Since we literally can’t live without water, there’s a rising tide of interest in what the new $1.2 trillion infrastructure package will do for water. Allocations have been included for both clean drinking water and infrastructure improvements to make our water supplies more resilient—and experts say the time to get this work going is: now!
Investing In Water
Obviously, confronting the gaping holes in virtually every aspect of our infrastructure is a big lift—and requires digging deep too. As Forbes reports, the infrastructure package contains these two primary buckets of investments for our water system:
Clean drinking water: Following high-profile water-supply crises plaguing cities like Flint, Michigan, the legislation includes a provision for $55 billion to replace all the nation’s lead pipes and service lines, representing the largest investment in clean drinking water ever.
Great rivers and lakes: Among the bill’s $48 billion for water infrastructure improvements, about $1 billion is slated to go toward the Great Lakes Restoration Initiative, a sweeping clean-up measure targeting toxic hot spots—or areas of heavy industrial pollution—around the Great Lakes region.
In anticipation of waves of new public contracts anticipated to flow from the infrastructure package, construction companies are preparing ahead by qualifying for The Partnership Account® from Colonial Surety. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- Use of a private Owner’s Dashboard® to view surety lines and adjust work on hand.
According to Pacific Institute, equitable investment in clean water and water infrastructure is vital, as the United States confronts “severe and worsening” water problems, including:
- old and deteriorating water infrastructure for safe drinking water and wastewater treatment;
- new contaminants that are neither regulated nor controlled;
- failure to provide modern water services to millions of people;
- growing impacts from severe droughts and floods
- water shortages for farms and rural communities
- destruction of aquatic ecosystems, fisheries, and wetlands
While federal funding for water has always been important, the new infrastructure package has a critical role in investing in water resiliency. Pacific Institute explains: Federal infrastructure investments have historically supported the construction of major water-related infrastructure projects, such as dams, aqueducts, irrigation systems, and river and port transportation systems. The current bill is no exception. A major difference, however, is that the new investments refocus funds to modern, 21st-century priorities that increasingly involve a longer-term water resilience view. For instance, the bill includes investments in some nature-based solutions, including ecosystem restoration, as well as water efficiency, water reuse, flood and drought programs, dam safety, and rural communities. In this way, we see a shift away from the 20th-century primary focus on building major dams and water diversions toward a more comprehensive and integrated approach.
Go With The Flow?
Bid bonds, performance bonds and payment bonds have long served to advance and safeguard public building projects across the country. That doesn’t mean obtaining bonds has to be slow, though: Colonial Surety’s sped it up! We underwrite construction companies based on the power of their financial statements, giving qualified builders power of attorney to issue their own bid bonds, and more. Let’s think big—and act fast—together. Complete the pre-qualification for your written surety-line of credit and The Partnership Account® services today—and receive, for free, Dun & Bradstreet scores. Pre-Qualify and Get Free Scores Here.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.