(a) Before approving a project under this subchapter, the governing body of the municipality shall:
(1) obtain an estimate of the cost of the project; and
(2) give notice of its intention to approve the project.
(b) The notice must:
(1) describe the proposed project;
(2) state the estimated cost of the proposed project;
(3) state the amount, location, and use or disposition of any land to be reclaimed;
(4) state the time the governing body proposes to adopt the ordinance authorizing the proposed project and the issuance of the bonds; and
(5) refer to the right to petition for an election as authorized by Section 1505.061.

(c) The notice must be published in a newspaper of general circulation in the municipality once a week for four consecutive weeks, with the last publication being before the 20th day before the date set for authorization of the proposed project and issuance of the bonds.