As communities in New York face threats to their water from chemical contamination, like Hoosick Falls and Newburgh, and deteriorated water infrastructure, it is more important than ever that New York makes big financial commitments to protect our water.
This bill creates the “Clean Water Bond Act of 2018,” which allows for five billion dollars in bonding towards replacing outdated water infrastructure, septic system replacement, and mitigating water systems to reduce exposure to emerging contaminants. This bill provides a significant boost to these critical programs which were created in the SFY2017-18 budget’s Clean Water Infrastructure Act of 2017.
The $2 billion Clean Water Infrastructure Act of 2017 is an important shot of funding for water needs in the state; however, needs far exceed funding made available. It has been estimated that over the next 20 years, New York will need to invest approximately $80 billion for drinking water and wastewater infrastructure needs alone. Funding water protections must be a top priority, and this bill creates a bond act that puts New York in the right direction to prioritize water needs.
This bill authorizes the creation of a state debt of five billion dollars to create the “Clean Water Bond Act of 2018” for the issuance of bonds.