Storm drainage project certified to receive $53 million loan

The Board of Directors of the Border Environment Cooperation Commission and the North American Development Bank (NADB) has approved the certification of a storm water project in El Paso, Texas, along with a US$53 million loan.

Oct 1st, 2009

The Board of Directors of the Border Environment Cooperation Commission and the North American Development Bank (NADB) has approved the certification of a storm water project in El Paso, Texas, along with a US$53 million loan.

The 20-year loan will be made in the form of a bond issue through the Build America Bond program authorized under the American Recovery and Reinvestment Act of 2009. Under this program the federal government will reimburse the city for 35% of the interest payments on the loan.

The City of El Paso, through the El Paso Water Utilities Board, is in charge of the operation and maintenance of the storm water system and will carry out the first phase of a comprehensive capital investment program, which entails improving and expanding storm water services in the Central, East, Mission Valley, Northeast, and Northwest watersheds of El Paso. This phase is expected to be completed within a period of no more than three years.

In addition to reducing the community's risk of flooding, system improvements will help recharge the Hueco Bolson Aquifer, one of the main sources of drinking water for the El Paso-Ciudad Juarez region, which has been rapidly depleted in recent years.

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