SWIFT program savings for Texas communities exceed $525 million
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (May 2, 2018) – The Texas Water Development Board (TWDB) projects savings of more than $120 million from the spring bond issuance for the State Water Implementation Fund for Texas (SWIFT) program.*
“With each bond issuance for the SWIFT program, the TWDB continues to save money for Texas communities,” said TWDB Board Chairman Peter Lake. “With a combined savings of more than $525 million for water projects funded through the SWIFT program since its inception, utilities are able to pass important savings onto their rate payers.”
The TWDB sold bonds on April 24 to provide approximately $906.9 million in state water plan project funding. The proceeds of the bond sale will be used to finance the construction of the Lower Bois d’Arc Creek Reservoir in North Texas and the expansion of the Northeast Water Purification Plant in Houston.
This marks the first time the SWIFT program has had a spring bond issuance. Because Lower Bois d’Arc is the first major reservoir to be built in Texas in several decades, a spring issuance was critical to meeting project deadlines.
“The Lower Bois d’Arc Creek Reservoir and the Northeast Water Purification Plant will serve millions of Texans and ensure long-term water supplies are in place for future generations,” said TWDB Board member Kathleen Jackson. “Large-scale projects like these are critical for ensuring our long-term water supplies.”
The state water planning effort in Texas births the water supply projects that local communities identify for their areas. Only projects in the state water plan are eligible for SWIFT funding.
“The continued interest in the SWIFT program is a testament to the program’s success,” said TWDB Board member Brooke Paup. “It’s helping turn state water plan projects of all sizes into a reality for Texas communities.”
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 the TWDB website.
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.