Texas Water Development Board approves $200,000,000 to the Palo Pinto County Municipal Water District No. 1 (Palo Pinto and Parker counties) for a water supply project

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

AUSTIN – (July 23, 2024) – The Texas Water Development Board (TWDB) today approved by resolution financial assistance in the amount of $200,000,000 from the State Water Implementation Fund for Texas (SWIFT)* program to the Palo Pinto County Municipal Water District No. 1 (Palo Pinto and Parker counties). The District will use the assistance to finance the construction of a water supply project.

The District could save approximately $12,500,000 over the life of the loan by using the SWIFT program.

With the assistance provided today, the District will construct the Turkey Peak Reservoir project downstream of Lake Palo Pinto to increase water storage capacity and provide greater reliability and drought resiliency. The Turkey Peak Reservoir project consists of the construction of a new earthen dam, concrete intake and outlet structures, concrete service spillway, and rock-lined excavated outfall channel.

The TWDB has previously committed $37,100,000 to the project to finance planning, acquisition, and design costs.

The TWDB is the state agency charged with collecting and disseminating water-related data, assisting with regional water and flood planning, and preparing the state water and flood plans. The TWDB administers cost-effective financial assistance programs for the construction of water supply, wastewater treatment, flood mitigation, and agricultural water conservation projects.

*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.