen twenty million dollars of interest during the life of the big. This new money we're anticipating that no one would have to pay. Eighty thing to get their lead service lines actually replace. And this means the 700 plus loans that have already hacked airlines replaced or no longer be assessed the required 1000 dollar fee. Topical loan from the county you can update today helping out sooner. The State's own partnership in helping to finance this project. Through twelve point two million dollars of support for the first year.
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