Texas Voters OK Creation Of $2B Water Infrastructure Fund
Law360, Dallas (November 5, 2013, 10:53 PM EST) -- Texas voters on Tuesday overwhelmingly approved creation of a $2 billion revolving loan fund that will support water infrastructure projects across the state, in a win for both environmental and industry groups that have raised warning sirens about looming water scarcity in the state.
Prop 6 passed by about 73 percent to 27 percent, with 99 percent of precincts reporting. The measure sets the stage for creation of the State Water Implementation Fund for Texas, or SWIFT, which will provide direct loans and credit enhancements to finance key infrastructure projects as part of the state's 50-year plan.
The funding is the...
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