AUSTIN, Texas (March 14, 2013)--The Texas House Natural Resources Committee Thursday approved a plan that would take $2 billion from the state's Rainy Day Fund to create a bank that would leverage financing for new reservoirs, pipelines and conservation projects around the state.

The State Water Development Board estimates Texas needs to spend about $53 billion over the next 50 years to meet the water needs of the growing population.

About half of that needs to come from the state.

The Texas Senate is working on a similar measure.