> ## Content Index > Fetch the complete content index at: https://blog.financely-group.com/llms.txt > Use this file to discover other available public pages before exploring further. # 8 Ways to Finance Water Infrastructure Projects: Strategies and Options - URL: https://blog.financely-group.com/8-ways-to-finance-water-infrastructure-projects/ - Published: 2026-07-29T13:08:25.000Z - Updated: 2026-07-29T13:08:25.000Z - Author: Financely Debt Advisors Water infrastructure projects need careful planning and reliable funding. Whether you’re replacing old pipes, expanding treatment capacity, or improving stormwater systems, you’ve got several [public and private financing options](https://www.financely-group.com/construction-financing-a-complete-guide-for-developers-and-property-investors?ref=blog.financely-group.com). **You can finance water infrastructure through** [**municipal bonds**](https://www.financely-group.com/infrastructure-development-funding-solutions?ref=blog.financely-group.com)**, government loans, grants, user fees, tax-based tools,** [**private capital**](https://www.financely-group.com/how-to-finance-renewable-energy-projects-debt-equity-and-hybrids?ref=blog.financely-group.com)**, and blended funding.** The best approach depends on project costs, your ability to repay, public goals, and funding requirements. This guide covers how to match your project’s needs with the right financing structure. You’ll also see how public agencies and private partners can combine funding sources to lower costs and get essential projects moving. ## Project Needs And Funding Strategy A good [funding plan](https://www.financely-group.com/how-to-secure-infrastructure-project-funding?ref=blog.financely-group.com) starts with a clear [project scope](https://www.financely-group.com/projectfinancescope?ref=blog.financely-group.com), realistic costs, and a full view of long-term needs. Match each revenue source to the asset’s purpose, risk, useful life, and ability to generate income. ### Defining Scope, Costs, And Lifecycle Needs [Define the project](https://www.financely-group.com/what-are-the-steps-in-project-finance?ref=blog.financely-group.com) before you pick a funding program. Identify the service area, needed capacity, regulatory deadlines, site conditions, design work, construction costs, and contingencies. Separate eligible costs—planning, engineering, construction, land acquisition—since each grant or loan program might use different rules. Build a [lifecycle budget](https://www.financely-group.com/funding-solar-projects-capital-solutions-from-concept-to-operation?ref=blog.financely-group.com) that covers operations, maintenance, energy, insurance, renewal, and eventual replacement. For example, a treatment plant might have higher energy costs, while a sewer collection system could need major inspections and repairs. Don’t forget inflation and climate-related risks like flooding or drought. Use a funding schedule that matches your expected cash needs. Combining [grants, low-interest loans, reserves, and local funds](https://www.financely-group.com/infrastructure-finance-funding-options-for-large-scale-projects?ref=blog.financely-group.com) can help you save on borrowing and meet deadlines. Federal and state programs, including the Clean Water and Drinking Water State Revolving Funds, may support eligible water and wastewater improvements. ### Matching Revenue Sources To Asset Types Match your repayment source to the asset’s users and benefits. **User charges** often fund drinking water, wastewater, and reclaimed water systems since customers get a direct service. Set rates high enough to cover operating costs, debt payments, reserves, and planned renewal, but keep affordability in mind. Use **connection fees or developer charges** for growth-related capacity. These fees can help fund mains, pump stations, or treatment upgrades for new development. Don’t use them for unrelated maintenance or to cover existing system deficits. Public budgets and grants work best for projects with broad public benefits, like flood control or source-water protection. Low-interest loans can finance durable assets with steady revenue. For rural or small systems, USDA programs and state help may fill gaps when local funds aren’t enough. ## Municipal Bonds Municipal bonds give you upfront capital for treatment plants, pipelines, reservoirs, and other water assets. Your pick among general obligation, revenue, and green or sustainability bonds affects repayment sources, voter requirements, borrowing costs, and reporting. ### General Obligation Bonds General obligation (GO) bonds rely on the issuer’s taxing power, not water-system income. Cities, counties, or states typically repay the debt from broad tax revenues, so investors often see these bonds as backed by the government’s financial strength. You might need voter approval, legal authorization, or to meet a debt limit before issuing GO bonds. These steps can slow things down, but the broad repayment source may get you better interest rates. Your government still has to budget for debt service, which can compete with funding for schools, public safety, and other services. GO bonds fit projects that benefit the whole community, like flood-control systems or regional water infrastructure. They’re not ideal if you want repayment to come straight from customer charges. ### Revenue Bonds [Revenue