Two tax exempt bond proposals are approved by Brazos County commissioners.
Quoting a Brazos County document related to one of proposals, “section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) requires that the issuance of any qualified 501(c)(3) obligations be approved by either the governing body of the County or the chief elected executive officer of the County after a public hearing following reasonable public notice”.
The county document also says in bold type “The Loan shall not constitute a liability, an indebtedness or obligation of the County nor shall any of the assets of the County be pledged to the payment of the Loan.”
On November 18, the commission approved a request applying to Baylor Scott & White health system (BSW) for College Station and other locations around Texas.
Public notices associated with the Baylor Scott & White bond listed a $60 million dollar maximum amount in College Station. The other locations and maximum amounts are:
- $1.6 billion at Baylor University medical center and facilities with the main Dallas campus.
- $340 million at BSW-Waxahachie.
- $285 million at BSW-Frisco PGA Parkway.
- $200 million at BSW-Temple.
- $200 million at BSW-Round Rock.
- $75 million at BSW-Grapevine.
- $55 million at BSW-Pflugerville.
- $45 million at BSW McLane Children’s Medical Center in Temple.
- $30 million at BSW-All Saints in Ft. Worth.
- $25 million at BSW-Plano.
- $10 million at BSW-Centennial center in Frisco.
On December 9, the commission approved a request applying to Brazos Christian School:
“WHEREAS, the Newark Cultural Education Facilities Finance Corporation (“Corporation”) will make a loan in an amount not to exceed $14,000,000 (the “Loan”) pursuant to a loan agreement among the Corporation, First Financial Bank and Brazos Christian School, Inc. (the “Borrower”) as provided pursuant to Chapter 337, Local Government Code, as amended, for the purpose of financing, and/or refinancing debt used for, all or a portion of the costs of the acquisition, construction, renovation and equipping of educational and related facilities located on the campus of the Borrower at 3000 W. Villa Maria, Bryan, Texas 77807 (the “Project”). A portion of the proceeds of the Loan will be used to pay certain expenses in connection with the issuance of the Loan.”
