Begaye signs water projects legislation

Posted by Navajo Times | Feb 25, 2016 | News |

Special to the Times

WINDOW ROCK

Navajo Nation President Russell Begaye Monday signed the Water Projects Investment legislation, the most comprehensive water and wastewater legislation in the history of the Navajo Nation, according to a press release.

“This is a historic day for the Navajo Nation,” Begaye stated. “No other tribe has spent this amount of money to provide water to their people. All our communities will be impacted. We are doing this for ourselves and investing in our future. The legislation will provide sufficient water and job opportunities to all communities throughout the Nation.

The signing was broadcast live on KTNN AM 660 during which the president said the legislation is a $180 million dollar project that will use Navajo Nation dollars to leverage bond financing for funding.

With as many as 25 percent of the homes on he reservation without water, this legislature promises to end the days of water hauling that some Navajo families have faced for generations.

By leveraging financing through loans to fund the project, Begaye said the Navajo Nation will be able to retain more money for future investments and projects.

“Not only will this investment in our water infrastructure benefit our people for years to come, but thanks to innovative financing and leveraging, the vast majority of the principal will be retained for future investments,” he said.

“We researched and evaluated several options and plan to accomplish this through leveraged financing. Taking advantage of leveraged financing allows future years of the project to be financed through the earned interest. We will be working with the Navajo Nation Council to ensure the majority of the principal is retained for future investments.”