Feb 13, 2020 · Precursor

Texas Water Development Board approves financing for automated water meters

The Texas Water Development Board was scheduled to vote on February 13, 2020 on lending the City $28.5 million at a rate below 0.5%, to be repaid over 20 years, to install automated water meters. ABC 7 Amarillo reported on February 13 that the board granted the City $29.5 million for the meter upgrades, affecting about 72,000 customers, with construction scheduled to begin in October 2020.^[1]^[2]^[3]

Floyd Hartman

What the sources say

⚠ Sources differ
Reports give different amounts for the February 2020 Texas Water Development Board financing for automated meters.
Reported value 1[1]
Amount
$28,500,000
Rate
0.5%
Rate comparator
less-than
Term years
20
Loan amount the board was scheduled to vote on (per board documents cited by KFDA), repaid over 20 years
Reported value 2[2]
Amount
$29,500,000
Amount ABC 7 Amarillo reported the board granted for the meter upgrades
✓ Verified
The City said automated meters would let it read every meter each billing period, which it could not do manually; installation was to start in October 2020 and take about two years.^[1]^[2]
✓ Verified
Floyd Hartman, Assistant City Manager for Development Services: Assistant City Manager Floyd Hartman said the City had 'aged meters out in our system that are beyond the life of the manufacturer's recommendations,' and that the new system would give customers live readings and alarms for unusual use or leaks.^[3]