In the spring of 2013, the Texas Legislature passed SJR 1, now listed as Proposition 6. Proposition 6, proposes a constitutional amendment relating to the creation of two special funds for the financing of projects listed in the state water plan to ensure the availability of adequate water resources. The proposed amendment to the Texas Constitution will be submitted to voters on November 5, 2013.
The special funds, the State Water Implementation Fund for Texas (SWIFT) and the State Water Implementation Revenue Fund for Texas (SWIRFT), would serve as a water infrastructure bank administered by the Texas Water development Board (TWDB). The SWIFT would hold the initial one-time capitalization. Money in the fund would provide support for low-interest loans, longer repayment terms for loans, incremental repurchase terms for projects in which the state owns an interest, and deferral of loan payments. The SWIRFT would be created for use in managing revenue bonds issued by TWDB that are supported by the SWIFT.
Each special fund would be created in the state treasury outside the General Revenue Fund. Money in the funds would be administered, without further appropriation, by the TWDB. Various special accounts could also be established by TWDB for the management of the funds.
Download Proposition 6 Brochure
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