Texas Water Development Board closes on a loan for $7,100,000 to the Hidalgo County Irrigation District No. 1 (Hidalgo County) for an agricultural irrigation project
For immediate release. Contact: Sarah Haney at 512-463-5129
AUSTIN – (December 3, 2015) – The Texas Water Development Board (TWDB) today closed on a loan providing financial assistance in the amount of $7,100,000 from the State Water Implementation Fund for Texas (SWIFT) program* to the Hidalgo County Irrigation District No. 1 (Hidalgo County). The assistance will allow the District to finance planning, design and construction costs associated with improvements to an agricultural irrigation conveyance system.
The District could save approximately $916,000 over the life of the loan by using SWIFT.
Drought conditions over the past few years have limited the amount of surface water available for irrigation and municipal use throughout the District’s service area. The District plans to utilize the financing to reinforce canal linings to reduce water loss and improve conservation efforts.
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.