Texas Water Development Board's SWIFT transaction named Bond Buyer's Southwest Deal of the Year
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (November 16, 2016) – The Bond Buyer has announced that the Texas Water Development Board's (TWDB) first State Water Implementation Fund Program for Texas (SWIFT)* transaction is the winner of the Southwest Region's Deal of the Year.
As an award winner, the TWDB is now one of eight finalists for the 15th annual Deal of the Year award, which will be announced on December 1. The award recognizes innovative municipal bond transactions.
In fall 2015, the TWDB sold $810 million in revenue bonds to finance the first-ever cycle of the SWIFT program, which is a dedicated funding source for projects in the state water plan. The funded projects included transmission pipelines, canal linings, capacity expansions, seawater desalination planning, leak detection systems, water meter replacements, and reservoirs.
In the video announcement naming the TWDB as the regional winner, the Bond Buyer cited the $106 million in savings to project sponsors, the groundbreaking nature of the program, and the 1.5 million acre-feet of water created through the projects.
* The SWIFT program includes two funds, the State Water Implementation Fund for Texas (SWIFT) and the State Water Implementation Revenue Fund for Texas (SWIRFT). Revenue bonds for the program are issued through 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.