Governor Rick Perry has ceremonially signed a bill to address Texas’ future water needs.

Perry signed House Bill 4, which his office says provides for full-time governance at the Texas Water Development Board, creates a new funding mechanism to support water-supply project implementation over the next 50 years, and directs local, regional, and state officials to prioritize projects to ensure efficient use of available resources.

A press release from Perry’s office says that the bill will ensure a reliable water supply for the next 50 years by promoting conservation and innovative reuse.

“Water is an essential part of everyone’s life, and ensuring adequate supplies means continued job creation, stronger communities, and healthier families for decades to come,” said Perry.

He continued, saying “HB 4 will help secure our water supplies for generations, even through rapid population and economic growth, by creating new funds that will support local and regional projects and lower the cost of issuing bonds for much-needed water projects.”

House Bill 4 was authored by State Representatives Allan Ritter, Four Price, Eric Johnson, Doug Miller, and Eddie Lucio III, and sponsored by State Senator Troy Fraser.

Later this year, voters in Texas will also consider a state constitutional amendment which would create the State Water Implementation Fund for Texas and the State Water Implementation Revenue Fund to assist in financing priority projects in the state water plan.

Perry’s office says that the SJ1 amendment would consist of a $2 billion investment that will fund up to $30 billion in projects over the next 50 years.

House Bill 4 will become law on September 1st, 2013.