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County schedules TEFRA hearing for Novant project; board to consider federal tax‑exempt bond approval
Summary
Davidson County commissioners voted to schedule a TEFRA public hearing in April at 6 p.m. to consider a request by the National Finance Authority for tax‑exempt bond issuance related to Novant Health projects; county attorney and staff will provide legal advice before final action.
The Davidson County Board of Commissioners voted to schedule a public hearing in April to meet a federal Tax Equity and Fiscal Responsibility Act (TEFRA) requirement tied to tax‑exempt bond financing for Novant Health projects.
Attorney Charles Boyer of Robinson Bradshaw and Hinson told the board he was requesting the county to schedule a TEFRA hearing on behalf of the National Finance Authority and Novant. Boyer said federal law requires the local governing body where a project is located to hold a public hearing and provide the federal disclosure required for the issuance of tax‑exempt bonds under Section 147(f) of the Internal Revenue Code.
Boyer said he would provide a copy of a notice and a proposed resolution and that the hearing is a federal disclosure procedure rather than a county financing obligation. Commissioners discussed potential conflicts of interest; one commissioner noted prior board service with Novant but the county attorney and Boyer said scheduling a TEFRA hearing is a procedural step and did not constitute approval of the bond issuance itself.
The board voted to schedule the TEFRA public hearing for April at 6 p.m. and deferred any final vote on bond issuance to the later hearing, at which legal advice and the disclosures required by Section 147(f) will be available.
