I don't hugely worry about the council lending Argyle the money. I think it just speaks more deeply and more worryingly about Brent and Argyle's trouble.
The former has an adversity to doing anything just anything without someone else paying for it. The ex banker thing fits here because has in his former life he needs to leverage the bejesus out of any position he gets himself in.
The latter because if Argyle are going cap in hand to the council then they have pretty much exhausted every other avenue to get the money. And remember it was just a short while ago they had to go to the toxic Wrathall to bail them after it would appear ever other potential investor (and you would have to presume all the other board members) had said no thanks.
Add to that the delays in getting the grandstand fully funded after Brent again didn't get hold of the studio school money, the threat of the Bretonside development, the muted fire sale of the club and the council maybe having to step in to get the Grandstand built then the club is looking like a holey dinghy on a stormy sea just before a hurricane blows in.