There will be a $100 million bond to fix Midland, Texas's roads and other aging infrastructure on the November ballot.
The five City Council members present Tuesday at council chambers voted unanimously to hold an election on Nov. 7.
The ballot will have two propositions.
The first — proposition A — will read "The issuance of $74,090,000 general obligation bonds for street improvements, and the levying of a tax in payment thereof."
The second — proposition B — will read "The issuance of $25,910,000 general obligation bonds for waterworks and sewer system improvements, and the levying of a tax in payment thereof."
"A majority of residents in this city seem to be receptive to fixing our roads," said Councilman J.Ross Lacy, who has led the road bond effort. "That is all we have heard the last two years -- 'fix our roads.' OK, we have a bond proposal to do that; go vote for it now."
The owner of a property valued at $250,000 will see a $100-a-year increase in his or her city tax bill when all debt is issued. City leaders would use a 25-year-note to pay for the project. Finance Director Pam Simecka said the interest on the $100 million — assuming a 4.5 percent interest rate — would be $67.4 million.
