SHERMAN, Texas — Grayson County commissioners will vote Tuesday on whether to take the first formal step toward borrowing up to $8.5 million for land for future public safety, jail and court facilities and for public safety equipment, including a firetruck for the county airport.
The Commissioners Court agenda for its 10 a.m. meeting Tuesday, Oct. 13, lists a presentation on potential Grayson County Certificates of Obligation, Series 2026, by Dave Gordon of Estrada Hinojosa. The court will then consider Resolution 2026-040, which would authorize the county to publish a notice of intention to issue the certificates.
Tuesday's vote would not approve the debt itself. The draft notice in the meeting packet sets 10 a.m. Tuesday, Dec. 8, as the date the court would consider an order authorizing the certificates.
What the money would pay for
According to the draft notice, the money could be used to:
- Buy land as a site for public safety, jail and judicial facilities
- Prepare that site, including moving utilities
- Design, build and equip those facilities
- Pay for design, construction and project management services
- Buy public safety vehicles and equipment, including a firetruck for the county airport
- Cover financing and issuance costs
The notice does not name a site or say which facilities would be built.
Cost to taxpayers
The certificates would be repaid through the county's property tax, the notice says. It estimates total principal and interest at about $12.84 million if the full $8.5 million is issued, with a final maturity no later than Aug. 15, 2047.
The notice also lists the county's existing debt at $24,945,000 in outstanding principal.
How voters could force an election
Unlike bonds, certificates of obligation do not automatically go before voters. Under the state law cited in the notice, if the county clerk receives a petition signed by at least 5% of the county's qualified voters protesting the borrowing before the court authorizes it, the county could not issue the certificates without voter approval in an election.
If commissioners approve the resolution, the notice must run in a newspaper once a week for two consecutive weeks, with the first publication at least 45 days before Dec. 8. It must also stay posted on the county website for at least 45 days before that date.
County Judge Bruce Dawsey is listed as presenting the resolution.
Commissioners Court meets at the Grayson County Courthouse, 100 W. Houston St. in Sherman. Meetings are streamed live, and agendas are posted on the county website.