bonds](https://www.financely-group.com/revenue-based-financing-for-businesses?ref=blog.financely-group.com) use income from a specific water system to repay investors. Utilities might pledge water and sewer charges, connection fees, or other [dedicated income](https://www.financely-group.com/revenue-securitization?ref=blog.financely-group.com). Bond documents set the repayment rules and may require you to keep minimum rates, reserves, or debt coverage. Since customers provide the main repayment, you need a solid financial forecast. Check current rates, collection levels, operating costs, expected demand, and planned capital spending before issuing debt. Sometimes, you’ll need to raise rates to keep the system financially healthy. Revenue bonds let you preserve general tax capacity since they don’t usually rely on the full taxing power. But investors may face more risk if the system’s finances are weak or demand is dropping. ### Green And Sustainability Bonds [Green bonds](https://www.financely-group.com/green-bonds?ref=blog.financely-group.com) fund projects with clear environmental benefits. For water infrastructure, this could mean wastewater treatment upgrades, water-efficiency systems, drought-resilience projects, stormwater controls, or improvements that cut pollution or energy use. Sustainability bonds can support projects that mix environmental and social goals, like giving safe water access to underserved areas. You’ll need to identify eligible projects, explain how you’ll use the money, and provide updates on [project progress](https://www.financely-group.com/project-finance-for-renewable-energy-projects?ref=blog.financely-group.com) and results. These bonds don’t automatically lower your borrowing costs. Their value depends on project quality, your credit, investor demand, and how clearly you report results. Before issuing one, set measurable targets—like reduced energy use, lower pollutant discharge, more reclaimed water, or better service reliability. ## Federal And State Loan Programs You can mix [low-cost government loans](https://www.financely-group.com/project-funding-services?ref=blog.financely-group.com) with grants, bonds, and local funds to ease the upfront burden of water projects. The best option depends on your project type, location, population served, repayment ability, and whether you can meet program requirements. ### State Revolving Funds State Revolving Funds (SRFs) offer loans for eligible drinking water and wastewater projects. The **Drinking Water State Revolving Fund** supports projects that protect public health—like treatment plants, storage tanks, transmission lines, and lead service line replacement. The **Clean Water State Revolving Fund** supports wastewater treatment, sewer systems, stormwater controls, and projects that tackle nonpoint-source pollution. Your state environmental or water agency handles the application process and sets its own project ranking system. Loans often come with [below-market interest rates](https://www.financely-group.com/project-finance-loan-refinancing?ref=blog.financely-group.com), flexible repayment, and limited fees. Some programs also offer principal forgiveness or grants for disadvantaged communities. You’ll need an approved project plan, environmental reviews, financial records, and a repayment plan. Check your state’s annual Intended Use Plan for funding priorities, deadlines, and special help. ### WIFIA Financing The Water Infrastructure Finance and Innovation Act (WIFIA) program offers long-term federal loans for large water infrastructure projects. You can use WIFIA for drinking water, wastewater, stormwater, water reuse, desalination, and some water supply projects. WIFIA loans can cover a big chunk of eligible costs, but you’ll need to repay them. The program can work with SRF loans, municipal bonds, and grants, so you can put together a larger financing package. Long repayment periods and good interest rates may help lower annual debt costs. WIFIA usually fits projects with high costs and steady repayment sources. You’ll need to show creditworthiness, complete environmental and engineering reviews, and prove the project meets federal requirements. Local governments, utilities, states, tribes, and some public-private partnerships can apply. ### USDA Rural Development Programs If your project serves a rural area, USDA Rural Development may offer loans, grants, or a mix. The Water and Waste Disposal Loan and Grant program supports drinking water systems, sewer systems, solid waste facilities, and stormwater drainage in qualifying rural communities. Eligibility depends on population, location, public or nonprofit ownership, and the community’s financial health. USDA help can cover construction, improvements, equipment, and related costs. Grants may lower the amount you need to borrow, especially when user charges can’t fully support the project. You’ll need engineering docs, financial info, environmental reviews, and proof the system can repay its debt. Reach out to your state USDA Rural Development office early, since application rules, income measures, and funding can vary. ## Grants And Competitive Funding Grants can cut the amount you need to borrow for drinking water, wastewater, and stormwater projects. Many programs use competitive scoring, so you’ll need a complete project plan, clear costs, and evidence your project fits program goals. ### Federal Infrastructure Grants Federal funding might come through EPA programs, USDA Rural