The city of Stephenville has validated and accepted a petition containing 544 valid signatures protesting the issuance of certificate of obligations in an amount not to exceed $22 million.
Further discussion related the matter will be on the March 18 city council agenda.
The petition was started by two friends Nick Robinson and Keri Wallace that follow city politics. The potential $22 million certificate of obligation (CO) was a funding mechanism for street repair and a new city hall.
To stop the CO from moving forward, a petition with signatures of 5% of qualified voters within the city limits had to be presented to the city secretary.
On Jan. 21, the city council approved a resolution directing that notice of intent to issue certificates of obligation be posted to the city’s website and published in the newspaper starting the 46 day process.
The city of Stephenville has explained on its website why the city is focusing on street repair as a high priority, and how that should also help first responders.
A significant portion of the proposed funding will be dedicated to improving and maintaining streets throughout the city. Our streets support transportation, commerce and community activities. This investment will focus on street resurfacing and repairs, traffic flow improvements, drainage upgrades and safety enhancements.
“Maintenance and repair of many streets has been deferred for many years, which has lead to deteriorating conditions and increases in the cost of repairs. Street repair costs have risen dramatically in recent years,” the information stated.
Previously, Mayor Doug Svien said the city has identifi ed about $40 million worth of projects that need to be worked on.
“We have to have the revenue to complete some of these larger projects,” he previously said. “We need to stay ahead of growth if possible.”
The city will be able to revisit the issue and potential other funding mechanisms at the March 18 meeting.