Texas Water Development Board Approves Financial Assistance for Local Water Projects
July 23, 2015 – The Texas Water Development Board (TWDB) announced today that four Financial Assistance Applications for State Water Implementation Revenue Fund for Texas (SWIFT) submitted by the North Harris County Regional Water Authority (the “Authority”) have been approved. This multi-year, low-interest loan commitment is for a total of $953,405,000.
SWIFT — established by the Texas Legislature and approved by voters in 2013 to fund projects in the State Water Plan — was created through the transfer of a one-time, $2 billion appropriation from the State’s “Rainy Day Fund”. This money will be leveraged with revenue bonds over the next 50 years to finance approximately $27 billion in water supply projects.
“This is a landmark decision”, said Jimmie Schindewolf, P.E., the Authority’s General Manager. “Over the next decade and beyond, the NHCRWA will be developing historic water supply infrastructure projects, acting solely and in cooperation with the City of Houston and other regional water authorities. SWIFT funding plays a vital role in our ability to ensure a sustainable water supply for our community’s growing population – which is projected to exceed 780,000 in 2025.”
The four projects that will receive SWIFT funding include: the Northeast Water Purification Plant Expansion ($551,760,000); the Second Source Transmission Line Phase I ($222,135,000); the Second Source Transmission Line Phase II ($135,385,000); and the 2025 Distribution System ($44,125,000).
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The North Harris County Regional Water Authority (NHCRWA) was created by the 76th Texas Legislature and was confirmed by a public vote in January 2000. The primary mission of the NHCRWA was to secure adequate surface water and develop a system to facilitate the transition to surface water in compliance with the Harris Galveston Subsidence District’s mandated groundwater reduction timeframe.
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.