Here comes our November Water / Wastewater Market Monthly Roundup featuring top news, drivers and important upcoming meetings and conferences related to the water and wastewater industry. Enjoy the blog :)
Driver: Texas Proposition 8, Flood Infrastructure Fund Amendment (2019)
Effective Nov. 5, 2019, the constitutional amendment, Texas Proposition 8, also known as the Flood Infrastructure Fund Amendment, was supported by unanimous votes to create the Flood Infrastructure Fund. The fund amounts to $793 million, and it would be used by the Texas Water Development Board to provide financing for flood drainage, mitigation, and control projects.
For additional information see: tinyurl.com/TexasProposition8
Driver: Texas Proposition 2, Water Development Board Bonds Amendment (2019)
Effective Nov. 5, 2019, the constitutional amendment, Texas Proposition 2, also known as the Water Development Board Bonds Amendment, was supported by unanimous votes to create to allow the Texas Water Development Board (TWDB) to issue bonds on a continuing basis. The bonds should not exceed $200 million in total principal at any time, for water supply and sewer service in areas defined as economically distressed areas of the state.
For additional information see: tinyurl.com/TexasProposition2
Driver: Texas Proposition 5, Sales Tax on Sporting Goods Dedicated to Parks, Wildlife, and Historical Agencies Amendment (2019)
Effective Nov. 5, 2019, the constitutional amendment, Texas Proposition 5, also known as the Sales Tax on Sporting Goods Dedicated to Parks, Wildlife, and Historical Agencies Amendment, was supported by unanimous votes to dedicate revenue from the sales tax on sporting goods to the Texas Parks and Wildlife Department and the Texas Historical Commission. The primary goal is to protect the state's natural areas, water quality, and history by acquiring, managing, and improving state and local parks and historic sites while not increasing the rate of the state sales and use taxes.
For additional information see: tinyurl.com/TexasProposition5
Driver: Colorado Proposition DD, Decriminalizes Sports Betting in Colorado with Tax Revenue for Water Projects Measure (2019)
Effective May 1, 2020, this bill authorizes sports betting, creates a 10% tax on proceeds of sports betting through licensed casinos and directs the generated revenues to specified public purposes that include the State Water Plan, by creating the Water Plan Implementation Cash Fund, and making an appropriation.
For additional information see: tinyurl.com/SportsBettingColorado
Notable M&A Sept. & Oct. 2019
As per FirmoGraphs’ records, the following M&A transactions in the Water & Wastewater Industry, stand out in the month of October:
Oct. 2, Bison, Oklahoma's largest water infrastructure, logistics, and solutions provider acquired Tapstone Energy's water infrastructure in the Northwest STACK region of the Anadarko Basin. Both parties also signed a 15-year water gathering and disposal agreement and a unique 15-year dispatch services agreement. The agreement allows Bison to exclusively manage all of Tapstone's produced water infrastructure and water hauling logistics, including any future acreage acquired or operated by Tapstone, within a ~2.6 million-acre dedicated area across Blaine, Dewey, Major and Woodward counties. It also expands Bison's water gathering network into the NW STACK region.
October 9, Pennsylvania American Water, a subsidiary of American Water signed an agreement to acquire the water assets of the Steelton Borough Authority in Dauphin County. The total value of the transaction is approximately $22.5 million for the water system. It's worth mentioning that this water system serves nearly 2,400 metered residential, commercial and large industrial connections.
Oct. 9, SJW Group and Connecticut Water Service, Inc. announced the close of their merger. The combined company is the third-largest investor-owned pure play water and wastewater utility based on rate base in the United States. The merger has made Connecticut Water a wholly owned subsidiary of SJW Group. It's worth mentioning that the combined company is serving nearly 1.5 million people across California, Connecticut, Maine and Texas.
Oct. 21, Oregon-based NW Natural Water, a subsidiary of Northwest Natural Holding Company is preparing to purchase Suncadia’s water and wastewater assets in the Washington state of the US.
Oct. 22, Indiana American Water closed a deal for the $20 million acquisition of the water system in Lake Station in northwest Indiana.
In this over-digitized age, there is no replacement for face-to-face meetings with your prospects and customers! We track meetings of interest to our customers serving the US water and wastewater industry so you won’t miss upcoming meetings and deadlines.
Meetings in Dec. 2019
- North American Water Loss Conference & Exposition, Dec. 03 to Dec. 05, 2019, Nashville, Tennessee
- ACWA Fall Conference & Exhibition - 2019, Dec.03 to Dec. 06, 2019, San Diego, California
- FSAWWA Annual Fall Conference - 2019, Dec. 08 to Dec.12, 2019, Championsgate, Florida
Call for Papers Deadlines
- Event: ACWA Fall Conference & Exhibition - 2019
- Association: Association of California Water Agencies
- URL: https://www.acwa.com/events/2019-fall-conference-exhibition/
- Dates: Dec.03 to Dec. 06
- Location: San Diego, California
- Call for Papers Deadline: Nov. 08, 2019
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