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Meeting Date:	06/08/2015
Harmony Public Schools
Submitted for:	Melinda Mata	Submitted By:	Melinda Mata
Department:	County Judge

Subject:

Discussion and possible action to authorize the County Judge to sign all relevant documents regarding Harmony Public School participation in tax-exempt financings. The County will not be liable for any debt; the consent is only for the purpose of complying with the federal tax law regarding tax-exempt financing.

Issue: Harmony Public Schools is a qualified 501(c)-3 organization and therefore is eligible to participate in tax-exempt financings. Harmony is financing 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, Harmony Public Schools will be able to finance and refinance the construction and equipment of their schools across the State of Texas.

Result: Harmony Public Schools can close on this transaction as scheduled, tentatively the middle of June, 2015.

Background:

Previous Court Action:

Attachments
Harmony Public Schools