State loans Chicago $15 million to replace crumbing water system (Chicago Sun Times)


January 16, 2013 – Mayor Rahm Emanuel has already doubled water and sewer rates over four years to replace Chicago’s crumbling water mains, 900 miles of them a century-old. Now, he’ll be able to do that work even faster and more cheaply, thanks to a $15 million, low-interest loan from Gov. Pat Quinn’s $1 billion Clean Water Initiative. The city has tax-exempt bonding authority, but interest rates on the state loan are 1 percent lower, according to Water Management Commissioner Tom Powers.

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