AUSTIN, Texas (AP) — Members of a state board have approved $3.9 billion in loans to fund future water projects across Texas.
The Texas Water Development Board agreed on the funding Thursday. The money is meant for 32 projects spread over 10 years, with $1 billion being disbursed this year.
Many of the 21 applicants are in the Dallas-Fort Worth and Houston areas. Other projects are in the Rio Grande Valley, Central Texas, the Gulf Coast and West Texas.
Voters in 2013 approved using $2 billion from the state’s Rainy Day Fund to finance projects in the Texas water plan. Lawmakers have said that money could multiply through interest earnings and revenue bonds.
Experts say the Texas population is expected to grow by 82 percent in the next 50 years.