Discuss, consider and take any appropriate action regarding Resolution Approving the issuance of Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Texas Children's Hospital) Series 2021 to finance and refinance the costs of certain facilities for the Texas Children's Hospital in compliance with Section 147(f) of the Internal Revenue Code (Note: The proposed resolution approving the bonds does not create any liability for Williamson County).

Attached is a memo providing details regarding this bond issuance.  Section 147(f) of the Internal Revenue Code provides that a private activity bond (which is what these Bonds are considered) shall not be issued unless they have been approved by:
(1) the governmental unit which issued such bond, or on behalf of which such bond was issued, and 
(2) generally, each governmental unit having jurisdiction over the area in which the facility financed by the proceeds of such bond is located.
Item (2) is where Williamson County comes into this since Texas Children's Hospital is building in Williamson County.
Further, the approval must include a public hearing following reasonable public notice of the bond issuance.  This requirement is commonly known as the "TEFRA requirement" because it was originally added to the Code by the Tax Equity and Fiscal Responsibility Act  of 1982 (TEFRA).  Documentation supporting the notice and public hearing is attached.  The bonds are not a liability of Williamson County.