The State Water Resources Control Board on Sept. 1 authorized its executive director, or a designee, to execute a loan agreement of up to $25 million with the California Infrastructure and Economic Development Bank. This decision aims to create borrowing capacity for critical state matches intended for water infrastructure projects across California.
Under Resolution 2026-0034, adopted by the board, the authorization specifically allocates up to $10 million for the Clean Water State Revolving Fund state match. An additional $15 million is authorized for the Drinking Water State Revolving Fund state match, as documented in the board’s meeting minutes from Sept. 1-2. These funds are essential for supporting projects that ensure safe and clean water supplies throughout the state.
The vote to adopt Resolution 2026-0034 was unanimous among the five board members present. Board Member Nichole Morgan initiated the motion for the resolution's adoption, with Board Member Sean Maguire providing the second. All five members cast an 'aye' vote, and the public record indicates there were no dissenting votes, absences, or abstentions during this crucial decision.
While the action taken by the State Water Resources Control Board on Sept. 1 creates the necessary borrowing capacity for these state matches, the specific financial terms of the loan agreement were not detailed in the public record of the board's Sept. 1-2 meeting minutes. The minutes do not specify the loan’s interest rate, nor do they outline a repayment schedule. Other financing terms related to the up to $25 million loan also remain undisclosed in the board's public documentation.
Furthermore, the board minutes do not identify any specific projects or jurisdictions across the state that are slated to directly benefit from these authorized funds. The timeline for when any portion of the authorized money would be disbursed to support water infrastructure initiatives is also not specified in the public record available from the Sept. 1-2 meeting.
These essential details, including the financial terms of the loan, the precise projects or areas that will receive funding, and the schedule for disbursement, would require confirmation through the fully executed loan agreement. Additional related staff materials would also be needed to provide a complete understanding of how these significant funds will be utilized to support California's clean and drinking water needs.
