PROVIDENCE, R.I. (AP) - The mayor of Providence says he is pulling the plug on a plan to monetize the city’s water system.
Democratic Mayor Jorge Elorza had previously touted the legislation as a way to stabilize the city’s pension system. In an about-face Thursday, Elorza said the city is no longer trying to sell or lease its water supply.
The bill would have given the local water systems the authority to enter into transactions with other municipal water supply systems to coordinate operations. The Providence water supply system serves about 60 percent of Rhode Island.
Elorza says he will create a commission to look at solutions for solving the city’s pension crisis, but stresses he will not consider taking Providence into bankruptcy.
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