Texas' Prop 6 And The Challenges That Lie Ahead

Law360, New York (December 3, 2013, 7:46 PM EST) -- On Nov. 5, 2013, Texas voters overwhelmingly voted in favor of Proposition 6, a state constitutional amendment that: (1) created the State Water Implementation Fund for Texas (SWIFT) and the State Water Implementation Revenue Fund for Texas (SWIRFT); and (2) authorized a one-time transfer of $2 billion from the state’s Economic Stabilization Fund, more commonly known as the Rainy Day Fund, to the SWIFT.

The SWIFT is to be used to provide various forms of low-cost financing and bond enhancement agreements to finance projects in the...
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