Discuss, consider and take any appropriate action regarding a resolution relating to a public hearing and approving financing by Arizona Industrial Development Authority for the benefit of Valor Public Schools and related matters 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 letter providing details regarding this bond issuance.  Section 147(f) of the Internal Revenue Code provides the Bonds must be approved by: (1) the governmental unity which issued such bond, or on behalf of which such bond was issued; and (2) generally, each governmental entity 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 Valor Public Schools 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.