Texas Water Development Board approves $6.9 million to the City of McAllen (Hidalgo County) for water rights acquisition
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (July 26, 2018) – The Texas Water Development Board (TWDB) today approved by resolution financial assistance in the amount of a $6.9 million low-interest loan from the State Water Implementation Fund for Texas (SWIFT) program* to the City of McAllen (Hidalgo County). The City will use the assistance to acquire water rights.
The City could save approximately $1 million over the life of the loan by using the SWIFT program.
With the assistance approved today, the City will be able to acquire 3,000 acre-feet of water rights for municipal and industrial use from the Hidalgo County Irrigation District No. 1. The additional water rights will allow the City to keep pace with the growing water demand associated with its population growth.
*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.