Texas Water Development Board closes on a loan for $13 million to the City of Fort Worth (Tarrant, Denton, Johnson, Parker, and Wise counties) for an advanced metering infrastructure system
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (December 8, 2015) – The Texas Water Development Board (TWDB) today closed on a loan providing financial assistance in the amount of $13 million from the State Water Implementation Fund for Texas (SWIFT) program* to the City of Fort Worth (serving portions of Tarrant, Denton, Johnson, Parker, and Wise counties). The loan is the first closing of a multi-year financing commitment totaling $76 million. The assistance will allow the City to finance the planning and construction costs associated with an advanced metering infrastructure system.
By using SWIFT, the City could save approximately $820,000 over the life of the loan disbursed today.
The City will use the loan to begin implementing a full-scale advanced metering infrastructure project. The project will include an automated leak detection system and enhance the City’s water conservation efforts. The City estimates that the project will save approximately 9,450 acre-feet of water per year once completed.
On December 1, 2015, the application period for the 2016 funding cycle of the SWIFT program opened. 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.