Discuss, consider and take appropriate action regarding a resolution relating to a public hearing and approving financing by Tarrant County Cultural Education Facilities Finance Corporation for the benefit of Baylor Scott & White 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).

Section 147(f) of the Internal Revenue Code provides that the bonds must be 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 is financed by the proceeds of such bond is located. Item (2) is where Williamson County is involved, because Baylor Scott & White is financing and refinancing renovations at and improvements to certain facilities in Williamson County - namely, facilities on the Baylor Scott & White Medical Center Round Rock Campus. 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). The bonds are not a liability of Williamson County.