Development, and infrastructure legislation. EPA’s **Clean Water State Revolving Fund** and **Drinking Water State Revolving Fund** often provide loans, but some money supports principal forgiveness, grants, or other help for disadvantaged communities. USDA programs can help rural communities finance drinking water and wastewater improvements. You’ll also find targeted grants for lead service line replacement, emerging contaminants, water reuse, and planning. Check each program’s rules—eligibility, [matching funds](https://www.financely-group.com/important-things-to-know-before-applying-for-a-loan?ref=blog.financely-group.com), income limits, and application dates can all vary. A solid application usually includes: - A defined service area and project need - Preliminary engineering and reliable cost estimates - A construction schedule - Evidence of community or environmental benefits - A plan to repay any required loan share Track federal notices and apply early. Many programs need coordination with a state agency, which might rank or submit applications. ### State And Regional Grant Opportunities Your state’s environmental, health, infrastructure, or finance agencies may offer grants for water and wastewater work. Regional authorities, counties, and metropolitan planning groups might also fund projects that boost public health, protect waterways, or help economic development. State programs often mix grants with **SRF loans**, bond proceeds, or local funds. Some focus on small, rural, tribal, or financially struggling communities. Others target things like flood control, nutrient removal, drought resilience, or failing septic systems. Look at the scoring rules before you apply. You might need a local match, an income survey, an asset management plan, public approval, or permits. Contact your state’s water infrastructure funding committee if you have one—it can help you find programs that work together without double-counting costs. Deadlines sneak up, so keep engineering, financial, and environmental docs consistent across applications. ## Public-Private Partnerships Public-private partnerships (PPPs) can blend public oversight with [private financing](https://www.financely-group.com/private-funding-for-ppp-projects?ref=blog.financely-group.com), technical know-how, and long-term management. Big decisions include picking the delivery model, setting measurable [service standards](https://www.financely-group.com/performance-guarantees-for-construction-epc-contracts?ref=blog.financely-group.com), and deciding which party takes on each risk. ### Design-Build-Finance-Operate Models A **design-build-finance-operate-maintain (DBFOM)** agreement puts several project stages under one private contract. The private partner may design and build a treatment plant, arrange financing, operate the facility, and maintain it for a set time. You usually keep public ownership, while the contract spells out the partner’s duties and [payment terms](https://www.financely-group.com/project-finance-services?ref=blog.financely-group.com). You can pay through user fees, availability payments, connection charges, or a mix. Availability payments mean the public side pays when the facility meets agreed standards, not just when construction wraps up. Before signing, check if projected revenue covers [debt service](https://www.financely-group.com/project-finance?ref=blog.financely-group.com), operating costs, reserves, and repairs. Set clear performance measures for water quality, treatment capacity, energy use, outages, response times, and regulatory compliance. Independent inspections and open reporting help you track results. Compare the PPP’s total cost with public financing and the usual design-bid-build approach. ### Risk Allocation And Contract Structures A good contract assigns each risk to whoever can manage it best and cheapest. You might give construction delays and design flaws to the private partner, but keep risks tied to law changes, public policy, or rare environmental events. Shared risks need clear formulas, limits, and ways to resolve disputes. Your contract should spell out **service levels**, [payment adjustments](https://www.financely-group.com/project-finance-deal-packaging?ref=blog.financely-group.com), insurance, reserve accounts, default remedies, and termination rights. Include rules for inflation, energy-price swings, demand drops, and major repairs. These terms can protect your budget and cut down on fights during a long operating period. Use competitive procurement and require bidders to disclose financing assumptions, fees, and any conflicts of interest. Protect public access to key records and set up a process for contract changes. A clear exit plan should cover asset condition, staff transition, data transfer, and keeping water service going when the agreement ends. ## Rate Revenue And User Fees Rate revenue and user fees can fund daily operations, maintenance, debt payments, and part of a project’s construction cost. You can strengthen this revenue by matching charges to service costs and protecting households that can’t afford higher bills. ### Cost-of-Service Rate Design A **cost-of-service study** helps you set rates based on the cost of serving each customer group. Review operating expenses, maintenance needs, treatment costs, debt payments, reserve targets, and planned capital projects. Assign costs by customer type, like residential, commercial, industrial, and