The Coachella Valley Water District on Monday approved taking on outside financing for what is believed to be the first time in its 101-year history for a $40 million pipeline to bring more Colorado River water to the region’s farmers, freeing up valuable groundwater for other uses.

A majority of the board voted Monday at a special meeting to give staff the go-ahead to pursue short-term, low-interest “bridge” financing for the Oasis pipeline project, by drawing on a $75 million line of credit CVWD obtained with Bank of the West on July 1.