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North Texas Municipal Water District receives $300M financial boost for reservoir project
The North Texas Municipal Water District received $300 million in financial assistance from the Texas Water Development Board.
A North Texas Municipal Water District reservoir project in Fannin Country received a $300 million financial boost Thursday from the Texas Water Development Board.
This brings the total approved by TWDB for the Lower Bois d'Arc Creek Reservoir project to $1.5 billion, NTMWD spokesperson Janet Rummel said in an email to Community Impact Newspaper.
"This low-interest financing will result in over $230 million in savings in borrowing costs,” Rummel said.
When complete, the reservoir in Fannin County will help provide water for portions of Hunt, Collin, Dallas, Denton, Ellis, Fannin, Kaufman, Rains, and Rockwall counties, according to a news release from the NTMWD.
The financial assistance comes from the Texas Water Development’s State Water Implementation Fund for Texas, or SWIFT.
SWIFT was established in 2013 to fund projects in the state’s water plan, according to a press release from the TWDB. In order to qualify for the SWIFT financial assistance, the project needed to fall in the 2017 state water plan, which includes new wells, transmission lines and large regional water supply projects.
“The TWDB has now committed more than $8 billion in financial assistance since the first cycle of SWIFT funding in 2015,” TWDB Chairman Peter Lake said. “The high demand is a testament to the program’s success in implementing the state water plan. As always, the board will continue to actively manage the program to ensure it’s available for Texas communities for decades to come.”
The Lower Bois d'Arc Creek Reservoir is the first reservoir to be built in Texas in 30 years and is expected to be complete in 2022.