The City of Jersey Village, Texas published the required legal notice of intent on January 20th—a vote on the passage of an ordinance to issue $8 million in debt will take place March 16th, 2015.
As explained yesterday, according to Texas Local Government Code this is perfectly legal:
“NOTICE IS HEREBY GIVEN that the City Council of the City of Jersey Village, Texas (the “City”) will meet at its regular meeting place at City Hall, Jersey Village, Texas at 7:00 p.m. on the 16th day of March, 2015, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation in one or more series, payable from ad valorem taxation and a surplus pledge of certain revenues of the water and sewer system of the City, in the maximum aggregate principal amount of $8,000,000, bearing interest at any rate or rates, not to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined within the discretion of the City Council at the time of issuance and maturing over a period of years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the indebtedness of the City to pay all or any part of the contractual obligations to be incurred for the construction of public works and the purchase of materials, supplies, equipment, machinery, buildings, land and rights-of-way for authorized needs and purposes and for the payment of contractual obligations for professional services, to wit: (i) water and wastewater projects, including the acquisition of water and sewer line easements associated with the construction of U.S. 290 in the City and related water and sewer line construction, improvement and repair; and (ii) professional services rendered in connection with the above listed projects.”
According to 2010 census data, the 3.5 square mile municipality has a population of 7,620.
How many Jersey Village residents will pay attention to the city council vote scheduled for March16th?