BRA owns three reservoirs, Possum Kingdom, Granbury, and Limestone. Possum Kingdom Lake was financed through a cooperative agreement with the federal government. Granbury was financed through a water sales contract with TXU (now Luminant), and Limestone was financed through water sales contracts with TXU and Reliant Energy (now NRG).
The BRA also holds water storage rights in eight other reservoirs owned by the federal government and operated and maintained by the US Army Corp of Engineers (COE). These reservoirs were built for flood control and water supply purposes. The BRA has contracts with the COE for the water supply portion of these reservoirs, known as the conservation pool.
In Texas, the state owns the land under the riverbed, in addition to the water that flows in the watercourse. To build a reservoir, the owner (in this case the BRA or Corps) buys the property or acquires the rights to the property to be inundated by the reservoir (adjacent to the riverbed), obtains a water right permit from the State of Texas authorizing the storage of the state's water, builds the dam and then maintains and operates the reservoir for its intended purpose, which is usually water supply storage, flood control, and/or hydroelectric generation.