Agenda - View Meetings (All)

38.

Commissioners Court - Regular Session

Meeting Date:

10/15/2024

New Hope Cultural Education Facilites Finance Corporation Senior Living Revenue Bonds (Superior Living Foundation Project) Series 2024

Submitted By:

Jalyn Morris, County Auditor

Department:

County Auditor

Agenda Category:

Regular Agenda Items

Information

Agenda Item

Discuss, consider and take appropriate action regarding a resolution approving the issuance of New Hope Cultural Education Facilities Finance Corporation Senior Living revenue bonds (Superior Living Foundation Project) Series 2024 to finance the cost of certain facilities for the Superior Living Foundation Project 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).

Background

The Bonds are being issued to finance the cost of the acquisition of certain skilled nursing facilities, including the New Hope Manor located in Cedar Park. 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 the facility is located in the County that the bonds are being issued for. 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.

Fiscal Impact

From/To

Acct No.

Description

Amount

Attachments

Resolution New Hope

Form Review

Inbox

Reviewed By

Date

County Judge Exec Asst.

Becky Pruitt

10/10/2024 09:56 AM

Form Started By: Jalyn Morris

Started On: 10/10/2024 08:44 AM

Final Approval Date: 10/10/2024