- Associated Press - Tuesday, October 21, 2014

PHOENIX (AP) - Phoenix officials are launching a new initiative to protect the city’s water supplies against drought.

The initiative is centered on a new fund to provide $5 million annually to pay for such things as sharing wells with other providers and storing unused Colorado River water in underground recharge facilities.

Mayor Greg Stanton says Phoenix has done a good job of acquiring adequate water supplies for growth but Stanton says more needs to be done to ensure water is available during uncertain times of drought and climate change.

According to city officials, most of the money would come from refinancing some current Water Department debt at a lower interest rate.

The city says water rates this year would not be affected.

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