2018 SWIFT program savings of more than $300 million announced
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (September 20, 2018) – The Texas Water Development Board (TWDB) today announced the projected savings for Texas communities participating in the 2018 funding cycle of the State Water Implementation Fund for Texas (SWIFT) program.*
This week the TWDB sold bonds to provide approximately $1.85 billion in state water plan project funding. The TWDB estimates the project sponsors will save approximately $300 million by using the SWIFT program.
“In the first four years of the SWIFT program, Texas water utilities have saved approximately $825 million,” said TWDB Chairman Peter Lake. “These savings incentivize utilities to participate in the state water plan process and to develop water infrastructure projects that are instrumental in securing water for generations to come.”
In its meeting today, the Board also established the interest rates for SWIFT participants. The rates were set as a result of the bonds priced earlier this week.
“The low-interest rates make the SWIFT program an appealing option for communities and projects of all sizes,” said TWDB Board Member Kathleen Jackson. “The savings we provide communities through the SWIFT program allow utilities to pass on valuable savings to their rate payers.”
The application period for the next cycle of the SWIFT program will open later this year. To be eligible for the upcoming cycle of SWIFT, projects must be included in the 2017 State Water Plan.
“More than 50 state water plan projects have received SWIFT financial assistance since the program’s creation,” said TWDB Board Member Brooke Paup. “With each project we finance through the SWIFT program, we are one step closer to ensuring that Texas has the vital water resources it needs.”
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.