Abstract
Introduction
Whatever the state of the economy, Americans still need water. With a
prolonged drought gripping California, and other parts of the country
experiencing severe scarcity for the first time, investment in water is
becoming a priority across the country. At the same time rising environmental
concerns and tough action from the Environmental Protection Agency are
ensuring that the expenditure on wastewater services cannot be avoided.
All this comes at a time when America' s municipal finances are being squeezed
by falling rate bases and difficulties in the municipal bond market. It
creates an opportunity for innovation.
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