2019 SWIFT program savings of more than $170 million announced
For immediate release. Contact: Sarah Haney at 512-463-5129
AUSTIN – (October 3, 2019) – The Texas Water Development Board (TWDB) today announced the projected savings for Texas communities participating in the 2019 funding cycle of the State Water Implementation Fund for Texas (SWIFT) program.*
Last week the TWDB sold bonds to provide approximately $972 million in state water plan project funding. The TWDB estimates the 10 project sponsors will save approximately $170 million by using the SWIFT program.
“The SWIFT program has saved Texas water providers over $1 billion since its first funding cycle in 2015,” said TWDB Chairman Peter Lake. “These savings incentivize communities to build the water infrastructure Texas needs for the future it wants.”
In its meeting today, the Board established interest rates for SWIFT borrowers. Because of a very successful bond pricing last week, the TWDB will be able to pass on low interest rates to project sponsors.
“Only projects in the state water plan are eligible for SWIFT program funding,” said Board Member Kathleen Jackson. “The savings we can pass on through low interest rates to communities are vital to ensuring we have water for future generations.”
The application period for the next cycle of the SWIFT program will open later this year. To be eligible, projects must be included in the 2017 State Water Plan.
“The SWIFT program is doing what it was created to do: funding crucial water projects of all sizes across the state,” said TWDB Board Member Brooke Paup. “The success of this program demonstrates Texas’ commitment to its citizens and its economy.”
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 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.