institutional users. Your rate structure might include a fixed monthly charge and a volume-based charge. The fixed charge covers costs that don’t change with water use, such as billing systems and meter maintenance. The volume charge connects payment to consumption and can nudge people toward conservation. You can also try increasing block rates, seasonal rates, or separate wastewater charges when those designs match actual costs. Before adopting new rates, test a few scenarios and see how each affects [revenue stability](https://www.financely-group.com/project-revenue-securitization?ref=blog.financely-group.com), customer bills, conservation goals, and future borrowing. Use current meter data and clear public reports so customers can see why rates need to change. ### Affordability Programs And Rate Adjustments Higher rates can really hit low-income households, renters, older adults, and customers with medical needs. You can address this with **income-based discounts, bill credits, lifeline rates, payment plans, and arrears assistance**. Fund these programs through the utility budget, local government support, grants, or a small surcharge if approved legally. Use simple eligibility rules and check in on them regularly. Protect customer privacy and make enrollment available online, by phone, and in person. Work with community groups, especially when people might not know help’s out there. Adjust rates in smaller, planned steps rather than waiting for a big funding gap. Tie each change to documented costs, capital needs, and reserve targets. Give customers advance notice and explain how the change will affect a typical monthly bill. After implementation, monitor payment data and tweak the program if it’s not reaching those who need it. ## Special Assessments And Tax-Based Tools You can use property-based charges to connect project costs with the properties that benefit directly. These tools can help fund [water, sewer, drainage](https://www.financely-group.com/funding-infrastructure-projects-in-emerging-markets?ref=blog.financely-group.com), and related improvements. You’ll need to define the service area, calculate costs fairly, and follow local legal requirements. ### Special Assessment Districts A **special assessment district** charges properties within a set area for improvements that give them a clear benefit. You might use one for a new water main, sewer extension, stormwater system, or treatment connection. The local government usually establishes the district, identifies the benefiting properties, and sets each property’s share of the cost. You can collect assessments as a one-time charge or through installments over several years. The assessment method should match the benefit—frontage, parcel size, estimated water demand, or connection value. A clear method helps cut down disputes and builds public trust. Before creating the district, review property ownership, expected development, payment risks, and legal limits. Public notices, hearings, and [formal approvals](https://www.financely-group.com/specialized-project-finance-advisory?ref=blog.financely-group.com) may be required. You’ll also need a plan for properties that can’t pay on time, including [payment options](https://www.financely-group.com/securing-project-finance-without-upfront-fees?ref=blog.financely-group.com) or liens allowed under local law. ### Tax Increment Financing **Tax increment financing (TIF)** uses future growth in property tax revenue to repay eligible project costs. You set a base property value for a defined area, then dedicate the increase in taxable value—the tax increment—to infrastructure or related financing. For a water project, TIF might support improvements needed for redevelopment, like bigger water mains, more sewer capacity, or stormwater controls. The project usually needs to show that new development will generate enough extra tax revenue to cover financing. TIF works best if you can show a realistic development forecast and a clear repayment schedule. Factor in construction delays, changing property values, interest costs, and limits on participating tax agencies. TIF can also cut into future tax revenue for general services, so you’ve got to weigh its effect on schools, counties, and other public programs. ## Private Capital And Alternative Structures Private financing can open up options when public funds fall short. Compare the capital source, repayment terms, ownership rights, and public protections before settling on a structure. ### Infrastructure Funds And Private Equity Infrastructure funds and [private equity firms](https://www.financely-group.com/capital-raising-for-private-equity-funds?ref=blog.financely-group.com) can provide equity, loans, or both for treatment plants, distribution systems, reuse facilities, and stormwater projects. You might attract these investors if your project offers reliable revenue, like user fees, availability payments, or a long-term service contract. Private capital can support **design, construction, operation, and maintenance**. Investors usually expect a financial return and may want a say in major decisions. Spell out [performance standards](https://www.financely-group.com/how-to-successfully-structure-a-project-finance-transaction?ref=blog.financely-group.com), rate limits, reporting duties, risk allocation, and termination rights in the contract. This structure works best if you can show: - A stable customer base and revenue plan - Permits and site control - A complete engineering and cost analysis - Clear responsibility for construction and operating risks - Protections for service quality and affordability Don’t forget to account for [transaction costs](https://www.financely-group.com/financing-large-real-estate-developments-senior-construction-loans-mezzanine-debt-and-equity-requirements?ref=blog.financely-group.com), investor returns, refinancing risks, and possible changes in control. Public agencies often mix private equity with federal loans, state revolving funds, grants, or tax-exempt bonds to lower the project’s total cost. ### Lease-Purchase And Asset Monetization A [lease-purchase arrangement](https://www.financely-group.com/structured-finance-for-commercial-real-estate-transactions?ref=blog.financely-group.com) lets you use an asset while making scheduled payments. A private company or public financing authority may buy or build the facility, then lease it to you. At the end of the term, you might get ownership if the contract includes a purchase option or transfer requirement. This approach can spread payments over years and may cut down the need for a big upfront payment. Check how the arrangement affects debt limits, accounting rules, taxes, and public ownership. Asset monetization uses an existing asset or revenue stream to raise capital. For example, you might lease a treatment plant, monetize connection fees, or assign certain project revenues. Before moving forward, assess the asset’s value, operating condition, and long-term importance. Your agreement should spell out **maintenance duties, renewal terms, rate-setting authority, service requirements, and default remedies**. Don’t hand over control of essential assets without strong safeguards for public access, water quality, and future system needs. ## Blended Finance And Capital Stacking Blended finance brings together public, philanthropic, and private funding to make water projects more investable. You can use [grants](https://www.financely-group.com/project-finance-bridge-loans?ref=blog.financely-group.com) for early costs, debt for construction, and local revenue to support operations and repayment. ### Combining Grants, Debt, And Local Revenue You can combine several [funding sources](https://www.financely-group.com/business-financing-options?ref=blog.financely-group.com) for different project needs. **Grants** can fund [feasibility studies](https://www.financely-group.com/pre-development-finance-bridging-the-funding-gap-before-construction?ref=blog.financely-group.com), environmental reviews, community consultation, and early design work. This lowers the amount you need to borrow before the project starts generating income. **Concessional loans** can offer longer repayment periods or lower interest rates than commercial debt. Public lenders or [development finance institutions](https://www.financely-group.com/connect-with-project-finance-lenders?ref=blog.financely-group.com) might also provide guarantees, currency protection, or first-loss funding. These tools can reduce risks that might otherwise scare off private investors. Commercial loans or bonds can finance construction, equipment, and network expansion. Match each loan’s repayment schedule to the project’s expected cash flow. User fees, connection charges, bulk-water contracts, local taxes, and government service payments can provide repayment income. Set clear rules for who handles cost overruns, demand shortfalls, and maintenance costs. Try to keep tariffs affordable, but make sure they cover a reliable share of operating expenses. ### Managing Compliance And Reporting Requirements Blended finance usually means juggling several reporting systems. Each funder may want separate records for spending, procurement, safeguards, results, and financial performance. Agree on common definitions and reporting dates before you sign the financing documents. Create a compliance register that lists every obligation, its deadline, and the person responsible. Track indicators like new connections, service hours, water quality, non-revenue water, energy use, tariff collection, and funds disbursed. Use a dedicated project account and keep records that link each payment to an approved budget item. Independent audits can confirm that funds reached the intended activities. Document procurement decisions, land issues, environmental impacts, and community complaints. Accurate reporting protects future funding and helps lenders see how the project’s doing. It also lets you spot problems early, whether that’s weak collections, construction delays, or costs going over budget. ## Frequently Asked Questions You can combine grants, low-interest loans, bonds, private investment, and user fees to fund water projects. The best option depends on project eligibility, repayment capacity, public ownership, risk, and the need to keep customer bills affordable. ### What are the main sources of financing for water infrastructure projects? There are several funding sources, often used together: - **Federal grants:** These support projects meeting public health, environmental, or community development goals. - **State Revolving Funds:** The Clean Water State Revolving Fund covers wastewater and water-quality projects; the Drinking Water State Revolving Fund covers safe drinking water systems. - **WIFIA loans:** The Water Infrastructure Finance and Innovation Act program offers long-term [federal