The District of Columbia will use a large loan from the federal government to replace some of the century-old water mains carrying drinking water throughout the city, Mayor Muriel E. Bowser (D) and Environmental Protection Agency Administrator Michael Regan announced Thursday.
The $156 million loan comes at a lower interest rate than D.C. Water’s ordinary cost of borrowing to finance water main repairs, and will save the utility about $30 million in interest, D.C. Water chief executive David Gadis said.
The utility can pass on some savings to customers and use some to complete further repairs on a faster schedule than originally planned.
Click here to read the rest of the article written by Julie Zauzmer over at The Washington Post
