Texas Water Development Board approves $150 million to the El Paso Water Utilities Public Service Board (El Paso County) on behalf of the City of El Paso for land and water rights acquisition for a water supply project

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

AUSTIN – (July 21, 2016) – The Texas Water Development Board (TWDB) today approved by resolution financial assistance in the amount of a $150 million multi-year loan from the State Water Implementation Fund for Texas (SWIFT) program* to the El Paso Water Utilities Public Service Board (El Paso County) on behalf of the City of El Paso. The Utility will use the assistance to finance land and water rights acquisition for a water supply project.

By using the SWIFT program, the Utility could save approximately $11 million over the life of the 2016 portion of the loan commitment. Additional savings will occur when the Utility closes on the last portion of the loan in 2017.

With the assistance approved today, the Utility will acquire ranch and farm land with associated water rights above the Bone Spring-Victorio Peak Aquifer. The acquisition will allow the Utility to manage the land and water use, provide resource protection, and eventually develop the water supply.

*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.