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Meeting Date:	08/08/2016
Tax Exempt bond - Premier HS
Submitted for:	Melinda Mata	Submitted By:	Melinda Mata
Department:	County Judge


Subject:
Discussion and possible action to approve, consent and authorize a tax-exempt bond issue by Responsive Education Solutions and Premier High School located at 2201 Chihuahua St., Laredo, Texas and authorizing the Webb County Judge to sign all relevant documents regarding their participation in tax-exempt bond financing for the construction and equipment costs of the high school. The County will not be liable for any debt; the consent by Webb County is only for the purpose of complying with the federal tax law regarding tax-exempt financing and any and all matters incident thereto. Issue: Responsive Education Solutions and Premier High School is a qualified 501(c)-3 organization and therefore is eligible to participate in tax-exempt financing. Responsive/Premier is financing the construction and equipment for the new Premier High School at tax-exempt interest rates through a bond issue facilitated by the Arlington Higher Education Finance Corporation. Section 147(f) of the Internal Revenue Service Code, requires that the "highest elected official" of the County approve the transaction after a public hearing is held. Solution: By consenting to this transaction, Responsive Education Solutions and Premier High School will be able to finance and/or refinance the construction and equipment of Premier High School which is located at 2201 Chihuahua St., Laredo, Webb County, Texas. Result: Responsive Education Solutions and Premier High School can issue the tax-exempt bonds and close on this transaction as soon as possible.
Background:

Previous Court Action: