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This paper presents a model predictive control strategy to assure reliability in drinking water networks given a customer service level and a forecasting demand. The underlying idea concerns a two-layer hierarchical control structure. The upper layer performs a local steady-state optimization to set up an inventory replenishment policy based on dynamic safety stocks for each tank in the network. At the same stage, actuators health is revised to set up their next maximum allowable degradation in order to efficiently distribute overall control effort and guarantee system availability. In the lower layer, a model predictive control algorithm is implemented to compute optimal control set-points to minimize a multi-objective cost function. Simulation results in the Barcelona drinking water network have shown the effectiveness of the dynamic safety stocks allocation and the actuators health monitoring to assure service reliability and optimizing network operational costs.