The state will also set aside $10 million to cover unexpected costs, bringing the total to $97 million. As a result, lead leached from old pipes and fixtures.
Flint Mayor Karen Weaver welcomed the settlement.
Flint's drinking water became contaminated with lead in April 2014, when a state-appointed emergency manager, as a short-term cost-cutting measure, switched the city's drinking water supply from Lake Huron water treated in Detroit to Flint River water treated at the Flint Water Treatment Plant.
Flint is getting the money it wants to replace pipes that contributed to the city's water crisis, but it's not enough to persuade Vicky Jones to stay. In what was meant to be a temporary move, they began getting water from the Flint River.
A proposed settlement filed Monday will require the state to fund Flint's efforts to replace the lead and galvanized water service lines by 2020.
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Barclays and Standard Chartered also missed some thresholds in last year's exercise. This "cyclical" test will incorporate an increase in interest rates.
Lawson said the settlement was "fair, adequate, reasonable, consistent with the public interest".
There is a class action lawsuit going for the pain and suffering for residents in Flint.
"The pipes are corroded inside", said Ron Blackmer, 55, who watched holes being drilled outside his home.
The researchers from Virginia Tech said they found no detectable levels of lead in 57 percent of homes during the latest round of tests in the city. However, the agreement codifies the State's commitment to put things right. Federal Judge David Lawson singled out Governor Snyder for his willingness to settle. Even now, many residents do not trust what flows from their taps, even as experts have reported that the water quality continues to get better. There will be no cost for replacement cartridges or household testing kits. While we are very appreciative of the funds appropriated by Congress we knew it still wasn't enough to replace all of the lead-tainted service lines in Flint, a process that is already underway through my FAST Start program.
-The agreement calls for extensive water monitoring following the line replacements to ensure the water is safe to drink, including the use of a third-party independent monitor.
The state will pay $895,000 in legal fees and expenses to lawyers representing residents.
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