TWDB to consider approving $3.9B for State Water Implementation Fund for Texas
The Texas Water Development Board will hold a board meeting at the Stephen F. Austin Building in the city of Austin, Texas, to approve the inaugural round of funding from the State Water Implementation Fund for Texas.
AUSTIN, TEXAS, July 21, 2015 -- On Thursday, July 23, the Texas Water Development Board (TWDB) will hold a board meeting at the Stephen F. Austin Building in the city of Austin, Texas, to approve the inaugural round of funding from the State Water Implementation Fund for Texas (SWIFT).
The Board will consider approving the requests of 21 applicants for approximately $1 billion in projects in the first year and approximately $3.9 billion total over the next decade. SWIFT offers applicants flexible financing options including Board participation, low-interest loans and deferred loans for projects in the state water plan. Applicants are also able to apply for multi-year commitments given the length of time water projects can take to design, build and implement.
The applicants are requesting funding for 32 projects identified in the state water plan. The types of projects being considered include transmission pipelines, leak detection systems, canal linings, capacity expansions, seawater desalination, water meter replacements, and reservoirs. Conservation, agricultural and rural projects will be among those considered for approval.
SWIFT was established by the Texas Legislature and voters in 2013 to fund projects in the state water plan. Further, it was created through the transfer of a one-time, $2-billion appropriation from the state's Rainy Day Fund. The $2 billion will be leveraged with revenue bonds over the next 50 years to finance approximately $27 billion in water supply projects.
The TWDB approved rules for prioritizing projects applying for SWIFT in November 2014. Interested entities were then invited to submit an abridged application to the Board in February 2015. The abridged applications were prioritized, and eligible applicants were invited to submit a full, detailed application by June 5, 2015. The TWDB anticipates closing loans for projects approved for SWIFT financing in fall 2015.