LUBBOCK, TX (KCBD) - The Texas Water Development Board recently awarded the City of Lubbock $19.5 Million low-interest loan for part of the Lake Alan Henry water project.
The two percent loan from the state allows for significant savings for the City of Lubbock as it will soon construct a water pipeline from Lake Alan Henry.
Tom Adams, Deputy City Manager, says that these types of arrangements buy down the interest rate so that the city will realize approximately $8 million in savings over the life of the loan.
This is the second time the TWDB has awarded a low-interest loan to the City to help Lubbock with the Lake Alan Henry project.
Source: City of Lubbock
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