Texas Water Development Board Approves More Than $1B in SWIFT Financial Assistance
AUSTIN, TX The Texas Water Development Board (TWDB) approved $1,052,915,000 in financial assistance from the State Water Implementation Fund for Texas (SWIFT) program.* The SWIFT financing will be distributed to 10 project sponsors across the state.
"Texas communities understand the importance of proactively addressing their long-term water demands," said TWDB Chairman Bech Bruun. "The quality and diversity of applicants in the third cycle of SWIFT testifies to the success of the program."
The projects, all recommended in the 2017 State Water Plan, include water line replacements, well fields, seawater desalination, capacity expansions, and reservoir planning. More than $13 million was approved for conservation and rural projects.
"Combined with the previous two cycles of SWIFT, we have now approved more than $450 million in conservation and reuse projects," said TWDB Board member Kathleen Jackson. "We've also been able to dedicate more than $28 million to agricultural and rural projects."
SWIFT was established by the Texas Legislature and voters in 2013 to fund projects in the state water plan. SWIFT 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 SWIFT program's low-cost loans incentivize communities around the state to participate in creating the State Water Plan and encourage stakeholders to expeditiously develop the water infrastructure our state needs," said TWDB Board member Peter Lake. "Committing $5.6 billion in the first three years of SWIFT is a tremendous start, and the Board will continue to actively manage the program to ensure it fulfills its long-term goal of providing water for all Texans."
Projects selected for 2017 SWIFT financial assistance are the following:
"¢ $1,350,000 to the City of Azle (Parker and Tarrant counties) for water system improvements
"¢ $1,390,000 to the City of Springtown (Parker and Wise counties) for a water supply project
"¢ $16,995,000 to the Brushy Creek Regional Utility Authority, Inc. (Williamson and Travis counties) for a water supply project
"¢ $2,750,000 to the City of Corpus Christi (Nueces County) for a seawater desalination project
"¢ $12 million to the City of Justin (Denton County) for water system improvements
"¢ $677,120,000 to the North Texas Municipal Water District (Collin, Dallas, Denton, Ellis, Fannin, Hunt, Kaufman, Rains, and Rockwall counties) for a water supply project
"¢ $213,410,000 to the Hays Caldwell Public Utility Agency for a water supply project
In addition, $127,900,000 in commitments were made to three of the project sponsors for an existing large Houston area water supply project. Those sponsors are Central Harris County Regional Water Authority, North Harris County Regional Water Authority, and West Harris County Regional Water Authority.
The TWDB anticipates closing loans for projects approved for SWIFT financing in fall 2017.