A persistent drought in Texas is hurting the finances of a small town, making it unable to pay bondholders in a rare instance of climate-related default.The...
North Sulphur River in 2012. Even with more than 30 inches of rain in the Dallas area so far in 2024, almost a third of Texas is still under some kind of drought conditions, according to the U.S. Drought Monitor service.is hurting the finances of a small town, making it unable to pay bondholders in a rare instance of climate-related default.
On Aug. 1, the day the bond payment was due — Clyde issued a “water emergency” notice, outlining “severe water shortage” conditions with the intention of reducing usage by 30%. To help reduce water usage, officials in Clyde have prohibited the use of water for cleaning sidewalks and driveways. Only new lawns at residents’ homes can be watered, not existing ones.
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