The $1.43 million Coolanie Water Scheme is now fully funded, with the federal government announcing a $715,000 commitment to the project this week.
The scheme, which will see 22 farming properties supplied with mains water, will be jointly funded by the federal government, SA Water and the Franklin Harbour District Council.
The federal commitment comes a month after a $3 million government commitment for Cowell's planned foreshore upgrades.
Council chief executive officer Chris Smith said the drought conditions in the district had contributed to recent attention from state and federal government.
"There's no doubt the drought has put us on the page a little," he said.
Mr Smith said the council was "quite well prepared" to contribute around $250,000 of its own funds to complete the project.
He said he expected the council would be able to regain the funds by charging about $1000 per year for connection to the scheme for the first 10 years.
Around 16 of the farmers that would have access to the scheme have expressed interest, with most needing to cart water to their property or use bore water with increasing salinity levels as dams run dry.
Member for Grey Rowan Ramsey said farm water supply demand to the area is up to 150kL per day in summer.
"Construction of a pressurised supply network capable of delivering 210kL a day to agricultural properties will increase water security and enable peak demand to be met without relying on water carting," he said.
The project will also have the capacity to expand to other properties in the future.
Mr Ramsey said the project was an example of collaboration between all tiers of government.
"The three-way funding deal... is an example of what can be achieved when the three levels of government work together."
Mr Smith praised the work of Member for Flinders Peter Treloar, Water Minister David Spiers, Local Government Minister Stephan Knoll, Primary Industries and Regions Minister Tim Whetstone and Premier Steven Marshall for their efforts in brokering the agreement.
"We're grateful to the people who've championed it," he said.
Mr Smith said he was hopeful most of the construction would be completed by October 2019.