2017 SWIFT program savings of $198 million announced
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (September 28, 2017) – The Texas Water Development Board (TWDB) today announced the projected savings for Texas communities participating in the 2017 funding cycle of the State Water Implementation Fund for Texas (SWIFT) program.*
This week the TWDB sold bonds to provide approximately $1.2 billion in state water plan project funding. The TWDB estimates the 23 project sponsors will save an estimated $198 million by using the SWIFT program.
“Texas water utilities have saved approximately $400 million in the first three years of the SWIFT program,” said TWDB Chairman Bech Bruun. “These savings are not only important for the project sponsors, but also for the water utilities’ customers. By saving millions of dollars through the SWIFT program, the utilities can pass on savings to their rate payers.”
In its meeting today, the Board also established the interest rates for SWIFT borrowers. The rates were set as a result of the bond transaction earlier this week on Wall Street.
“SWIFT financial assistance plays a vital role in developing state water plan projects and securing Texas’ water supply,” said TWDB Board member Kathleen Jackson. “We’ve been able to commit $450 million to conservation and reuse projects and more than $30 million to agricultural and rural projects.”
The application period for the fourth round of the SWIFT program will open later this year. To be eligible for the upcoming round of SWIFT, projects must be included in the 2017 State Water Plan.
“The SWIFT program’s low-cost funding incentivizes Texas communities to prepare for the next drought by participating in creating the state water plan,” said TWDB Board member Peter Lake. “The fact that we have committed $5.6 billion in just the first three years of the program demonstrates that Texas is already developing the water infrastructure it knows it will need in the future.”
SWIFT was established by the Texas Legislature and voters in 2013 to fund projects in the state water plan. More information on the SWIFT program is available on our website.
*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.