Texas Water Development Board closes on a loan for $50 million to the El Paso Water Utilities Public Service Board (El Paso County) for a land acquisition project
For immediate release. Contact: Sarah Haney at 512-463-5129
AUSTIN – (December 2, 2015) – The Texas Water Development Board (TWDB) today closed on a loan providing financial assistance in the amount of $50 million from the State Water Implementation Fund for Texas (SWIFT) program* to the El Paso Water Utilities Public Service Board (El Paso County). The El Paso water utility will finance land and water rights acquisitions with the assistance provided today.
The El Paso utility could save approximately $5.3 million over the life of the loan by using SWIFT.
The El Paso utility plans to secure land and groundwater resources in the Bone Spring-Victorio Peak Aquifer with today’s financial assistance. The project will provide a supplementary water source for the growing community.
On December 1, 2015, the application period for the 2016 funding cycle of the SWIFT program will open. Entities 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.