Lubbock water allocation to be set this week - KCBD NewsChannel 11 Lubbock

10/11/09

Lubbock water allocation to be set this week

Posted:

By James Clark | email

LUBBOCK, TX (KCBD) - Lubbock's water allocation from CRMWA or the Canadian River Municipal Water Authority will be set on Wednesday. In recent years Lubbock has been allowed less water from CRMWA because of the declining water levels at Lake Meredith. Lubbock has gone from an allocation of 42,987 acre feet in 2003 down to 31,499 acre feet in 2007 (the most recent number available on the CRMWA web site).

CRMWA is borrowing $26 million this week for an expanded ground water project so that Lubbock and other member cities are less dependent upon Lake Meredith.  Meanwhile CRMWA got its new credit rating this past week. CRMWA is now rated as AA-, which is just a couple steps below the best possible rating.  

According to Fitch Ratings, Lubbock's water utility fund has weakened significantly over the last few years. Lubbock is one of 11 member cities, and is responsible for 37 percent of CRMWA debt. Fitch also says as CRMWA borrows more money for future projects and the bond rating could be affected.

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