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planning and procurement requirements. There are two additional choices of loan terms for borrowers under each source of funds: One (1) a traditional long-term, fixed-rate at the beginning of construction or (2) a short-term, variable-rate construction period loan that converts to a long-term, fixed-rate loan within 90 days of the completion of construction. Borrowers also have an option to convert to long-term, fixed-rate financing at any time prior to project completion. For loans made with State sources, the borrower receives a net long-term interest rate of 0.7 percentage points below the rate the borrower would receive on the open market at the time of loan closing. For loans made with Federal Capitalization Grants, option, the borrower receives a net long-term interest rate of 1.20 percentage points below the rate the borrower would receive on the open market at the time of loan closing. The short-term, variable interest rate will generally be about 2 percentage points below long-term market rates in effect at the time. An administrative cost-recovery charge is imposed to cover administrative costs of operating the CWSRF, but an additional interest rate subsidy of 0.25 basis points is offered to offset the charge. Conditions to Close: Environmental Review and Water Conservation Plans are in addition to financial conditions. Upon Board commitment, a letter is provided detailing all special conditions. General closing conditions are in Board rules 31 TAC 371.71 and 371.72. Appficable Rules: 31 TAC 371 Subchapters A through H. To access these rules click here. WHERE MAY I GET MORE INFORMATION? For further information on the Drinking Water State Revolving Fund (DWSRF) Program, please contact the Texas Water Development Board's Office of Project Finance and Construction Assistance, Program and Policy Development Division at (512) 463-3119. Maintained by: Will Ed Winters wwi nte rs@TWD B. State. Tx. U S (512) 463-8499 I Back to TOP