The delivery of clean drinking water and the treatment of wastewater are critical public services, and in the United States, they are provided by a complex system of federal, state, and local governments. The process of water treatment and delivery requires significant investment in infrastructure both for initial capital requirements as well as the on‐going maintenance and operating costs. The quality of drinking water in the United States is, on average, relatively high, but according to the American Water Works Association, an estimated $1 trillion is necessary to maintain and expand service to meet demands over the next 25 years. The water infrastructure needs in the United States require both immediate attention and long‐term solutions, and the dollar cost is climbing rapidly. It remains unclear, however, where these funds will come from and how they will be allocated. The goal of this paper is to review the portfolio of financing options that exist for public entities responsible for the construction and maintenance of water infrastructure in the United States, including the municipal bond market, state revolving loan funds, federal grant and loan programs, public–private partnerships, and recent financing innovations.

中文翻译：

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美国公共水基础设施融资回顾

清洁饮用水的输送和废水的处理是至关重要的公共服务，在美国，它们由联邦，州和地方政府的复杂系统提供。水处理和输送过程要求在基础设施上进行大量投资，以满足初始资金需求以及持续的维护和运营成本。平均而言，美国的饮用水质量较高，但根据美国水务协会的估计，维持和扩展服务以满足未来25年的需求大约需要1万亿美元。美国对水基础设施的需求既需要立即关注，又需要长期解决方案，而且美元成本正在迅速攀升。但是，目前尚不清楚 这些资金将来自何处以及如何分配。本文的目的是审查负责美国水利基础设施建设和维护的公共实体的融资方案组合，包括市政债券市场，州循环贷款基金，联邦赠款和贷款计划，公共–私人伙伴关系，以及近期的融资创新。