A $1.87 billion of State Water Implementation Revenue Fund for Texas revenue bond issue scheduled to price on Wednesday is the biggest SWIRFT deal since the inception of the State Water Implementation Fund for Texas, or SWIFT, in 2015. On Thursday, nearly $762 million of water financial assistance bonds, backed by Texas' triple-A-rated general obligation pledge, are slated to price. "The use of the water financial assistance bonds to finance projects in the State Water Plan through the SWIFT program is expected to help increase the overall capacity of the program." Top ratings and an interest rate subsidy provided by the SWIFT program incentivizes local governments to move forward with projects that are recommended in the state water plan. The measure calls for placing the first $1 billion in state sales tax revenue once annual revenue from the tax exceeds $46.5 billion into the Texas Water Fund starting in fiscal 2027.