Sen. Fraser says Lower Colorado River Authority does not qualify for loan to finance new reservoir

[TexasTowelie]

The Lower Colorado River Authority would not be eligible to borrow $250 million from the Texas Water Development Board to pay for the construction of a new lower basin reservoir because the project does not meet the qualifications spelled out in the law that created a new $2 billion water fund, Sen. Troy Fraser said Friday.

“The reservoir does not qualify for funds under the law as it is now constructed,” said Fraser, who also said he will work to prevent construction of the new reservoir unless the utility tightens its rules related to releasing stored water from the Highland Lakes for use downstream.

Fraser is chairman of the Texas Senate’s Natural Resources Committee and authored the bill in the last legislative session that created the fund to be used for financing water supply projects.

LCRA officials announced this week that they plan to apply for the loan from the water development board.

More at http://www.highlandernews.com/fraser-says-lcra-does-not-qualify-for-loan-to-finance-new-reservoir/ .

[Gman]

1. Somebody must be speculating on land

That would end up being lakefront property. The developers must not have paid what was required to play.

[freshwest]

2. What's the new Bush guy have to say? Actually, this sounds like Christie's work... n/t

[DhhD]

3. The Rice industry must be in peril, down river, on the Coastal Plains.

Texas has to make a choice between drinking water and rice/agriculture. Climate change is effecting Texas big time as the drought continues. Looks like masses will leave the Eagleford Shale area because of water use in fracking and air issues over the coming years.

Perhaps the coming El Nino will give some drought relief to refilling reservoirs next year.