Discuss, consider and take appropriate action regarding resolution relating to a public hearing and approving financing by the Clifton Higher Educational Facilities Corporation for the benefit of Divine Savior Academy-Santa Rita, Inc. 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 the resolution.  The aggregate maximum principal amount is $20,000,000 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 proposed site for the Divine Savior Academy-Santa Rita, Inc. project is located 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.