Texas Water Development Board closes on loans for $17,100,000 to the Palo Pinto County Municipal Water District No. 1 (Erath, Hood, Palo Pinto, and Parker counties) for a reservoir project

For immediate release.  Contact: Kimberly Leggett at 512-463-5129

AUSTIN – (November 19, 2015) –┬áThe Texas Water Development Board (TWDB) today closed on loans providing financial assistance in the amount of $17,100,000 from the State Water Implementation Fund for Texas (SWIFT) program* to the Palo Pinto County Municipal Water District No. 1 (Erath, Hood, Palo Pinto, and Parker counties). The assistance will allow the District to finance the acquisition and design phases of the Turkey Peak Reservoir.

The District could save more than $2.4 million over the life of the loans by using the SWIFT program.

The District plans to complete the acquisition of approximately 1,300 acres of land and design a new dam structure approximately 4 miles downstream from the current Lake Palo Pinto Dam. Combined with Lake Palo Pinto, the Turkey Peak reservoir project will provide the District with additional water supplies to meet the fast-growing water demands of the region.

On December 1, 2015, the application period for the 2016 funding cycle of the SWIFT program will open. Entities will have until February 5, 2016, to submit a preliminary, two-page application. Applications may be submitted via TWDB’s new online application or by paper-copy. 

*The SWIFT program includes two funds, the State Water Implementation Revenue Fund for Texas (SWIRFT) and the State Water Implementation Fund for Texas (SWIFT). Revenue bonds for the program are issued through the SWIRFT.

The TWDB is the state agency charged with collecting and disseminating water-related data, assisting with regional planning and preparing the state water plan for the development of the state’s water resources. The TWDB administers cost-effective financial assistance programs for the construction of water supply, wastewater treatment, flood control, and agricultural water conservation projects.

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