Nov. 8 (Bloomberg) -- Texas voters approved borrowing $6 billion to make loans to communities to invest in water supplies, treatment plants and conservation projects amid a record drought across much of the state, the Associated Press reported.
The measure received support from almost 52 percent of votes to about 48 percent against with about 91 percent of precincts reporting, according to figures posted today on the Secretary of State’s website.
Supporters said the program won’t cost the state any money because the Texas Water Development Board will loan proceeds to local governments that will repay the debt with revenue generated from the projects.
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