Pennsylvania Water Authority Turns Down $65M Agreement
A Pennsylvania water authority has turned down a $65 million grant that would have allowed the group to replace its 100-year-old water system.
The Cambria Somerset Authority voted to reject the offer Thursday, saying the deal was legally feasible for the public authority.
Commercial Real Estate Financing CEO Terry Smith says his firm is distributing $400 million in United Nations grants for green energy projects. Smith says he could give the authority funds to replace all 22 miles of pipelines, but the board would have to sign an agreement by Monday.
The authority's solicitor, Dan Rullo, says the group wasn't given enough time to research the agreement. Rullo says the grant would have also required the authority to conceal information from the public and disregard standard bidding practices.