We're told a Lubbock Water Commission will spend the next several weeks studying where Lubbock will get the money to cover our portion of a $50 million bond.
The Canadian River Municipal Water Authority issued the bonds, saying they need the money for more water rights for its 11 member cities, water rights that could extend the future of the water you use everyday.
Councilman Gary Boren says the price of water is becoming a pretty penny and the cost just keeps going up. Lake Meredith, which supplies a majority of Lubbock's water, is only at 20% capacity. "We're working with C.R.M.W.A., which we're a member city of. We have a share of 37% and they're looking at gathering more water acreage for the 11 cities," said Boren.
C.R.M.W.A. provides water to cities like Amarillo down to O'Donnell. And now, since supply is down and demand is up, C.R.M.W.A. needs a $50 million dollar bond to secure more water rights.
Lubbock will have to endure that cost, but how still remains the question.
"You would think that with that kind of money, there would be an increase on our water bills. Part of the amendment to the motion this morning, is to put together a rate model. The city staff will put one together of their own and we will compare the two and see. We'll have those back by January or February," said Lubbock Mayor Marc McDougal.
Meanwhile, the city is taking some conservative measures through a park irrigation project. They will drill 12 wells and have them ready by next year. The council says it's a way to save drinking water that is currently being used to water our city parks.