TWDB approves more than $1.9 billion in SWIFT financial assistance
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (July 26, 2018) – Today, the Texas Water Development Board (TWDB) approved $1,955,800,000 in financial assistance from the State Water Implementation Fund for Texas (SWIFT) program.* The SWIFT financing will be distributed to 12 project sponsors across the state.
“The TWDB has now committed more than $8 billion in financial assistance since the first cycle of SWIFT funding in 2015,” said TWDB Board Chairman Peter Lake. “The high demand is a testament to the program’s success in implementing the state water plan. As always, the Board will continue to actively manage the program to ensure it’s available for Texas communities for decades to come.”
To be eligible for financial assistance from the SWIFT program, the project must be included in the 2017 State Water Plan. Projects recommended today include new wells, transmission lines, and a large regional water supply project, all of which are recommended water management strategies in the 2017 State Water Plan.
“Moving forward with state water plan projects is critical for the future of Texas,” said TWDB Board member Kathleen Jackson. “It’s exciting to see communities embrace a variety of projects, both large and small, and turn to the SWIFT program to meet their current and future water supply needs.”
SWIFT was established by the Texas Legislature and voters in 2013 to fund projects in the state water plan. SWIFT was created through the transfer of a one-time, $2 billion appropriation from the state’s Rainy Day Fund. The $2 billion will be leveraged with revenue bonds over the next 50 years to finance approximately $27 billion in water supply projects.
“The SWIFT program is doing exactly what is was intended to do—helping secure long-term water supplies for Texas communities,” said TWDB Board member Brooke Paup. “There isn’t a one-size fits all approach for Texas, which is why project sponsors of all sizes are turning to the SWIFT program for financial assistance.”
Projects selected today for 2018 SWIFT financial assistance are the following:
- $2.5 million to the City of Spring Valley Village (Harris County) for a groundwater project
- $15,740,000 to the Brushy Creek Regional Utility Authority, Inc. (Williamson and Travis counties) for a water supply project
- $300 million to the North Texas Municipal Water District for a water supply project
- $42,070,000 to the Upper Trinity Regional Water District for a water supply project
- $2.1 million to the Town of Westlake (Tarrant and Denton counties) for a water supply project
- $1,420,635,000 for a large regional water supply project for the Houston area
- $165,855,000 to the Guadalupe Blanco River Authority (Guadalupe, Comal, Hays, and Caldwell counties) for a water supply project
- $6.9 million to the City of McAllen (Hidalgo County) for water rights acquisition
The TWDB anticipates closing loans for projects approved for SWIFT financing in fall 2018.
*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.