Texas Water Development Board closes on a loan for $30 million to the City of Bedford (Tarrant County) for water system and water meter improvements

For immediate release. Contact: Media Relations at 512-463-5129

AUSTIN – (December 9, 2015) –-The Texas Water Development Board (TWDB) today closed on a loan providing financial assistance in the amount of $30 million from the State Water Implementation Fund for Texas (SWIFT) program* to the City of Bedford (Tarrant County). The loan is the first closing of a multi-year financing commitment totaling $90 million. The City will utilize the financing for construction costs associated with water system and water meter improvements.

By using the SWIFT program, the City could save approximately $4 million over the life of the loan disbursed today.

The City will use the loans to replace 90 percent of water piping in its water distribution system. The City will also replace 15,000 water meters with automatic meter readers. The improvements by the City are a conservation project and will save an estimated 2,716 acre-feet of water per year once completed.

On December 1, 2015, the application period for the 2016 funding cycle of the SWIFT program opened. Entities have until February 5, 2016, to submit a preliminary, two-page application. Applications may be submitted via TWDB's new online application or by paper-copy.

*The SWIFT program includes two funds, the State Water Implementation Revenue Fund for Texas (SWIRFT) and the State Water Implementation Fund for Texas (SWIFT). Revenue bonds for the program are issued through the 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.