AUSTIN – Austin Water today was awarded more than $120 million in low-interest financing from the Texas Water Development Board (TWDB). The utility will use the low-interest loans for water and wastewater system improvements.
“By tapping into these cost-effective financial assistance programs, we are able to save millions in interest while making much needed upgrades and improvements to Austin’s water and wastewater infrastructure,” said David Anders, Austin Water Assistant Director, Financial Services.
The use of the low-interest loans could save the utility approximately $3.8 million over the life of the 2020 portion of the loan commitments. Additional savings will occur when the City closes on the other portions of the loans.
By the Numbers
Funding in the amount of $53,000,000 from the Texas Water Development Board - Clean Water State Revolving Fund will go towards the rehabilitation and upgrade to the Austin Water Walnut Creek and South Austin Regional Wastewater Treatment Facilities. The upgrades aim to improve system efficiency and reliability, as well as reduce maintenance costs.
Additional funding in the amount of $67,830,000 from the Texas Water Development Board - Drinking Water State Revolving Fund will finance the construction costs associated with water system improvements to Austin Water’s North Austin Reservoir and Ullrich Pump Station. The City will construct a replacement water facility that includes a ground storage tank, pump station, new electrical building, and make other upgrades to comply with current industry standards.
Affordability and Infrastructure Improvements
Improving affordability and infrastructure stability are components of the utility’s long-term strategic business plan that uses Effective Utility Management strategies to meet the challenges ahead. The utility has chosen to focus on improving Stakeholder Understanding and Support with an emphasis on Affordability, Customer Satisfaction, Employee and Leadership Development, and Infrastructure Stability. Taken together, improvements in these target areas are helping the utility continue to be an industry leader and improve operations and resiliency.