During the Argyle Town Council meeting this week, the council approved issuing $2 million in Certificates of Obligation to pay for the relocation of a sewer line associated with the Hwy 377 widening project.
The Texas Department of Transportation plans to widen Hwy 377 — from a two-lane rural highway to a four-lane divided highway — from FM 1171 to Crawford Road. The $90 million project is expected to let in a few years, and to take several more to complete.
Argyle’s 20-year Certificates of Obligation — which allow governmental entities to issue debt without voter approval to fund a public project — were issued at an interest rate of 1.69890%, which was significantly lower than forecast by the town’s financial advisor, according to a news release from the town of Argyle. Town Council members commented favorably on the results of the CO auction, and Mayor Pro Tem Livingston commended town staff for working with the town engineer to bring the estimated cost of the sewer line relocation down from an initial estimate of approximately $3 million.
The sewer line relocation’s creative design also included eliminating the obsolete lift station at Frenchtown Road, saving the town several hundred thousand dollars in replacement costs, according to the town.
Also this week, the Oath of Office was administered to newly-elected Councilmembers Bryan Livingston, Sherri Myer, and Rick Bradford. Myers and Livingston had served as appointed members of the Town Council since 2019, and Bradford had previously served on the Planning and Zoning Commission. The Town Council elected Livingston to serve as Mayor Pro Tem until the next General Election to be held in May 2021. With the mayor’s seat vacant due to the resignation of former Mayor Don Moser, Mayor Pro Tem Livingston will serve as the town’s chief elected official and will serve as the presiding officer at council meetings, according to the town.