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Court approves tax-exemption acknowledgement for Texas Health bond financing
Summary
Erath County acknowledged a public hearing and approved a resolution required for tax-exempt bonds that will refinance projects benefitting the Stephenville facility; county will not be liable for the debt, county was asked to confirm only the federal tax-law condition.
Erath County Commissioner's Court approved a resolution acknowledging a public hearing and authorizing Texas Health Harris Methodist Hospital to proceed with tax-exempt bond financing necessary to refinance projects affecting the Stephenville facility.
Sean Civils, representing "North North Fulbright" on behalf of Texas Health, told the court the action satisfies a federal tax-law requirement so interest on the issued bonds can be tax-exempt; he explicitly told the court the county would not be obligated on the debt. "By giving this approval, it's only for this requirement under federal tax law and the county will not be obligated on the debt in any way," Civils said.
Commissioners asked clarifying questions and then approved the resolution. No county financial exposure was created by the action; the approval acknowledges a prior public hearing held July 16 and allows Texas Health to continue with its financing process under tax rules.
