Discuss, consider and take appropriate action regarding resolution relating to a public hearing approving financing by the Tarrant County Cultural Education Facilities Finance Corporation for the purpose of financing certain health facilities located within the boundaries of Williamson County, Texas for the benefit of Baylor Scott & White Holdings 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 the resolution.  The aggregate maximum principal amount is $550,000,000 to be issued in one or more series.  Section 147(f) of the Internal Revenue Code provides the Bonds must be approved by: (1) the governmental unit which issued such bond, or on behalf of which such bonds 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 is involved because the Certain Baylor Scot & White Facilities (the project) are located within 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.