Argyle reviews $8.5M financing plan for law enforcement center; council aims to avoid tax increase

The Argyle Town Council discussed financing options for a proposed Law Enforcement Center and associated site and road improvements, receiving a presentation from Stephen Murray of Hilltop Securities. Murray outlined the town’s current debt profile, noted an S&P AA+ rating and presented a base‑case approach to issue about $8.5 million in certificates of obligation over a 30‑year schedule to fund the building, site utility work and some road improvements.

Murray said the town’s existing debt amortization profile is front‑loaded (rapid amortization), leaving capacity for additional long‑term financing, and described options to use existing debt‑service reserves to reduce interest cost while maintaining the current interest & sinking (I&S) tax rate. He explained the legal parameters under House Bill 1869 for certificates of obligation and identified the financing timeline (publish a notice of intent, target sale after tax values are certified, likely late summer sale with funds available in September).

Council discussed whether to approve financing through COs or seek voter approval, and members emphasized the need for comprehensive public information and transparency. Mayor Ronald Schmidt and staff said the proposed scenarios could be structured so the tax rate would not increase, and that the town intends to continue setting aside capital savings while pursuing the project. No formal action was taken; staff will return with ordinance language and, if council proceeds, public notices and sale documents.