TROY — The City Council's Finance Committee passed a resolution Thursday authorizing the city to issue $40 million in bonds for new water pipelines from the Tomhannock Reservoir to the city's water plant.

The project to replace the more than 100-year-old lines would be one of the costliest Troy has undertaken in years. The full council will vote on the resolution on Sept. 6.

"Our water is our most profitable asset in the city of Troy," said Council member Mark McGrath. "There's no doubt, and any reasonable person would tell you, you have to take care of what makes money for you. That said, bonding/borrowing for up to $40 million — that's concerning."

The city is applying for a state Department of Health grant of up to $10 million in hopes of defraying the costs, which would be shared by the city and nine municipalities that rely on the city's water. To apply for the grant, the city has to have financing in place. In a letter to lawmakers, Mayor Patrick Madden's office urged passage of the bond issue in time to meet the Sept. 7 application deadline.

The 36-inch transmission line would run from the reservoir in Pittstown 6.5 miles to the city to replace the aging line in need of replacement. One of the two existing pipes, a 30-inch cast iron pipe, was installed in 1906. The second, a 33-inch steel main, was built in 1914. No work as been done on either since they were cleaned and lined with cement mortar in the 1960s.

The matter has been on the mayor's radar since at least early 2016 when a major water main ruptured, sending 10 million gallons of water pouring onto the pavement and into the basement of homes in Lansingburgh.

For days after, water pressure in Troy and the surrounding communities was weak. That pipe was repaired but at the time city officials also discussed the need to replace the transmission line from the reservoir.

City Council President Carmella Mantello questioned why the city administration had not include the work as part of Troy's five-year infrastructure improvement plan adopted this year.

She asked Superintendent of Public Utilities Chris Wheland for a financial plan that would outline the phases, costs and timelines for the project.

"If we could please just have more communication as this goes forward," she said. "I mean, this is huge."