loans](https://www.financely-group.com/project-finance-facilitation?ref=blog.financely-group.com) for large, eligible water projects. - **Municipal bonds:** Cities and public utilities can issue revenue bonds backed by system income or general obligation bonds backed by tax revenue. - **Bank loans:** Commercial or public lenders may offer loans for smaller projects or short-term needs. - **User fees and connection charges:** Water and sewer payments can fund debt repayment, operations, and future capital work. - **Public-private partnerships:** A private partner may help finance, build, operate, or maintain a facility under a long-term contract. ### How does the Clean Water State Revolving Fund support water infrastructure investments? The Clean Water State Revolving Fund, or CWSRF, provides low-cost financing for eligible water-quality projects. States get federal capitalization grants and add state funds, then lend the money to communities, utilities, and other qualified borrowers. You can use CWSRF financing for wastewater treatment plants, sewer systems, stormwater controls, nonpoint-source pollution projects, and water reuse facilities. Each state sets its own application process, priorities, interest rates, repayment terms, and eligibility rules. Since borrowers repay the loans, states can reuse the money for future projects. You can also combine a CWSRF loan with grants, WIFIA financing, or other local and federal funds. ### What project financing methods are available for municipal water and wastewater systems? You can finance a municipal system through revenue bonds, general obligation bonds, state loans, federal loans, grants, bank loans, or a mix of these. Revenue bonds rely on water and sewer charges, while general obligation bonds rely on the government’s broader taxing power. For smaller projects, you might use reserves, equipment leases, installment purchases, or direct loans. A design-build-finance arrangement can also shift some project delivery and financing duties to a private contractor. Match the financing method to the project’s size, [construction schedule](https://www.financely-group.com/how-do-i-raise-financing-for-a-commercial-real-estate-construction-project?ref=blog.financely-group.com), useful life, revenue stability, and legal authority. Your [financial plan](https://www.financely-group.com/project-finance-consulting?ref=blog.financely-group.com) should also cover operating costs, debt repayment, maintenance, and emergency reserves. ### What innovative financing mechanisms can help fund water sector projects? There are several newer or flexible approaches to consider: - **WIFIA and SRF co-financing:** Combining these programs can cut borrowing costs and coordinate federal support. - **Green bonds:** These fund projects with clear environmental benefits, like water reuse or energy-efficient treatment. - **Tax-exempt private activity bonds:** These may support some projects involving private entities, depending on federal rules. - **Stormwater fees:** A dedicated fee can fund drainage, flood control, and stormwater treatment. - **Value capture:** A local government might use new tax or fee revenue linked to rising property values near an infrastructure project. - **On-bill repayment:** Customers repay efficiency or service investments through their water bills. - **Water-as-a-Service contracts:** A provider may design, finance, own, and operate equipment while you pay for the service over time. Check legal requirements, ownership rules, customer protections, and long-term costs before choosing an alternative structure. ### How can public-private partnerships finance water infrastructure upgrades? A public-private partnership, or [P3](https://www.financely-group.com/projectfinance?ref=blog.financely-group.com), uses a contract that assigns specific project duties to a private company. The private partner may provide capital and handle design, construction, operations, maintenance, or equipment replacement. Common models include design-build-finance-maintain, lease agreements, and long-term concessions. You might repay the private partner through service payments, availability payments, user charges, or a mix of these. A P3 can help you spread payments over the project’s life and tap into private-sector expertise. Still, you should compare the full contract cost with public borrowing and look closely at risks involving performance, rate changes, refinancing, ownership, and termination. ### What factors should be considered when evaluating loans for water infrastructure projects? You’ll want to look closely at the loan’s interest rate, [repayment period](https://www.financely-group.com/project-finance-loan-refinancing-solutions?ref=blog.financely-group.com), fees, call provisions, and required reserves. Sure, a longer term might lower your yearly payments, but it can also bump up the total interest you pay. Think about whether your system can actually keep up with repayments in both normal times and if things get tough. Check your customer revenue, how affordable your rates really are, unpaid bills piling up, population changes, operating costs, and what you’ll need for future maintenance. Don’t forget to dig into eligibility rules, environmental reviews, labor requirements, reporting duties, collateral, and credit conditions. Before you settle on anything, stack each loan up against grants, SRF financing, WIFIA, bonds, and whatever else is out there.